South Korea electric vehicle market is expected to grow at a CAGR of 19.0% during the forecast period. The country is one of the key locations for the EV as it homes some of the prominent EV manufacturers including Hyundai and Kia Motors. The high average price of the vehicle, fast-developing charging infrastructure, and government support for the EV purchase to the customer are some of the major factors for the EV industry growth in the country.
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Now, in January 2021, the country has announced new subsidies to increase the sales of EVs. The country will offer a subsidy of up to $17,000 for an EV whereas a subsidy of up to $34,000 for the hydrogen fuel-cell electric vehicle. In 2021, the South Korean government aims to add 136,000 electric and hydrogen vehicles. The government has increased the total subsidy budget to $93 million for 121,000 EVs and 33 million for 15,000 hydrogen vehicles with an increasing target of 21.4% and 49.2% respectively, from the last year.
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Each electric car will receive a different subsidy from the government Hyundai Motor Kona and Kia Motors Niro will receive the highest government subsidy. Apart from subsidies, the government is also installing 31,500 EV charging systems and developing 54 hydrogen stations in the country in 2021.
South Korea Electric Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicle
- Passenger Car
- Two-Wheeler
By Propulsion Technology
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-ion
- Others
Company Profiles
- BMW AG
- Chevy bolt
- General Motors Co.
- Hyundai Motor Co.
- Kia Motors Corp.
- Nissan Motor Co.
- Renault Group
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