As electric vehicles (EVs) gain popularity, Korean conglomerates LG and SK have expanded their competition beyond batteries to the EV charging market. Both companies have made significant investments and acquisitions in this area.
SK's EV Charging Business Through Acquisitions and Investments
SK's EV charging business is mainly developed through acquisitions and investments. SK Signet, established in 2021, acquired charging pile manufacturer Signet and has the largest market share in the US ultra-fast charging market. It has expanded its business to Europe and announced a subsidiary there on Monday. SK Networks invested 10 billion won in local charging service operator Everon in January 2020 and became the second-largest shareholder. SK E&S acquired a stake in US charging service provider EverCharge in March of the same year.
LG's Organizational Restructuring and Acquisitions
LG Electronics established a department responsible for the electric vehicle charging business in its organizational restructuring at the end of last year. It has built an EV charging pile production line in the LG Digital Park in Pyeongchang. LG acquired 60% of AppleMango's shares in June last year and partnered with charging pile manufacturer GS Group. GS Energy and GS Neotek under GS Group hold the remaining 40% of AppleMango's shares. In November of the same year, GS Energy acquired charging service provider ChargEV to expand its EV charging business.
The Growing EV Charging Market
The EV charging market is rapidly growing, and companies are striving to capture a share of it. The global EV charging infrastructure market size is projected to reach USD 72.05 billion by 2027, according to a report by Fortune Business Insights. The increasing adoption of EVs, government initiatives, and the decreasing cost of charging infrastructure are driving the market's growth.
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