South Korea electric vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. According to the government of South Korea, the country aims to secure a market share of 10% in the global electric vehicle market by 2030. Korean companies will invest a significant amount for the development of future technology in the automobile industry. For instance, Hyundai announced to invest $86.4 billion in by 2025 globally for future mobility.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on Battery Type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, the Li-ion battery is anticipated to witness considerable growth during the forecast period.
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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
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
The Report Covers
- Comprehensive research methodology of the South Korea Electric Vehicle 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 vehicle market.
- Insights about market determinants which are stimulating the South Korea electric vehicle market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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