South Korea Wireless Charging Market Overview
The South Korea Wireless Charging Market, valued at USD 365.2 million in 2023, is projected to reach USD 734.63 million by 2030, with a robust CAGR of 10.5% during the forecast period from 2024 to 2030. Wireless charging technology, derived from wireless power transmission, is categorized into low-power and high-power wireless charging. Low-power wireless charging, such as the Qi standard used for mobile devices, typically relies on electromagnetic induction. In contrast, high-power wireless charging, often used in electric vehicles (EVs), operates via resonance, transmitting energy from the power supply to the device.
Market Dynamics
Government Support and Incentives
The South Korean government’s active role in advancing wireless charging technology is a key driver of market growth. Policies such as subsidies, tax breaks, and grants aim to position South Korea as a leader in wireless power transfer technologies. Initiatives under the “Korean New Deal” further emphasize building digital infrastructure and green technologies, which indirectly fuel the wireless charging industry. These government incentives create a conducive environment for local companies to innovate and accelerate the commercialization of wireless charging solutions. The focus on reducing entry barriers and enhancing competitive advantages for domestic firms has catalyzed the sector’s expansion.
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Thriving Electric Vehicle (EV) Ecosystem
South Korea’s flourishing electric vehicle (EV) ecosystem significantly contributes to the rising demand for wireless charging technologies. Prominent automakers such as Hyundai and Kia are spearheading this growth, investing heavily in EV development. Wireless charging offers a more convenient alternative to traditional plug-in systems, increasing user convenience and promoting the adoption of EVs. Additionally, the government’s push towards eco-friendly transportation, including strong incentives for EV buyers, has created an ideal market for wireless charging technologies to flourish.
For instance, the city of Gumi introduced wirelessly charged electric buses through the Online Electric Vehicle (OLEV) platform. This system, developed by KAIST, allows buses to charge their batteries via magnetic plates embedded under roads, providing efficient charging without stopping, thereby enhancing EV infrastructure in the region.
South Korea’s EV Incentives
South Korea’s EV demand-side incentives, such as subsidies for local producers and extended tax breaks, have further fueled market growth. The revised subsidy policy, favoring companies with advanced technologies like wireless charging, and residential charging mandates requiring EV chargers in new apartment buildings, continue to drive the adoption of wireless charging infrastructure.
Technological Innovation Hub
South Korea’s well-established research and development (R&D) sector, backed by leading technology companies like Samsung and LG, plays a vital role in advancing wireless charging technologies. The country’s innovation ecosystem is geared towards developing more efficient and longer-range wireless charging solutions. As a tech-savvy market with consumers eager to adopt new innovations, South Korea is positioned as a key player in the global wireless charging industry.
Genesis, a luxury car brand, has piloted wireless charging with models like the GV60 and Electrified GV70, contributing to the growth of the wireless charging market. While challenges remain, such as improving charging speed, the ongoing trials point to increasing adoption and future advancements.
Market Segmentation
- By Component: The market is segmented into transmitters, receivers, and others.
- By Technology: The inductive segment dominated the market in 2023, primarily due to its widespread use in consumer electronics through the Qi standard. Other technologies include resonant and radio frequency wireless charging.
- By Industry Vertical: Key industries include automotive, consumer electronics, industrial, and healthcare, with the automotive sector expected to experience significant growth due to increased EV adoption.
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Key Market Players
Key players driving the South Korea Wireless Charging Market include Samsung Electronics, LG Electronics, Korea Electric Power Corporation (KEPCO), Hanrim Postech, and several international companies like Qualcomm and Broadcom. These players continue to innovate and lead the development of wireless charging technologies in various sectors, especially consumer electronics and EVs.
- Samsung Electronics (South Korea)
- LG Electronics Inc. (Seoul, South Korea)
- Korea Electric Power Corporation (KEPCO) (Naju, South Korea)
- Hanrim Postech Co., Ltd. (Busan, South Korea)
- Sony Corporation (Tokyo, Japan)
- TDK Korea Corporation (Seoul, South Korea)
- Broadcom Corporation (USA)
- Qualcomm Inc. (San Diego, California, USA)
- Toshiba Corporation (Tokyo, Japan)
- ROHM Co., Ltd. (Kyoto, Japan)
- Others
Conclusion
The South Korea Wireless Charging Market is poised for significant growth, driven by government support, technological advancements, and a thriving EV ecosystem. The country’s robust R&D infrastructure and proactive policies foster a dynamic environment for the expansion of wireless charging solutions, making South Korea a critical player in the global market. As EV adoption continues to rise, the demand for wireless charging technologies will further increase, offering numerous opportunities for innovation and market development.
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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