South Korea electric vehicle charger market is expected to grow at a CAGR of 20.0% during the forecast period. Hyundai Motor aims to develop nine types of new EVs by 2021 whereas Kia Motors will introduce seven new EV models by 2027. With the increasing sales of EVs, a significant demand for charging infrastructure for home as well as public and commercial places will arrive in the country. In order to cater to the demand in the near future, the automakers, as well as the government, are investing a huge sum to develop the required charging infrastructure.
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As per the Federation of Korean Industries (FKI), by September 2020, South Korea had a total of 23,000 charging station which was only 0.8% of China and 10.1% of Japan. Thus, the government is planning to increase the charging station up to ten times by 2025. The government aims slow chargers to be increased from 50,000 to 500,000 units and fast chargers from 9,000 to 15,000 units in the meantime. Along with the EV charging stations, the government is also focusing on developing hydrogen charging stations to 310 by 2022 and 450 by 2025 from 72 in 2020.
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- The market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Propulsion Type, By Battery Type
- Competitive Landscape- Tesla Inc., Schneider Electric SE, Siemens AG, Hyundai Motor Co.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
South Korea Electric Vehicle Market Report Segment
By Charger Type
- Slow Charger
- Fast Charger
By Connector Type
- AC Connectors
- DC Connectors
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- ChargePoint, Inc.
- Dongah USA, Inc.
- Schneider Electric SE
- Siemens AG
- Tesla, Inc.
- Webasto SE
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