South Korea Electric Vehicle Charging Station Market Overview, 2027

An electric vehicle charging station, also known as an electric vehicle supply facility (EVSF), is a device that connects an electric vehicle (EV) to an electricity source for the purpose of recharging electric vehicles. Charging stations for electric cars are growing at the same rate as electric vehicles. Growing awareness of the benefits of sustainable fuel sources will also contribute to the growth trajectory of the EV charging station market. In response to the significant environmental impacts of gas-powered vehicles and the concerns about greenhouse gas emissions, electric vehicle sales continue to rise sharply. Asthma and heart problems are also common problems associated with gas-powered vehicles. These conditions are considered chronic diseases, which will lead to a significant increase in the adoption of low-emission cars and EV charging stations.
According to a report titled "South Korea Electric Vehicle Charging Station Market Overview, 2027" published by Bonafide Research, the charging station market is expected to grow at a significant rate. Slow chargers dominate the market because they were first installed or developed. So, they have a first-mover advantage. People adopted it easily in the beginning, as there were no other options available in the market at that time. During the forecast period, the fast charger segment is predicted to grow at an impressive rate due to technological advancements. Fast chargers were launched or developed in the market, which enable users to charge electric vehicles in a short period of time, which saves time. Charging stations in private and public places can help boost market adoption. Public charging infrastructure is essential to support existing electric vehicles while encouraging future adoption. Public charging infrastructure has continued apace in the past year thanks to significant investment from governments and various private sectors. The private segment leads the market share corresponding to the public segment with the lowest market share, but the public segment is likely to gain a higher market share during the forecast period. There are mainly three levels of electric car charging, i.e., level 1, level 2, and level 3. Level 1 and Level 2 charging is generally alternating current (AC), also known as slow charging. Level 3 charging is divided into direct current fast charging (DCFC) and various other fast charging methods such as Tesla Supercharging, Terra 360, and CHAdeMO charging. The higher the charge level, the faster the charging process as more energy is delivered to the vehicle. The level 1 charging segment holds the leading market share. This is followed by a Level 2 charge and then a Level 3 charge.
Concerns about the high installation costs associated with installing an EV charger, along with a lack of incentives, may hinder industry expansion. Factors such as the growth of the electric vehicle market and fluctuations in charging loads have highlighted the need for standardization of EV charging stations. Some charging stations for electric cars may only be compatible with a certain type of voltage. Governments need to standardize charging infrastructure to develop an enabling ecosystem.
Vehicle-to-Grid EV charging is a system in which plug-in EVs and the grid exchange electrical energy in both directions. Electric cars can store and discharge unused energy into the grid using vehicle-to-grid technology. This can improve the performance of the electric component and increase the value of electric vehicles. These can be the driving forces behind the growth of the EV charging station market.
The increased acceptance and use of electric vehicles have highlighted the need for the development of charging infrastructure. Electric vehicle markets are investing heavily in EV charging infrastructure as well as research and development to develop faster and more efficient charging methods. Automakers are expected to make a remarkable exodus to meet the growing demand for electric vehicles and play a key role in the development of the market.

Covid 19
The COVID-19 outbreak has had unprecedented impacts on various industry verticals, including the automotive industry. This factor could adversely affect the demand for EVs and subsequently hinder the share of charging stations for electric cars in the first months of the pandemic. However, EV sales have steadily recovered over the past year, thanks to easier regulations and open trade borders, which may add impetus to the advancement of the industry in the coming years.
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Considered in this report:
• Geography: South Korea
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• South Korea Electric Vehicle Charging Station market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Types of the charger in the report:
• Slow/ Moderate
• Fast

By Type of charging levels:
• Level 1 (AC charging)
• Level 2 (AC charging)
• Level 3 (DCFC)



By Application type:
• Public
• Private

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we have started verifying the details obtained from secondary sources.
Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Electric Vehicle Charging Station Industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.