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 government of South Korea will provide $1.8 billion to support the growth of the private sector. Moreover, the government of South Korea has set aside a subsidy of $609 million for subsidies for battery EVs and the expansion of charging infrastructure in 2020. The government offered subsidies to initiatives that are anticipated to drive the market growth of EVs in the country. BMW AG, Chevy bolt, General Motors Co., Hyundai Motor Co. are the major market players of the EVs in the country.
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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.
Market Segmentation
South Korea Electric Vehicle Market by Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
South Korea Electric Vehicle Market by Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
South Korea Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
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