South Korea Electric Vehicle Market (2024-2030) | Outlook, Companies, Analysis, Size, Revenue, Share, Value, Growth, Industry, Forecast & Trends

Topics Covered in the South Korea Electric Vehicle Market Report

The South Korea Electric Vehicle Market report thoroughly covers the market by propulsion, by vehicle drive type, by vehicle top speed and competitive landscape. The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

South Korea Electric Vehicle Market Synopsis

South Korea is known for its booming economy and unparalleled technological innovations. One of the latest advances in the country is the growth in the electric vehicle market. EVs are gaining popularity in South Korea due to their environment-friendly features and cost-effectiveness. Additionally, one of the most prominent trends in the South Korea EV market is the shift towards autonomous and connected EVs. The government has made significant investments in technology and infrastructure to support autonomous driving and has been collaborating with local automakers to accelerate the development of connected cars. Moreover, electric vehicle manufacturers are also focusing on developing advanced battery technologies to improve the performance and range of the cars.

For example, Hyundai Motor Company’s recent announcement about its electric vehicle strategy indicates that it is working on the development of long-range EVs utilizing solid-state batteries that can provide a driving range of over 500 km on a single charge. However, although the South Korea EV industry is growing rapidly, it still faces several challenges, such as high battery costs, lack of public EV charging infrastructure, and limited driving range. According to a report by McKinsey & Company, EVs account for only 1% of total car sales in South Korea. In addition, the high cost of electric vehicles is still a barrier for the majority of consumers, who prefer traditional gasoline-powered cars. Furthermore, the lack of public charging infrastructure has resulted in “range anxiety” among drivers who worry about running out of power while on the road.

According to 6Wresearch, South Korea Electric Vehicle Market size is projected to grow at a CAGR of 57.9% during 2024-2030. There are several driving factors behind the growth of the EV market in South Korea, including government incentives, consumer demand, technological advancements, automaker shift, and environmental regulations. The South Korea has been investing heavily in developing emerging technologies, which has meant big advances in EV technology. This tech-savvy society has also contributed to the demand for electric vehicles, with many people excited by the newness of EV technology. As the mass integration of smart technology into automobiles continues, EVs have become even more popular among the tech-savvy population who are interested in early adoption and innovation. Additionally, apart from the government incentives, South Korea is also working to comply with international environmental regulations. This means that manufacturers are forced to reduce their carbon footprint and pay fees for emissions, making EV a more attractive option for auto production. As environmental regulations continue to tighten, the Korean automotive industry will need to adapt to the changes and work towards an eco-friendly future.

Government Initiatives Introduced in the South Korea Electric Vehicle Market

One of the major reasons that South Korea has seen a surge in EV sales is due to the Korean government’s strong incentive program. The government has implemented a range of benefits that incentivize people to switch to EVs. For example, EV owners can receive significant tax breaks and discounts on purchase prices. These initiatives will fortify South Korea Electric Vehicle Market share. Further, the government is also invested in building charging infrastructure that supports EVs all across the country, which is a crucial factor in expanding EV usage in South Korea.

Key Players in the South Korea Electric Vehicle Market

South Korea's electric vehicle market is on an upward trajectory, thanks to the strong support of the government and the innovation of its automakers and battery manufacturers. Hyundai-Kia, Samsung SDI, SK Innovation, LG Chem, and GM Korea are some of the key players driving the growth of this industry in South Korea. Further, the chief few institutions grip crucial Asia Pacific Electric Vehicle Market share. By 2030, the government aims to have over 8 million electric cars on South Korean roads, and with the rapid development of charging infrastructure,

Market by Propulsion Type

According to Ravi Bhandari, Research Head, 6Wresearch, the Battery electric vehicles are fully electric cars that rely solely on their battery for power. These vehicles use a lithium-ion battery pack to store energy, which can be charged through regenerative braking or by plugging into a charging station. BEVs have a higher driving range than PHEVs and release zero tailpipe emissions but are limited by the need for frequent charging. In South Korea, the most popular BEVs include the Hyundai Kona Electric and the Kia Niro EV. Whereas, Plug-in hybrid electric vehicles are partially powered by electric batteries and partially powered by a combustion engine. PHEVs have the option to recharge their battery through regenerative braking or by plugging into an electric outlet. Unlike BEVs, PHEVs have the ability to switch to their combustion engine when the battery is depleted, providing an extended driving range. Some of the most popular PHEVs in South Korea include the Hyundai Ioniq PHEV and the Kia Sorento PHEV.

Market by Vehicle Drive Type

Electric cars predominantly run on two types of drives – front-wheel drive (FWD) or rear-wheel drive (RWD). FWDs are commonly used in hatchbacks or small city cars, primarily due to their low maintenance cost and ease of driving. Moreover, the FWD clasps gigantic South Korea Electric Vehicle Market revenues. However, RWDs are more powerful and provide better acceleration, making them ideal for sports cars and luxury vehicles. In recent years, all-wheel drive (AWD) or four-wheel drive (4WD) electric vehicles have become more prevalent, providing better traction and optimised performance for challenging terrains or extreme weather conditions.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• South Korea Electric Vehicle Market Outlook
• Market Size of South Korea Electric Vehicle Market, 2023
• Forecast of South Korea Electric Vehicle Market, 2030
• Historical Data and Forecast of South Korea Electric Vehicle Revenues & Volume for the Period 2020 - 2030
• South Korea Electric Vehicle Market Trend Evolution
• South Korea Electric Vehicle Market Drivers and Challenges
• South Korea Electric Vehicle Price Trends
• South Korea Electric Vehicle Porter's Five Forces
• South Korea Electric Vehicle Industry Life Cycle
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By Propulsion for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By BEV for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By PHEV for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By FCEV for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By Vehicle Drive Type for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By FWD for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By RWD for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By AWD for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By Vehicle Top Speed for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By <125 mph for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Vehicle Market Revenues & Volume By >125 mph for the Period 2020 - 2030
• South Korea Electric Vehicle Import Export Trade Statistics
• Market Opportunity Assessment By Propulsion
• Market Opportunity Assessment By Vehicle Drive Type
• Market Opportunity Assessment By Vehicle Top Speed
• South Korea Electric Vehicle Top Companies Market Share
• South Korea Electric Vehicle Competitive Benchmarking By Technical and Operational Parameters
• South Korea Electric Vehicle Company Profiles
• South Korea Electric Vehicle Key Strategic Recommendations

Markets Covered

The South Korea Electric Vehicle Market report provides a detailed analysis of the following market segments:

By Propulsion

• BEV
• PHEV
• FCEV

By Vehicle Drive Type

• FWD
• RWD
• AWD

By Vehicle Top Speed

• <125 Mph
• >125 Mph