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.

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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

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