South Korea Hybrid Cars Market to Grow at a CAGR of 14.4% During 2024-2032, Aided by Robust Transportation Infrastructure and Supportive Government Initiatives

The South Korea hybrid cars market is experiencing significant growth driven by several key trends, including increased focus on eco-friendly vehicles and supportive government initiatives like subsidiaries and tax rebates. Initiatives like the 4th Master Plan for Eco-Friendly Cars, and the Korean New Deal favour the market demand. South Korea had about 1.5 million hybrid vehicles registered for sale in 2023, representing 5.94% of the entire market. Some of the key hybrid and electric car manufacturing companies are Hyundai Motor Company and KIA in South Korea.

Fig: Registered Vehicles in South Korea, by Percentage, 2023

 
Hybrid vehicles are a great strategy for transitioning to achieve 100% electric vehicle use. Hybrid vehicles are apt for the transition from fossil fuel to electric vehicles, with the gradual shift in infrastructure development. As of June 2023, South Korea had a total of 240,695 chargers. Fast chargers account for 25,514, representing 10.6% of the overall EV chargers.

Moreover, rising prices of crude oil and gasoline, along with Korea's development of EV charging infrastructure, have fueled demand for hybrids as cost-effective alternatives. Geopolitical tensions and supply disruptions globally have further escalated oil prices, leading to increased inflationary pressure in South Korea. This, coupled with economic recovery, has resulted in greater demand for hybrids, causing price hikes and boosting resale values. Additionally, the high standard of living and increasing disposable income enable customers to choose premium hybrid models, further driving the market growth.

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

Market Breakup by Hybrid Type and Vehicle Type:

• Based on hybrid type, the market can be divided into fully hybrid and mild hybrid.

• The market is segmented based on vehicle type into hatchback, sedan, and SUV, among others.

Key Findings of the Report:

• The South Korean market for hybrid cars is being driven by the growing emphasis on eco-friendly mobility solutions, supported by government regulations and initiatives.

• Rising geopolitical uncertainties driving fuel prices are further influencing the sales of hybrid cars in South Korea, making them a practical alternative to fossil-based vehicles.

• Further, increasing infrastructural investment in fast charging stations is driving the growth trajectory of hybrid vehicles in South Korea.

Key Offerings of the Report:

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

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type and vehicle type of hybrid cars.

• 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 hybrid cars market are Hyundai Motor Company, Kia Corporation, Toyota Motor Corporation, Honda Motor Co., Ltd, and BMW 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

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: +44-702-402-5790

*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.