South Korea Electric Vehicle (EV) Charging Market by Type of Charger (AC Chargers and DC Chargers), By Charging Speed (Level 1, Level 2, and Level 3), By Connector Type (J1772 (Type 1), Mennekes (Type 2), CCS (Combined Charging System), CHAdeMO and others), By Charging Modes (Mode 1, Mode 2, Mode3 and Mode 4), By Installation (Fixed and Portable),and End User (Commercial and Residential) – Opportunity Analysis and Industry Forecast 2023–2030
Industry: Automotive & Transportation | Publish Date: 25-Feb-2025 | No of Pages: 180 | No. of Tables: 142 | No. of Figures: 87 | Format: PDF | Report Code : AT869
Market Definition
South Korea Electric Vehicle (EV) Charging Market was valued at USD 413.61 million in 2022, and is predicted to reach USD 4800.6 million by 2030, with a CAGR of 36.3% from 2023 to 2030. Electric vehicle chargers are characterized by the rate at which they deliver energy to the vehicle's battery. They serve as a vital infrastructure connecting plug-in electric vehicles to electrical outlets for the purpose of recharging the vehicle's battery. These chargers facilitate the charging process by supplying the necessary electrical energy to the EV's battery.
Charging stations are compatible with electric vehicles, neighborhood electric vehicles (NEVs), and plug-in hybrids, allowing them to connect to an electrical source for charging. Some charging stations come equipped with advanced functionalities such as smart meters, cellular connectivity, and network access.
The charging of EVs can be carried out through several levels of charging such as level 1, level 2, and level 3. The higher the level of charging, the faster the charging process causing more power to be delivered to the vehicle. The use of electric vehicles significantly reduces the carbon footprints released into the atmosphere, which contain toxic gas. The growing threat of carbon emissions and other harmful gases stemming from transportation has triggered the vital necessity of adopting electric vehicles.
In addition, the penetration of EV charging is high in commercial spaces as compared to residential ones. Long-distance trips would benefit from ultra-fast charging capabilities made possible by public charging infrastructure. However, EV chargers for residential spaces offer significant growth potential as they are affordable and more convenient for charging electric vehicles as compared to commercial charging stations.
Local Companies and Partnerships Drive Growth in Korean EV Charging Market
The growing initiative by the local companies in EV charging by offering fast charging infrastructure coupled with the rising partnership to provide charging facilities to the Korean population drives the growth of the market. For instance, Hyundai Motor Group announced to open 20 E-pit fast charging stations with a total of 120 charging points, each with a charging capacity of up to 350Kw in 2021.
Also, Hyundai Motor Group also announced a collaboration with Lotte Group and KB Asset Management to expand the country's ultra-fast charging infrastructure by 5,000 units by 2025.
South Korean Government's Investment Spurs Growth in EV Charging Infrastructure Demand
The South Korean government's increased investment in enhancing existing EV charging stations and expanding EV infrastructure nationwide is driving the demand for the EV charging market. For instance, in April 2022, the South Korean government announced to invest USD 318 million to expand the country’s EV recharging and hydrogen refuelling networks, as it looks to promote growth in zero-emission vehicle ownership in 2022. The government wants 4.5 million eco-friendly vehicles, including 3.62 million electric vehicles, to be in use nationwide by 2030.
Fast Chargers' High Initial Setup Costs Hinder the EV Charging Market Growth
The absence of incentives and concerns about the steep installation expenses for EV chargers could hinder the sector's growth. One of the most significant obstacles to expanding this industry is the substantial upfront cost associated with level 3 and ultra-fast chargers. While level 1 and level 2 chargers can require anywhere from 6 to 16 hours for a full charge, consumers are accustomed to refuelling their conventional fossil fuel vehicles in just 5 to 7 minutes.
Fast chargers that can charge EVs in under 30 minutes are therefore in demand on the market. A level 3 charging station can be somewhat expensive at first, though. For those who might want to transition to EVs, this could be a deterrent because a lengthy charging period might interfere with their already hectic schedules.
Surging Adoption of Vehicle-to-Grid (V2G) EV Charging Stations in South Korea Unlocks Promising Opportunities
A technology called vehicle-to-grid (V2G) EV charging allows plug-in EVs and the power grid to exchange electrical energy in both directions. Electric vehicles (EVs) can store extra electricity and release it to the grid thanks to V2G technology. This may enhance the functionality of the electrical component and increase value for EV owners.
The development of this concept has made charging for electric vehicles easier, and EVs are now among people's top transportation options. As a result, the entire market for charging stations is essential for connecting the electric vehicle to the grid and enabling the vehicle to charge.
Two V2G EV vehicle charging stations were erected by Enel Energia S.p.A. at the Italian Institute of Technology's Genoa headquarters. The installation is a part of MOV-E, a Nissan-sponsored corporate electric car sharing trial project. The Italian Institute of Technology received two battery electric vehicles (LEAF models) from Nissan as well as the Glide app management platform. The partnership between Enel and Nissan represents a shift in the way that technology is used for sustainable transportation.
As a result, manufacturers have a great chance with the V2G charging technology because it is predicted to change the EV industry and determine how EVs will be charged in the future. Although V2G infrastructure is more beneficial than smart charging, installing V2G charging stations has a hefty up-front cost. Manufacturers of EV connectors are projected to have opportunities to produce sophisticated connectors to withstand electrical architecture due to the predictable and anticipated expansion of V2G technology.
Competitive Landscape
The South Korea Electric Vehicle (EV) Charging industry includes several market players such as Tesla Inc., BP PLC (Pulse), ABB Ltd., Shell Plc, Hyundai Motor Company, Sino Energy Technology, WallBox Inc., GreenC Ltd., Schneider Electric, Siemens, EVAR Corp, Blink Charging, SK Signet, Chaevi, GENIS Group.
Key Benefits
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The South Korea Electric Vehicle (EV) Charging market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
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The competitive analysis of the market players along with their market share in the South Korea Electric Vehicle (EV) Charging market.
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The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
South Korea Electric Vehicle (EV) Charging Market Key Segments
By Type of Charger
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AC Chargers
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DC Chargers
By Charging Speed
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Level 1
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Level 2
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Level 3
By Connector Type
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J1772 (Type 1)
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Mennekes (Type 2)
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CCS (Combined Charging System)
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CHAdeMO
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Others
By Charging Modes
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Mode 1
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Mode 2
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Mode 3
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Mode 4
By Installation
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Fixed
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Portable
By End User
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Commercial
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Commercial Public EV Charging Stations
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Highway Charging Stations
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Fleet Charging Stations
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Workplace Charging Stations
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Commercial Private EV Charging Stations
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Residential
Key Players
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Tesla Inc.
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BP PLC (Pulse)
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ABB Ltd.
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Shell Plc
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Hyundai Motor Company
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Sino Energy Technology
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WallBox Inc.
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GreenC Ltd.
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Schneider Electric
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Siemens
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EVAR Corp
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Blink Charging
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SK Signet
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Chaevi
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GENIS Group
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2022 |
USD 413.61 Million |
|
Market Volume in 2022 |
41 Thousand Units |
|
Revenue Forecast in 2030 |
USD 4800.6 Million |
|
Growth Rate |
CAGR of 36.3% from 2023 to 2030 |
|
Analysis Period |
2022–2030 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
The increasing government investments. The growing initiative by the local companies. |
|
Companies Profiled |
15 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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