Report Overview

South Korea EV Charging Station Market – Industry Trends & Forecast Report, 2030

South Korea EV Charging Station Market size by value was estimated at USD 1,386.42 million in 2023. During the forecast period between 2024 and 2030, South Korea EV Charging Station Market size is expected to expand at a CAGR of 39.15% reaching a value of USD 13,912.79 million by 2030. South Korea EV Charging Station Market is driven by several factors government incentives and subsidies for EV buyers, charging infrastructure expansion of charging networks by both public and private sectors, and increasing EV adoption due to environmental concerns. Additionally, technological advancements like wireless charging and battery recycling, along with regulations mandating EV chargers in new buildings, further propel market growth

EV Charging Station – Overview

EV charging stations are essential for recharging electric vehicles (EVs). Charging stations come in three levels: Level 1 (120V, slowest, suitable for home use), Level 2 (240V, faster, common in public and residential areas), and DC Fast Chargers (rapid charging, found in commercial locations). EV charging stations use various connectors like J1772, CHAdeMO, and CCS. Charging infrastructure includes the charger, power grid, energy controller, and software platform.

South Korea EV Charging Station Market

Growth Drivers

Government’s Supportive Policies and Incentives

The South Korean government significantly boosts the EV Charging Station Market through generous subsidies and tax incentives. These incentives reduce the cost burden for both consumers and charging station operators. For instance, funding for slow chargers increased in recent years. Additionally, the government mandates the installation of EV chargers in new buildings, further accelerating infrastructure development.

Challenges

Charging Infrastructure Gaps

South Korea EV Charging Station Market faces challenges due to insufficient charging infrastructure. A significant portion of chargers are installed underground, raising safety and accessibility concerns. Additionally, the uneven distribution of chargers, particularly in rural areas, limits the convenience for EV owners. The lack of standardized charging protocols and the slow adoption of advanced technologies further hinder the market's growth.

Impact of Escalating Geopolitical Tensions on South Korea EV Charging Station Market

Intensifying and further spreading of geopolitical tensions, particularly between South Korea and China, could adversely affect South Korea EV Charging Station Market. Supply chain disruptions for critical components like batteries and semiconductors lead to delays and increased costs. Additionally, trade restrictions and tariffs can hinder the import of essential materials. These tensions also create uncertainty in investment and slow down the expansion of charging infrastructure. Furthermore, reliance on a single country for key supplies poses risks to market stability. To mitigate these effects, South Korea is exploring diversification of supply sources and enhancing domestic production capabilities.

South Korea EV Charging Station Market

Segmental Information

South Korea EV Charging Station Market – By Level of Charging

By level of charging, South Korea EV Charging Station Market is divided into Level 1, Level 2, and Level 3 segments. The level 2 segment is the largest level of charging in South Korea EV Charging Station Market. Level 2 chargers are popular due to their balance between cost and charging speed, offering a faster charge than Level 1 chargers and being more widely accessible and less expensive to install compared to Level 3 chargers. They are commonly used in residential, commercial, and public charging settings, making them the preferred choice for most EV owners in South Korea.

South Korea EV Charging Station Market – By Charging Point

By charging point, South Korea EV Charging Station Market is divided into AC Charging and DC Charging segments. The AC charging segment holds a larger market share of South Korea EV Charging Station Market. AC charging stations are more prevalent due to their lower installation and operational costs, making them suitable for residential and public areas where EVs are parked for extended periods. The growing adoption of electric vehicles in South Korea and the government's supportive policies for expanding charging infrastructure contribute to the dominance of AC charging stations over the DC charging segment.

South Korea EV Charging Station Market – By Installation

On the basis of installation, South Korea EV Charging Station Market is divided into Fixed and Portable segments. The fixed charging stations segment is a larger contributor to South Korea EV Charging Station Market. These stations are typically installed at permanent locations like residential complexes, commercial buildings, and public spaces, providing stable and reliable charging solutions for electric vehicles. The dominance of this segment is driven by the growing government initiatives to expand the EV infrastructure, increased investments in public and private charging networks, and the higher demand for fixed installations due to convenience and accessibility.

