South Korea electric bus market is estimated to grow at a significant CAGR during the forecast period. The rapidly increasing urbanization of South Korea demanding improvement in public transport along with cohesive government plan to do electrification of public transport is one of the major factors to drive the growth of the South Korea electric bus market. According to President Moon Jae-in, South Korea aims to secure a market share of 10% in the global electric vehicle market by 2030.The government of South Korea has set aside a subsidy of $609 million for battery EVs and the expansion of charging infrastructure in 2020 which tends to contribute to the growth of the electric bus market.
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The major market players operating in the South Korea electric bus market include BYD Co. Ltd., Edison Motors, Higer Bus Co. Ltd., and Hyundai Motor Co. among others. These market players are anticipated to offer significant opportunities towards the growth of the market owing to their on-going R&D activities, investment in new technologies, and geographical expansion among others.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
South Korea Electric Bus Market by Bus Type
- Hybrid Electric Bus
- Fuel Cell Electric Bus
- Battery Electric Bus
South Korea Electric Bus Market by Battery Type
- Lithium-ion batteries
- NiMH Batteries
- Others
South Korea Electric Bus Market by End-User
- Government
- Fleet Owner
Company Profiles
- BYD Co. Ltd.
- Edison Motors
- Higer Bus Co. Ltd.
- Hyundai Motor Co.
The Report Covers
- Comprehensive research methodology of the South Korea Electric Bus market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the South Korea Electric Bus market.
- Insights about market determinants which are stimulating the South Korea Electric Bus market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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