South Korea electric bus market is anticipated to grow at a significant rate during the forecast period (2019-2025). The major factors that are driving the market include the rising demand for improvement in public transport, the cohesive government plan for electrification of public transport, and rapid urbanization.
Electric buses in Seoul surpassed the mark of 150 by 2020, further, the government aims to procure more than 110 electric buses by 2021 as well. The Seoul city government is working to replace buses operated by CNG with battery-powered electric buses. As of the end of 2018, the 143 zero-emission buses had joined 29 eBuses already in service on three routes. Hyundai, Edison Motors, and High were jointly responsible for these buses.
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Furthermore, Hyundai has provided as many as 30 fuel cell buses to six cities. By the year 2022, the aim of the Memorandum of Understanding signed by Hyundai and government institutions is to have 1,000 hydrogen and electric buses on the road nationwide. Further, a rising number of R&D in an electric vehicle is expected to propel the market growth in the near future. For instance, in May 2019, Hyundai motors launched a new electric double-decker bus as a part of the company’s effort to increase the electric bus fleet in South Korea, which in turn is assisting the market growth.
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Market Coverage
- The market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- Bus Type, Battery Type, and End-User
Region Covered- South Korea
- Competitive Landscape- BYD Co. Ltd., Edison Motors, High Bus Co. Ltd., and Hyundai Motor Co.
South Korea Electric Bus Market Report Segment
By Bus Type
- Hybrid Electric Bus
- Fuel Cell Electric Bus
- Battery Electric Bus
By Battery Type
- Lithium-ion batteries
- NiMH Batteries
- Others
By End-User
- Government
- Fleet Owner
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
