South Korea Wireless Charging Market: Industry Analysis and Forecast (2024-2030) by Dynamics and Segment Analysis

South Korea Wireless Charging Market Overview

Wireless charging technology originates from wireless power transmission technology, which is divided into low-power wireless charging and high-power wireless charging. Low-power wireless charging often uses electromagnetic induction, such as the Qi method for charging mobile phones. High-power wireless charging often uses resonance (most electric vehicle charging uses this method) from the power supply equipment (charger) to transfer energy to the device that uses electricity.

The South Korean Wireless Charging Market is expected to reach USD 734.63 million by 2030, at a CAGR of 10.5% during the forecast period (2024-2030). South Korea's supportive policies, including EV subsidies, tax breaks, and residential charging mandates, drive the growth of the South Korea Wireless Charging Market. These incentives encourage the adoption of advanced technologies and expand infrastructure, fostering a robust environment for wireless EV charging development.

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South Korea Wireless Charging Market Dynamics

Government Support and Incentives to Drive the Market Growth

South Korea's government a pivotal role in the growth of the wireless charging Industry by implementing supportive policies and incentives. The country's strategic vision includes becoming a leader in cutting-edge technologies, including wireless power transfer. The government has introduced subsidies, tax breaks, and research grants to foster innovation and adoption. This proactive approach encourages local companies to develop and commercialize wireless charging technologies. Also, initiatives like the "Korean New Deal" focus on fostering digital infrastructure and green technologies, indirectly boosting the wireless charging sector. The government's commitment to creating a favorable business environment accelerates South Korea Wireless Charging Market growth by reducing entry barriers and promoting competitive advantages for local firms.

Wireless charging is a key infrastructure project for zero-carbon vehicles, allowing EVs to charge by parking or while driving. The Korean government plans to expand portable devices using ultra-wideband (UWB) technology, which offers fast, stable short-range communication and can unlock doors or locate items without needing to take out a phone. Wireless charging for electric vehicles are available in Korea as part of the country's deregulation plans in the information technology sector.

Thriving Electric Vehicle (EV) Ecosystem to Create Lucrative Opportunity for Market Growth

South Korea's robust electric vehicle (EV) market significantly drives the demand for wireless charging solutions and boosts the growth of the South Korea wireless charging market. The country is home to major automakers like Hyundai and Kia, which are actively investing in EVs. As these companies expand their EV portfolios, the need for convenient and efficient charging solutions, including wireless options, grows. Wireless charging offers a hassle-free alternative to traditional plug-in systems, enhancing user convenience and encouraging EV adoption.

Also, the South Korean government's push for eco-friendly transportation, including incentives for EV buyers and stringent emission regulations, further fuels the South Korea Wireless Charging Market. This burgeoning EV ecosystem creates a fertile ground for wireless charging technology to flourish. In Asia's booming electric vehicle (EV) market, South Korea is demonstrating a much greater commitment to a cleaner environment than many other nearby countries. South Korea initially invested in hydrogen-powered EVs, much like Japan. However, it made a swift transition to pure EVs, thanks to determined policy support, advanced technology and innovation, a robust supply chain, and an export-oriented industry strategy. Since then, South Korea has emerged as a booming economy in the EV industry.

South Korea's EV Demand-Side Incentives

South Korea's EV demand-side incentives, including subsidies for domestic producers, extended tax breaks, and discounted parking, are expected to drive growth in the South Korea wireless charging market. The revised subsidy policy favors makers who implement advanced technologies like wireless charging and vehicle-to-load (V2L). Additionally, residential charging support mandates increased charger installations, boosting demand for innovative charging solutions. Together, these incentives create a favorable environment for industry growth and adoption of wireless EV charging infrastructure.

The city of Gumi, South Korea, has launched a wirelessly charged electric bus, joining other municipalities in adopting induction charging. Developed by the Korea Advanced Institute of Science and Technology (KAIST), the Online Electric Vehicle (OLEV) platform is now used on the passenger route between Gumi train station and the In-dong district. This technology, similar to that used in wireless phone charging, employs magnetic charge plates under roads and a counterpart in the bus. When an induction-capable bus passes over a plate, the system charges the onboard battery with 85% efficiency at 100 kW. The charge plates, covering 5-15% of the route, activate only when needed. This system allows buses to use smaller batteries and eliminates the need for stops to recharge.

Advanced Technology and Innovation Hub

South Korea is renowned for its technological prowess, boasting a highly developed research and development (R&D) infrastructure. The country is home to leading electronics giants like Samsung and LG, which invest heavily in innovation. This technological ecosystem fosters the development of advanced wireless charging technologies, including higher efficiency and longer-range solutions. South Korea's strong intellectual property protection and collaborative R&D environment encourage the commercialization of innovative wireless charging products. Also, the country's consumer electronics market, characterized by early adopters and tech-savvy consumers, provides a ready market for new technologies. This culture of innovation and rapid adoption positions South Korea as a key player in the global wireless charging market.

For instance, Genesis is piloting wireless charging in Korea with a fleet of GV60 and Electrified GV70 cars. The trial, conducted from February to June 2023, includes 23 wireless charging pads around the country, including at Genesis Studios. The technology consists of a power control station and a base pad on the ground, offering 11kW charging output. While Genesis' head of product, Marc Choi, believes the technology isn't ready for mass adoption due to speed limitations, other manufacturers like Volvo and BMW are also exploring wireless charging. Volvo's system reached 40kW, and similar trials are ongoing in cities like Nottingham. As a result, Wireless charging's growing adoption in electric vehicles, driven by trials from brands like Genesis and Volvo, boosts South Korea Wireless Charging Market growth, promising increased efficiency and convenience in EV charging infrastructure.

South Korea Wireless Charging Segment Analysis

By Technology: In 2023, the inductive segment held the largest South Korean wireless Charging Market share, largely due to its widespread adoption and standardization within the industry, particularly with the Qi wireless charging standard. This standardization streamlines device compatibility, prompting manufacturers to incorporate inductive technology into their products. Additionally, the convenience of inductive technology, allowing users to easily place devices on charging pads without the hassle of connecting cables, is fueling the segment's growth over the forecast period.

South Korea Wireless Charging Market Scope

South Korea Wireless Charging Market Key Players

1. Samsung Electronics (South Korea)
2. LG Electronics Inc. (Seoul, South Korea)
3. Korea Electric Power Corporation (KEPCO) (Naju, South Korea)
4. Hanrim Postech Co., Ltd. (Busan, South Korea)
5. Sony Corporation (Tokyo, Japan)
6. TDK Korea Corporation (Seoul, South Korea)
7. Broadcom Corporation (USA)
8. Qualcomm Inc. (San Diego, California, USA)
9. Toshiba Corporation (Tokyo, Japan)
10. ROHM Co., Ltd. (Kyoto, Japan)
11. Others

For Global Scenario:

Wireless Charging Market - Global Industry Analysis and Forecast (2024-2030)