South Korea Electric Vehicle Charging Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 201.08 Thousand units |
| Market Volume (2029) | 605.89 Thousand units |
| CAGR (2024 - 2029) | 24.68 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Electric Vehicle Charging Equipment Market Analysis
The South Korea Electric Vehicle Charging Equipment Market size is estimated at 201.08 Thousand units in 2024, and is expected to reach 605.89 Thousand units by 2029, at a CAGR of 24.68% during the forecast period (2024-2029).
- Over the medium term, increasing adoption of electric vehicles and related investments and rising subsidies and incentives for electric vehicles across the region are expected to drive the demand for the electric vehicle charging equipment market during the forecast period.
- On the other hand, the high cost of Setting up EV charging stations can significantly restrain the growth of the electric vehicle charging equipment market.
- Nevertheless, innovations in charging technology, such as fast and ultra-fast chargers and the development of smart charging infrastructure that integrates with grid management systems, creates new opportunities in the electric vehicle charging equipment market in the near future.
South Korea Electric Vehicle Charging Equipment Market Trends
Increasing Adoption of Electric Vehicles and Related Investments drives the Market
- South Korea is witnessing a notable uptick in electric vehicle (EV) adoption, propelling the growth of its EV charging equipment market. As one of the world's top EV producers, South Korea's government is pivoting towards clean energy, with a pronounced emphasis on electric vehicles. Over recent years, EV sales in the region have surged dramatically.
- According to the International Energy Agency (IEA), in 2023, South Korea sold 0.12 million electric vehicles, marking a 2.6-fold increase since 2019. Given the government's introduction of numerous supportive policies, EV sales are poised for further significant growth in the coming years.
- These government policies and incentives not only champion electric vehicles but also bolster the demand for EV charging infrastructure and equipment. With an aim to quadruple EV sales, the government has rolled out several incentives.
- As of 2023, the South Korean government offers generous subsidies for both electric vehicle purchases and charging infrastructure installations. Depending on the vehicle type and battery capacity, electric car buyers can avail subsidies up to 19 million won (around USD 16,000).
- Moreover, EV purchasers benefit from tax exemptions, including cuts on acquisition tax and reduced vehicle registration fees. Such financial incentives enhance the appeal and affordability of EVs, suggesting a likely uptick in EV production and, consequently, a heightened demand for charging infrastructure and equipment in the forecast period.
- Beyond market dynamics, the transition to electric vehicles plays a pivotal role in meeting net-zero carbon emission goals. Major regional companies are actively investing in projects to bolster the nation's EV production.
- In March 2024, Hyundai unveiled plans to invest over USD 50 billion in South Korea by 2026, with a significant chunk aimed at amplifying the country's EV development and production. The automotive giant targets an ambitious production goal of over 3.6 million electric cars by 2030. Such commitments not only signal a bullish outlook on EVs but also underscore the anticipated demand for charging infrastructure and equipment.
- In summary, with the government's proactive stance and corporate commitments, South Korea is set to amplify its EV production and, in tandem, the demand for EV charging infrastructure and equipment in the coming years.
Public Charging Application Witness Significant Growth
- South Korea leads the Asia Pacific in electric vehicle (EV) adoption and charging infrastructure development. The expansion of EV charging infrastructure plays a pivotal role in boosting EV adoption, with the availability of charging points being a key determinant in consumer purchasing decisions.
- Boasting one of the largest networks of EV charging stations in the Asia Pacific, South Korea is ramping up its charging infrastructure to meet surging EV demand. According to the International Energy Agency (IEA), South Korea had 0.201 million EV charging points in 2023, marking a 3.6-fold increase since 2019.
- Through various government initiatives, South Korea is championing the adoption of electric vehicles (EVs), directly influencing the public charging infrastructure and the market for EV charging equipment. The government has rolled out multiple initiatives, including the establishment of fast-charging public points, with plans to expand these efforts in the coming years.
- As part of its 2023 strategy, the government is laying the groundwork for an extensive charging station network. By 2030, the goal is to have over 500,000 public chargers, including fast-charging stations strategically located at highways, shopping centers, and residential areas. Such ambitious plans are poised to bolster public charging infrastructure and amplify the demand for EV charging equipment in the region.
- In addition, the government is partnering with top organizations in EV charging infrastructure development to proliferate charging points nationwide. Numerous companies are also stepping up with initiatives to address the escalating demand for public charging points.
- For example, in July 2023, SK Electlink inaugurated ultra-fast EV charging stations on South Korean expressways. The company secured a contract to deploy 200 ultra-fast EV chargers across 62 expressway service areas, committing to a decade-long EV charging service. Such moves are set to boost the demand for charging equipment nationwide.
