South Korea Electric Car Market to Grow at a CAGR of 33.8% During 2024-2032, Aided by the Introduction of Favourable Government Initiatives Aimed at Promoting Electric Vehicles

The government of South Korea is expanding its electric vehicle charging infrastructure network to ensure that citizens can utilise electric vehicles effectively. For instance, to facilitate the purchase of approximately 27,000 electric vehicles for the year, the municipal government of Seoul provided incentives to owners of more than 14,000 electric vehicles during the first half of 2023.

The South Korean government aims to increase the number of electric vehicles on the road by around 3 million by 2025. This expansion of charging infrastructure, coupled with rising focus by automakers to scale electric vehicle production capacity, is fuelling the South Korea electric car market growth.

The Korean government planned to construct more than 70 units of 350kW-class ultra-fast chargers in 2023. These chargers are capable of recharging automobiles three times faster than the chargers currently utilised in the country. This infrastructure ensures that after 20 minutes of charging, all drivers can be able to travel a minimum of 300 km (186 miles).

Three major battery cell companies, LG Energy Solution, Samsung SDI and SK On, announced their plan to work with the government to jointly invest USD 15.1Bn by 2030 to develop advanced battery technologies, including solid-state batteries.

Key players in the country are increasingly investing to expand their electric vehicle (EV) production capacities. For instance, in November 2023, Hyundai Motor Co. (OTCMKTS: HYMTF) announced the construction of a new electric vehicle (EV) manufacturing facility in Ulsan, South Korea, with a total project cost of Korean won (W) 2 trillion (USD 1.5 billion). Construction of the plant, which will have an annual production capacity of 200,000 units, is scheduled for completion in 2025, with mass production anticipated to begin in the first quarter of 2026.

The new EV plant is being erected at Hyundai's Ulsan complex, which is currently the world's largest single automobile manufacturing plant with an annual capacity of 1.4 million units, including electric vehicles.

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Market Breakup by Propulsion Technology, Drive Type, Top Speed, Vehicle Class, and Vehicle Type:

• The market, on the basis of propulsion technology, can be divided into battery electric car, fuel cell electric car, and plug-in hybrid electric car, among others.

• Based on drive type, the market can be segmented into front wheel drive, rear wheel drive, and all-wheel drive.

• The market, on the basis of top speed, can be divided into <=150 MPH and >150 MPH.

• Based on vehicle class, the market can be bifurcated into mid-priced and luxury.

• The market, on the basis of vehicle type, can be divided into hatchback, sedan, and SUV, among others.

Key Findings of the Report:

• The South Korea electric car market expansion can be attributed to the introduction of favourable initiatives by governments aimed at decarbonising the transportation sector. Through implementing initiatives like tax incentives, financial support, and sizable investments in research and development (R&D), the South Korean government has taken an active role in promoting broader EV adoption.

• Leading technology companies based in South Korea, including Samsung, LG, and Hyundai-Kia, have played a vital part in furthering electric vehicle (EV) technology progress. These market players have made considerable investments in research and development (R&D), resulting in meaningful breakthroughs in high-performance batteries, robust charging infrastructure, and competitive electric vehicles.

• The Ministry of Land, Infrastructure, and Transport (MOLIT) reported substantial growth in green vehicle registrations for 2022. Registration of electric vehicles increased 72.7% year-over-year, while hydrogen vehicles grew 54.3% and hybrids 29.6%. Total electric vehicle sales surpassed diesel vehicles for the first time, reaching 448,934 units sold. Among electric vehicle power sources, hybrids led with 274,282 units sold, followed by 164,324 battery electric vehicles (BEVs), representing a 63.7% increase in sales from 2021.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea electric car market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the propulsion technologies, drive types, top speeds, vehicle classes, and vehicle types, of electric car in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea electric car market include Hyundai Motor Company, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., Kia Corporation, Tesla, Inc., BMW AG, and Mercedes-Benz AG., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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