Solar-Powered EV Charging Stations Market Estimated To Reach Revenue Of US$ 370.4 Million By 2031
The National Highways Authority of India (NHAI) is proposing to power charging stations for electric vehicles (EVs) wherever feasible by using solar energy, the Ministry of Road Transport and Highways (MoRTH) revealed.
According to the ministry, NHAI will install EV charging stations on a revenue-sharing basis near its buildings and toll plazas. In addition to promoting clean/green energy and protecting the environment, this could also be a moneymaker for NHAI. For such charging stations, NHAI hopes to use solar energy if possible as a source of electricity.
The government is also making efforts to strengthen the charging ecosystem in response to the increase in sales of electric vehicles. The EV report for 2022 indicates that Delhi currently has more than 2,300 charging stations and more than 200 stations for battery swaps.
The number of EVs sold in March was close to 15% of the total. A total of 141% more electric vehicles were sold in the Delhi of the country in 2022 as compared to the previous year. Within the next 10 years, the government in India, wants 30% of all vehicles to be electric.
With the growing demand for passenger cars and sales, solar-powered EV charging stations are expected to be in high demand.
Solar-powered EV charging stations are expected to become more prevalent across the nation as government policies promote electric vehicle adoption.
The AC charging station market is expected to grow significantly in the next few years.
Government policies and the installation of EV solar stations in public are driving the market’s growth.
As manufacturers adopt solar-powered stations for EV cars in parking lots, off-grid solar charging will become more common.