South Korea EV Charging Station Market – By Application

Based on application, South Korea EV Charging Station Market is divided into Private, Semi-Public, and Public segments. The public segment is the largest application of South Korea EV Charging Station Market, due to the government’s strong push to expand public charging infrastructure, increasing demand for accessible charging points, and efforts to encourage EV adoption nationwide. Public charging stations are strategically located in urban areas, highways, and public spaces, making them highly accessible and essential for EV users who lack private charging facilities, contributing to their leading position in the market.

South Korea EV Charging Station Market – By Charging Service

By charging service, South Korea EV Charging Station Market is divided into EV Charging Service and Battery Swapping Service segments. The EV charging service segment accounts for the largest share of South Korea EV Charging Station Market, primarily due to the rapid growth of EV adoption across the country, the government's push towards expanding charging infrastructure, and the convenience it offers to EV owners. Battery Swapping Service, although innovative, has seen limited adoption due to higher costs, compatibility issues, and the preference for more widely available and established charging options.

South Korea EV Charging Station Market – By Charging Infrastructure

Based on charging infrastructure, South Korea EV Charging Station Market is divided into Type 1, Type 2, CCS, CHAdeMO, Tesla SC (NACS), and GB/T Fast segments. The Type 2 segment is the largest charging infrastructure in South Korea EV Charging Station Market. Type 2 connectors, commonly used in Europe and increasingly adopted in South Korea, support higher power levels and faster charging compared to other types. This segment's growth is driven by its compatibility with a wide range of electric vehicles and its alignment with global charging standards, making it a preferred choice among EV owners and infrastructure providers.

South Korea EV Charging Station Market – By Electric Bus Charging Type

By electric bus charging type, South Korea EV Charging Station Market is divided into Off-board Top-down Pantograph, On-board Bottom-up Pantograph, and Charging Via Connector segments. The charging via connectors segment is the largest electric bus charging type in South Korea EV Charging Station Market. This segment encompasses various connector types used for electric vehicle charging, such as Type 1, Type 2, and DC fast charging connectors. Its prominence is due to the widespread adoption of standardized charging interfaces that facilitate compatibility with a broad range of electric vehicles, driving the demand for connector-based charging solutions.

Competitive Landscape

Key players in the highly competitive South Korea EV Charging Station Market include ABB Ltd, ChargePoint, Inc., Tesla Inc., Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Level of Charging

• • Level 1

  • Level 2

  • Level 3

By Charging Point

• • AC Charging

  • DC Charging

By Installation

• • Fixed

  • Portable

By Application

• • Private

  • Semi-Public

  • Public

By Charging Service

• • EV Charging Service

  • Battery Swapping Service

By Charging Infrastructure

• • Type 1

  • Type 2

  • CCS

  • CHAdeMO

  • Tesla SC (NACS)

  • GB/T Fast

By DC Fast Charging

• • Slow DC (<49 kW)

  • Fast DC (50-149 kW)

  • DC Ultra-Fast 1 (150-349 kW)

  • DC Ultra-Fast 2 (>349 kW)

