The South Korea electric vehicles market growth is driven by government support through subsidiaries along with innovation and technological advancements in the industry. South Korea is at the forefront of the electric vehicle (EV) trend in Asia, driven by strong government support, technological advancements, and a robust automotive industry. The nation's rapid progress in EV development, battery technology, and charging infrastructure has positioned it as a dominant player in the regional market, surpassing its competitors and emerging as a leader in EV innovation.
Fig: New Car Registrations in Asian Countries, 2022-2023

According to recent data, electric cars accounted for 9.3% of new vehicle purchases in South Korea last year, surpassing rates seen in major counterparts like the United States and Japan. Production of electric vehicles in South Korea experienced a notable 13.6% increase to reach 3.9 million units in 2023, driven by stable plant operations and robust export demand. The South Korean government has played a pivotal role in fostering the country's EV industry through various initiatives such as tax incentives, financial aid, and investments in research and development (R&D). These measures have incentivised companies to invest in the EV market, thereby fueling its growth.
The increasing demand for low-emission transport options is being driven by environmental concerns and a collective effort to reduce carbon footprints. This trend has significantly popularized electric vehicles (EVs) in South Korea, where consumers and the government alike prioritize environmentally sustainable alternatives. The market for EVs is thriving as people seek high-tech and eco-friendly vehicles that offer both comfort and quality.
Government support and subsidies have significantly boosted the EV market in South Korea. Seoul province's government has provided over 52,400 EVs since 2009, with projections to exceed 80,000 by the end of 2023. Subsidies ranging from 9 million to 27 million won (approximately $7,520 to $22,560) have incentivized the adoption of EVs, especially for electric trucks. Additionally, the government plans to deploy 20 electric shuttle buses for commuting and welfare services.
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Market Breakup by Charging Type, Type, Top Speed, Vehicle Type, and Vehicle Drive Type:
- Based on charging type, the market can be divided into AC supply (Slow Charging) and DC supply (Fast Charging).
- The market is segmented based on type into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle, among others.
- By top speed , the market is segmented into Less than 100 KMPH and More than 100 KMPH.
- Based on vehicle type, the market is divided into two-wheeler, passenger car and commercial vehicles.
- On the basis of vehicle drive type, the market is categorised into front wheel drive, rear wheel drive and all wheel drive.
Key Findings of the Report:
- The South Korea electric vehicles market is driven by the industry innovations, technological advancements, and government initiatives and subsidies.
- The rising environmental concerns against emissions and increasing demand for low-emission transport options are driving the market.
- The market is benefitting from the government initiatives through promoting adoption and providing subsidies.
Key Offerings of the Report:
- The EMR report gives an overview of the South Korea electric vehicles market for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the charging type, type, top speed, vehicle type, and vehicle drive type of the South Korea electric vehicles market.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the South Korea electric vehicles market are Kia Corporation, Hyundai Motor Company, Toyota Motor Corporation, Tesla, Inc., Honda Motor Co., Ltd., 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
REPORT FEATURES |
DETAILS |
Base Year |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
- Charging Type
- Type
- Top Speed
- Vehicle Type
- Vehicle Drive Type
|
Breakup by Charging Type |
- AC Supply (Slow Charging)
- DC Supply (Fast Charging)
|
Breakup by Type |
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Others
|
Breakup by Top Speed |
- Less than 100 KMPH
- More than 100 KMPH
|
Breakup by Vehicle Type |
- Two-Wheeler
- Passenger Car
- Commercial Vehicles
|
Breakup by Vehicle Drive Type |
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
|
Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
Companies Covered |
- Kia Corporation
- Hyundai Motor Company
- Toyota Motor Corporation
- Tesla, Inc.
- Honda Motor Co., Ltd.
- Others
|
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