Insights

To accelerate hydrogen mobility, what is needed most right now is not the vehicle — it is charging infrastructure.

Samjong KPMG Economic Research Institute's Samjong Focus systematically analyzes the status, challenges, and response directions for hydrogen mobility charging infrastructure against the backdrop of a fast-moving hydrogen economy aligned with the Lee Jae-myung administration's clean-energy policy. Korea owns more than 51% of the world's hydrogen passenger vehicles — a global leader — but a serious gap exists on the infrastructure side.

42,000 hydrogen vehicles vs. 253 stations — a supply-demand imbalance. According to the Ministry of Land, Infrastructure and Transport, registered hydrogen vehicles in Korea exceeded 42,000 as of September 2025. Charging infrastructure, however, totals just 421 dispensers across 253 stations (as of June 2025) — only marginally above the original target of 407. While the goal is 830+ dispensers by 2028 and 1,200 by 2040, regional imbalances are stark. The capital area has the highest hydrogen-charging demand yet has markedly fewer stations and dispensers than other regions, while Gangwon and Jeolla have low infrastructure relative to their large geographic areas.

Near-zero clean hydrogen production — diversifying import supply chains is the short-term task. Domestic clean hydrogen production is minimal, requiring near-term stabilization and diversification of import supply chains and mid-to-long-term build-out of domestic production facilities and environments. Global green hydrogen production is expected to keep rising, with production costs gradually falling — by around 2040, green hydrogen production efficiency is projected to surpass gray hydrogen.

Korea's technology-patent strength coexists with infrastructure challenges. By hydrogen-vehicle charging-tech patent applications, China leads at 38% (901), followed by Korea at 22% and Japan at 18%. By company, Hyundai Motor leads globally with 317 applications (13.3%), followed by Japan's Toyota (119) and Honda (63). While Korea is ahead in technological competitiveness, the key is the policy execution that translates this into actual charging-infrastructure expansion. With 2024 execution rates at 65.7% for the zero-emission vehicle budget and 58.1% for hydrogen vehicle subsidies, efficient deployment of government support funds is also a task for improvement.

What this means for M&A. The growth of the hydrogen-mobility charging infrastructure market creates three M&A opportunities. First, demand will rise for investment in infrastructure firms specialized in hydrogen supply modes (pipeline, tube trailer, liquefaction) and operators of hydrogen-station platforms. Second, led by Hyundai Motor, acquisitions of core component companies or strategic partnerships to domesticate the hydrogen-vehicle value chain (fuel-cell stacks, hydrogen tanks, compressors) may accelerate. Third, if a hydrogen-dedicated execution body is built under the newly established Ministry of Climate, Energy & Environment, valuations of companies participating in government-led large-scale infrastructure projects may be re-rated, stimulating related M&A transactions.