Guidehouse Insights anticipates market for solar-integrated transportation technologies will grow to more than $12 billion by 2031
A new report from Guidehouse Insights explores the market for solar-integrated transportation technologies, including electric vehicles (EVs) and charging stations.
With increasing EV sales, consumers have been able to help protect the environment by reducing their carbon footprint. However, much of the electricity used to power these vehicles is still based on fossil fuels. Solar-integrated EVs (SEVs) and charging solutions resolve this problem by enabling drivers to run vehicles on sunshine. According to a new report from Guidehouse Insights, annual deployments of solar to directly support EV energy demands is expected to surpass 11 GW, reaching a market size of nearly $12.5 billion in 2031.
“Solar-integrated transportation technologies, including EVs and charging stations, have the potential to take a prominent place within the transportation electrification transition,” says Karen Marcus, research analyst with Guidehouse Insights. “These innovations are contributing to new ways for consumers to think about driving, including an overall energy ecosystem that includes multiple electricity sources such as solar and vehicles as one user of those sources.”
Primary factors driving this market are consumer benefits — which include the reduction of range anxiety and control of ambient temperature within the vehicle — and government action taking place around the globe driving the transition of road vehicles away from fossil fuels. An additional factor is the need for the fast deployment of EV charging infrastructure to support the coming wave of EV vehicles that will be put into use in the coming years, according to the report.
The report, Solar-Integrated EVs and Charging Stations Overview, analyzes the global market for emerging transportation technologies, specifically EVs with solar as a supplemental source, EVs with solar as a primary source, and solar-integrated charging stations. The study provides an analysis of the market issues, including use cases, opportunities, and implementation challenges, associated with solar-integrated transportation technologies. Global market outlook for capacity and revenue, by technology segment and region, extend through 2031. The report also examines the technologies related to these solutions and lists key players in the market.