- In summary, these concerted efforts and projects are set to bolster public charging infrastructure and elevate the demand for EV charging equipment in the foreseeable future.
South Korea Electric Vehicle Charging Equipment Industry Overview
South Korean electric vehicle charging equipment market is semi-fragmented. Some of the key players (not in particular order) are ABB Ltd, BYD Company Limited, Tesla Inc., Delta Electronics Inc., Siemens AG, among other.
South Korea Electric Vehicle Charging Equipment Market Leaders
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Delta Electronics Inc.
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Tesla Inc.
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ABB Ltd
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Siemens AG
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BYD Company Limited
*Disclaimer: Major Players sorted in no particular order
South Korea Electric Vehicle Charging Equipment Market News
- April 2024: Sterling Tools inked a memorandum of understanding with Yongin, South Korea, to establish an EV Components Facility. This MoU bolsters Sterling's ability to provide cutting-edge solutions not only for the EV and hybrid sectors but also for a range of other automotive applications, leveraging advanced technology sourced from Yongin.
- January 2024: BMW Korea has rolled out enhanced EV charging solutions nationwide. The automaker unveiled its intention to install an extra 1,000 state-of-the-art EV chargers, bolstering Korea's electric vehicle infrastructure.
South Korea Electric Vehicle Charging Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in Units, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Adoption of Electric Vehicles And Related Investments
4.5.1.2 Surge in Subsidies and Incentives for Electric Vehicles
4.5.2 Restraints
4.5.2.1 High Cost of Setting Up EV Charging Stations
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Battery Electric Vehicle (BEV)
5.1.2 Plug-in Hybrid Electric Vehicle (PHEV)
5.1.3 Hybrid Electric Vehicle (HEV)
5.2 Application
5.2.1 Home Charging
5.2.2 Workplace Charging
5.2.3 Public Charging
5.3 Charging Type
5.3.1 AC Charging (Level 1 and Level 2)
5.3.2 DC Charging
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd.
6.3.2 BYD Company Limited
6.3.3 Siemens AG
6.3.4 Delta Electronics Inc.
6.3.5 Tesla Inc.
6.3.6 SK Signet Inc.
6.3.7 TotalEnergies SE
6.3.8 Hyundai Motor Group
6.3.9 POSCO ICT
6.3.10 KT Corporation
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Ranking/ Share Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation in Charging Technologies
South Korea Electric Vehicle Charging Equipment Industry Segmentation
Electric vehicle (EV) charging equipment refers to the equipment and infrastructure used to charge electric vehicles at home or in commercial and public spaces. The EV charging equipment plays a crucial role in the widespread adoption of electric vehicles in South Korea. The availability of robust EV charging infrastructure is essential for overcoming range anxiety, a primary concern for potential EV buyers. It helps in reducing carbon emissions and improving air quality.
The South Korea electric vehicle charging equipment market is segmented into Vehicle Type, Application, and Charging Type. By vehicle type, the market is segmented into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicle (HEV). By application, the market is segmented into home charging, workplace charging, and public charging. By charging type, the market is segmented into AC charging (level 1 and level 2) and DC charging. The report offers the market size and forecasts for the market in units for all the above segments.
| Vehicle Type | |
| Battery Electric Vehicle (BEV) | |
| Plug-in Hybrid Electric Vehicle (PHEV) | |
| Hybrid Electric Vehicle (HEV) |
| Application | |
| Home Charging | |
| Workplace Charging | |
| Public Charging |
| Charging Type | |
| AC Charging (Level 1 and Level 2) | |
| DC Charging |
South Korea Electric Vehicle Charging Equipment Market Research FAQs
How big is the South Korea Electric Vehicle Charging Equipment Market?
The South Korea Electric Vehicle Charging Equipment Market size is expected to reach 201.08 thousand units in 2024 and grow at a CAGR of 24.68% to reach 605.89 thousand units by 2029.
What is the current South Korea Electric Vehicle Charging Equipment Market size?
In 2024, the South Korea Electric Vehicle Charging Equipment Market size is expected to reach 201.08 thousand units.
Who are the key players in South Korea Electric Vehicle Charging Equipment Market?
Delta Electronics Inc., Tesla Inc., ABB Ltd, Siemens AG and BYD Company Limited are the major companies operating in the South Korea Electric Vehicle Charging Equipment Market.
What years does this South Korea Electric Vehicle Charging Equipment Market cover, and what was the market size in 2023?
In 2023, the South Korea Electric Vehicle Charging Equipment Market size was estimated at 151.45 thousand units. The report covers the South Korea Electric Vehicle Charging Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Electric Vehicle Charging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Electric Vehicle Charging Equipment Industry Report
Statistics for the 2024 South Korea Electric Vehicle Charging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Electric Vehicle Charging Equipment analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
