South Korea Electric Vehicles Market Attained 78,106.60 Units in 2021, Aided by the Increasing Innovation and Technological Advancements.

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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-579

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.