By Electric Bus Charging Type

• • Off-board Top-down Pantograph

  • On-board Bottom-up Pantograph

  • Charging Via Connector

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South Korea EV Charging Station Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Government Incentives
         2. Rapid EV Adoption
         3. Infrastructure Development
      2. Restraints
         1. Charging Infrastructure Gaps
         2. High Installation Costs
         3. Charging Time Concerns
      3. Opportunities
         1. Ongoing Market Expansion
         2. Smart Charging Technologies
         3. Export Potential
      4. Challenges
         1. High Competition
         2. Grid Capacity Constraints
         3. Standardization Challenges
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. South Korea EV Charging Station Market: Marketing Strategies
5. South Korea EV Charging Station Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Level of Charging
         1. Level 1
         2. Level 2
         3. Level 3
      2. By Charging Point
         1. AC Charging
         2. DC Charging
      3. By Installation
         1. Fixed
         2. Portable
      4. By Application
         1. Private
         2. Semi-Public
         3. Public
      5. By Charging Service
         1. EV Charging Service
         2. Battery Swapping Service
      6. By Charging Infrastructure
         1. Type 1
         2. Type 2
         3. CCS
         4. CHAdeMO
         5. Tesla SC (NACS)
         6. GB/T Fast
      7. By DC Fast Charging
         1. Slow DC (<49 kW)
         2. Fast DC (50–149 kW)
         3. DC Ultra-Fast 1 (150–349 kW)
         4. DC Ultra-Fast 2 (>349 kW)
      8. By Electric Bus Charging Type
         1. Off-board Top-down Pantograph
         2. On-board Bottom-up Pantograph
         3. Charging Via Connector
6.  Competitive Landscape
   1. List of Key Players and Their Offerings
   2. South Korea EV Charging Station Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on South Korea EV Charging Station Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. ABB Ltd
   2. ChargePoint, Inc
   3. Tesla Inc
   4. Shell Recharge Solutions
   5. Star Charge
   6. TELD
   7. Siemens
   8. BYD
   9. EVgo
   10. Hyundai Motor Company
   11. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       South Korea EV Charging Station Segmentation     

Figure 2       South Korea EV Charging Station Market Value Chain Analysis   

Figure 3       Company Market Share Analysis, 2023

Figure 4       South Korea EV Charging Station Market Share, By Level of Charging, By Value (USD Million), 2019–2030

Figure 5       South Korea EV Charging Station Market Share, By Charging Point, By Value, 2019–2030

Figure 6       South Korea EV Charging Station Market Share, By Application, By Value, 2019–2030

Figure 7       South Korea EV Charging Station Market Share, By Charging Service, By Value (USD Million), 2019–2030

Figure 8       South Korea EV Charging Station Market Share, By Charging Infrastructure, By Value, 2019–2030

Figure 9       South Korea EV Charging Station Market Share, By DC Fast Charging, By Value, 2019–2030

Figure 10     South Korea EV Charging Station Market Share, By Electric Bus Charging Type, By Value, 2019–2030

List of Tables

Table 1        South Korea EV Charging Station Market Share, By Level of Charging, By Value (USD Million), 2019–2030

Table 2        South Korea EV Charging Station Market Share, By Charging Point, By Value, 2019–2030

Table 3        South Korea EV Charging Station Market Share, By Application, By Value, 2019–2030

Table 4        South Korea EV Charging Station Market Share, By Charging Service, By Value (USD Million), 2019–2030

Table 5        South Korea EV Charging Station Market Share, By Charging Infrastructure, By Value, 2019–2030

Table 6        South Korea EV Charging Station Market Share, By DC Fast Charging, By Value, 2019–2030

Table 7        South Korea EV Charging Station Market Share, By Electric Bus Charging Type, By Value, 2019–2030

Table 8        ABB Ltd Company Overview

Table 9        ABB Ltd Financial Overview

Table 10      ChargePoint, Inc. Company Overview

Table 11      ChargePoint, Inc. Financial Overview

Table 12      Tesla Inc Company Overview

Table 13      Tesla Inc. Financial Overview

Table 14      Shell Recharge Solutions Company Overview

Table 15      Shell Recharge Solutions Financial Overview

Table 16      Star Charge Company Overview

Table 17      Star Charge Financial Overview

Table 18      TELD Company Overview

Table 19      TELD Financial Overview

Table 20      Siemens Company Overview

Table 21      Siemens Financial Overview

Table 22      BYD Company Overview

Table 23      BYD Financial Overview

Table 24      EVgo Company Overview

Table 25      EVgo Financial Overview

Table 26      Hyundai Motor Company: Company Overview

Table 27      Hyundai Motor Company Financial Overview