LG Electronics Targets $4 Trillion US Electric Vehicle Charger Market

Release of 11kW Slow Chargers and 175kW Fast Chargers in First Half of 2024
Jo Joo-wan Emphasizes Importance of B2B and New Business Growth Through Electrification

LG Electronics is launching a full-scale entry into the rapidly growing U.S. electric vehicle (EV) charger market, leveraging its lineup of slow and fast EV chargers.

On the 16th, LG Electronics announced plans to release a slow charger capable of 11kW charging and a fast charger capable of 175kW charging in the U.S. market by the first half of next year.

LG Electronics is entering the U.S. electric vehicle charger market. The photo shows LG Electronics' 11kW Level 2 charger product to be released in the first half of 2024.
[Photo by LG Electronics]

The 11kW slow charger offers flexible space utilization, allowing it to be wall-mounted or freestanding. It is equipped with a load management solution that automatically controls output based on the power conditions of commercial spaces such as shopping malls and supermarkets where chargers are installed, providing stable quality charging services even with limited power capacity.

The 175kW fast charger supports two charging standards simultaneously: CCS1 (Combined Charging System) and NACS (North American Charging Standard), expected to offer customers a more convenient charging experience. A touch display on the charger’s exterior allows users to check charging status and provides additional revenue opportunities through advertising.

In the second half of next year, LG Electronics plans to expand its fast charger lineup suitable for commercial use and long-distance travel to meet diverse customer needs and strengthen product competitiveness.

According to research by Goldman Sachs and HIS Global Insight, the share of EV sales in the U.S. is expected to grow to 20% by 2025 and 50% by 2030. Following the U.S. government's 'Electric Vehicle Charging Infrastructure Expansion Program (NEVI),' which aims to invest a total of $5 billion over five years starting last year to build 500,000 EV charging stations nationwide by 2030, the EV charger market size is also projected to expand to $3.2 billion by 2025 (based on Roland Berger data).

At the future vision announcement in July, LG Electronics CEO Cho Joo-wan identified 'Electrification' as one of the key inflection points to watch in the mid- to long-term future and emphasized the importance of B2B and new business growth.

LG Electronics began early development of EV charging solutions in 2018 and internalized its charger development and production capabilities by acquiring Apple Mango (now HiBee Charger), which holds core EV charger technologies, in 2022. Currently, it produces a total of four charger products, including ▲7kW (slow, wall-mounted/stand type) ▲100kW (fast) ▲200kW (fast), supplying them to retailers such as Emart.

This content was produced with the assistance of AI translation services.