South Korea Electric Vehicle Charging Infrastructure Market Outlook (2020-2025) | Size, Share, Growth, Revenue, Forecast, industry & COVID-19 IMPACT

The South Korea electric vehicle charging infrastructure market report comprehensively covers the market by charger types and end consumers. South Korea electric vehicle charging infrastructure market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest 2023 Development of the South Korea Electric Vehicle Charging Infrastructure Market

South Korea Electric Vehicle Charging Infrastructure Market has been growing steadily along with the latest developments. For instance, the government support it as they are providing subsidies to EV buyers and investing in the development of EV charging infrastructure. In addition, the expansion of charging networks by government entities and private companies is another major development in the market. To make charging more convenient, companies in South Korea are developing wireless charging pads that can charge EVs while they are parked. Moreover, companies in South Korea are investing in developing technologies for recycling EV batteries.

Apart from this, there are numerous factors of growth that are anticipated to propel the South Korea electric vehicle charging infrastructure market size. The government has set targets to increase the number of electric vehicles on the road and has implemented various policies including tax incentives and subsidies for charging station operators to support the development of the market. Also, there is increasing Adoption of EVs and rising demand for convenient and accessible charging infrastructure which is projected to fuel the growth of the EV charging infrastructure market

South Korea Electric Vehicle Charging Infrastructure Market Synopsis

The Ministry of Environment and Korea Environment Corporation signed a business agreement with six oil and gas suppliers in 2020, including SK Energy, GS Caltex, Hyundai Oilbank, S-OIL, Sk Gas, and E1, to expand future vehicle charging facilities. The Korean government aims to have 500,000 slow chargers by 2025. Hyundai Oilbank announced its plans in 2020 to grow the number of its electric vehicle charging stations to 200 by 2023. However, the market witnessed a decline during the outbreak of the Covid-19 pandemic and is expected to recover over the coming years.

According to 6Wresearch, the South Korea electric vehicle charging infrastructure market size grew at a CAGR of 58.1% during 2020-2025. The development of charging infrastructure for electric buses and trucks is likely to augment the market for fast chargers in the country over the coming years. For instance, Suwon City built the largest electric bus charging station in 2019. Moreover, Korea Electric Power Corporation (KEPCO) announced plans to build an electric bus charging infrastructure through a public offering. According to the plan, KEPCO would build 201 electric bus charging infrastructures by 2022 and 534 by 2025 across the country.

Market Analysis By Charger Types

AC chargers held the highest revenue share in the overall electric vehicle charging infrastructure market. Moreover, government organizations are increasing the number of electric vehicle chargers within their premises, thereby augmenting the EV charging infrastructure market over the coming years. For instance, the National Assembly plans to expand the number of its in-house electric vehicle charging stations from 11 to 22 by 2021. 

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 6 Years Market Numbers.
• Estimated Data Starting from 2020 to 2025F.
• Base Year: 2019
• Forecast Data until 2025F.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• South Korea electric vehicle charging infrastructure Market Overview
• South Korea electric vehicle charging infrastructure Market Outlook
• South Korea electric vehicle charging infrastructure Market Forecast
• Historical Data and Forecast South Korea electric vehicle charging infrastructure Market Revenues and Volume for the Period 2019-2025F
• Historical Data and Forecast of South Korea electric vehicle charging infrastructure Market Revenues and Volume, By Charger Types, for the Period 2019-2025F
• Historical Data and Forecast of South Korea electric vehicle charging infrastructure Market Revenues and Volume, By End Consumers, for the Period 2019-2025F
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of COVID-19
• Market Trends
• Indonesia Vehicle Market Revenue Ranking, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Charger Types

• AC
• DC

By End Consumers

• Public
• Private