Global electric vehicle market to reach 240 million by 2030! South Korea sets its sights on the charging market.

Projected Global Electric Vehicle Market to Reach 240 Million Units by 2030! South Korea Aims to Dominate Charging Industry.

[PhoneAuto News] According to PhoneAuto, the number of electric vehicles worldwide could reach 240 million by 2030! South Korea has set its sights on the charging station market. According to reports, South Korea aims to achieve a 10% global market share for South Korean electric vehicle chargers by 2030.

Reports indicate that the South Korean government has decided to increase the global market share of South Korean electric vehicle chargers from the current 1% to 10% by 2030. It will also provide support for the development of competitive charger manufacturers. Recently, the South Korean Ministry of Trade, Industry, and Energy announced this policy direction in Seoul.

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According to the International Energy Agency (IEA), the number of electric vehicles worldwide is expected to rise from 30 million in 2022 to 240 million by 2030. As a result, the supply of electric vehicle chargers will increase from 2.7 million in 2022 to 12.7 million by 2030. The charging infrastructure market is projected to reach $325 billion by 2030.

The South Korean government stated that by 2030, it will ensure five core technologies and nurture at least five charger manufacturing companies with sales exceeding 50 billion Korean won. This will increase South Korea’s market share in the global electric vehicle charging market from 1.2% in 2022 to 10% in 2030. The five core technologies include ultra-fast charging, wireless charging, charging robots, smart charging, and network security software (SW).

To achieve this, the South Korean Ministry of Trade, Industry, and Energy has launched an alliance involving over 40 companies and more than 20 organizations, including charger manufacturers, component suppliers, charging service operators, and testing certification bodies.

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