South Korea electric vehicle charger market is anticipated to grow at a CAGR of over 20% during the forecast period, 2019-2025. EV chargers that are accepted in the country include CCS Combo 1 (IEC 62196-3) and all IEC 62196-3 standards (including CHAdeMO) whereas Tesla has its own connector. Government policies for the promotion of electric vehicles are one of the major factors for the growth of the market in the country. In 2019, the government of South Korea announced to the target of 430,000 Battery Electric Vehicle (BEV) and 67,000 Fuel Cell Electric Vehicle (FCEV) on the road by 2022. As per the International Energy Agency, there were around 19,000 publicly accessible chargers in the country in 2018. The country offers subsidies on the vehicle and relief on purchase tax, toll fees and parking fees. An individual can avail up to a $4,500 tax rebate per electric vehicle. In 2019, the subsidy on electric vehicle has been increased to $16,400 per BEV as compared to $12,000 in 2018 and up to $4,300 on PHEV. Moreover, the government aims to develop 10,000 fast EV chargers in the country by 2022.
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South Korea electric vehicle charger market is segmented on the basis of ownership, charger type, and connector type. Based on ownership, the market is segmented into public and private whereas by charger type, the market is bifurcated into slow chargers and fast chargers. Fast chargers are expected to show considerable growth during the forecast period. By connector type, the market is analyzed into AC connectors and DC connectors. AC connector market is further segmented into Type 1, Type 2 and other chargers, and the DC connector segment is further divided into CHAdeMO, Combined Charging System (CCS), Type 2 (Tesla) chargers.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
South Korea Electric Vehicle Market Report Segment
By Ownership
- Public
- Private
By Charger Type
- Slow Charger
- Fast Charger
By Connector Type
- AC Connectors
- DC Connectors
The Report Covers
- Comprehensive research methodology of South Korea electric vehicle charger market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting South Korea electric vehicle charger market.
- Insights about market determinants that are stimulating South Korea electric vehicle charger market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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