Tech giant taps into new business
South Korea’s LG Electronics announced on May 26 that it had started rolling out electric vehicle chargers in line with the global trends of electrifying mobility.
Four models were disclosed, including a 7kW wall-mounted product and a 7kW stand-type one. The capacity of the two other fast-charging models are 100kW and 200kW, respectively.
LG Electronics said that they would offer convenient installation and be suitable for use in such environments as homes, office buildings, and other commercial facilities.
The company noted that it held an event this week to celebrate the production of its first EV chargers at the company’s facilities in Pyeongtaek, about 40 miles south of Seoul.
Toward that end, LG Electronics snapped up Korean EV charger maker AppleMango last year, which the home appliance giant renamed HiEV Charger.
The Seoul-based company regards the EV charger market as one of its future growth engines, as the market size is expected to expand fast.
According to Strategic Market Research in New York, the EV charging station market will grow from less than $10 billion in 2020 to more than $140 billion by 2030. Consulting firm Roland Berger predicts that the market will reach $186 billion by 2030.
“The start of EV charger production marks a significant milestone for LG, propelling us on a journey to becoming a total EV charging solutions provider,” LG Vice President Suh Heung-kyu said.
“We will focus on delivering convenient and fast EV charging solutions for EV owners and differentiated EV charging solutions offering diverse form factors and new services for our valued partners.”
On top of chargers, LG Electronics has tried to tap into EV component markets, including in-car infotainment systems and headlamps.
Last year, the company established a separate division in charge of the overseas EV business.
“As the number of EVs increase, the demand for EV chargers will be sure to go up. That’s why companies make inroads into the charger business,” Daelim University automotive professor Kim Pil-soo said.
“However, the business cannot be lucrative in the near future. Hence, deep-pocketed conglomerates like LG and SK are trying to preempt the market.”