The South Korea electric car market is further expected to grow at a CAGR of about 33.8% in the forecast period of 2023-2028. The Government’s support to popularise electric vehicles and celebrity collaborations with automobile brands are anticipated to drive the market for electric cars during the forecast period.
South Korea is expanding its electric car charging infrastructure to make sure that everyone can use their EVs effectively. According to the government, the national ratio of chargers to EVs must increase to at least 50%. To assist the purchase of approximately 27,000 EVs for the entire year, the Seoul city government provided incentives to owners of more than 14,000 electric vehicles during the first half of the year 2022. The government intends to put around 3 million more EVs on the road in the following four years. This step of the government is anticipated to provide opportunities for the manufacturers to expand the production of electric cars to get the maximum market share in the South Korea electric car industry.
The Korean government has planned to construct more than 70 units of 350kW-class ultra-fast chargers, that can recharge automobiles three times quicker than chargers that are presently being used in the country. This will guarantee that after 20 minutes of charging, all drivers may travel at least 300 km (186 miles). The South Korean government has set a sales target that 15% of the sales must come from electric vehicles . Hence this is a significant factor contributing to the booming electric car industry in South Korea.
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An electric vehicle is referred to as an EV. EV cars run entirely or mostly on electricity. While some electric vehicles (EVs) use lithium-ion batteries, lead-acid or nickel-metal hydride batteries are now considered the industry standard because of their improved energy retention and better durability.
Based on propulsion technology, the South Korea electric car market can be segmented into:
On the basis of drive type, the South Korea electric car market can be divided into:
Based on top speed, the electric car market of South Korea can be bifurcated into:
Based on vehicle class, the electric car market can be segmented into:
On the basis of vehicle type, the South Korea electric car market can be segmented into:
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Gasoline Being a fossil fuel is a non-renewable energy source and is depleting at a steady rate. The production and use of other fuel sources are vital for the environmental sustainability. This includes the usage of electric vehicles as they do not require gas and are more cost-effective in the long run. Since buying sustainable products is in trend these days due to the growing awareness regarding the growing environmental issues, there's a shift towards electric vehicles, which is bosltering the electric car industry in South Korea.
Electric cars outperform conventional automobiles in terms of fuel efficiency, low maintenance requirements, and ease of charging. A high-speed electric vehicle has four times the fuel efficiency of comparable diesel-powered vehicles. The high-speed electric vehicle is substantially faster than low-speed electric vehicles traveling at 60kph. As a result, they are permitted to be used on all roads, including expressways, where the minimum speed to drive is 80kph. Therefore, the high-speed vehicles market is much bigger than the low-speed ones.
The production and use of alternative fuel sources are crucial for environmental sustainability. Hydrogen fueling is the main benefit of fuel cell electric cars (FCEVs), which is why they are getting popular among elites. However, FCEVs are less common than EVs since they are more technically challenging to build than EVs and require more expensive materials like platinum and palladium. FCEVs are more expensive than comparable-sized vehicles as a result of these expenses.
The South Korea electric car market is growing due to numerous developments in battery technology and the use of cutting-edge technologies like Advance driver assistance system (ADAS), Artificial Intelligence (AI), IoT, and others. Big companies spend a lot of money on giving their electric cars the most modern features, enhancing OEM competitiveness, and promoting market expansion.
After covid-19, the demand for EVs has increased, especially SUVs . All the mid-range and luxury brands like Mercedes, BMW, SsangYong, Range Rover, Kia, and Renault motors are releasing new EVs in SUV models. At the same time, brands like Audi and Volkswagen are working to launch new hatchback and SUV models in the Korean electric car market. Hence, SUVs are expected to have a major market share in the mentioned forecast period.
As concerns about global warming are increasing, customers are looking for technologically advanced vehicles that can help save the environment while offering high quality. With the increasing spending power and improved living standards, people are willing to buy premium vehicles.
BTS has created an active fanbase that is highly concerned about social concerns, which helped raise awareness. In 2019, Hyundai collaborated with BTS and launched ‘Ioniq’ in three variants: EV, hybrid, and plug-in hybrid. Similarly, the ABB FIA Formula E-championship appointed BTS as their global ambassador to promote sustainability and popularise electric vehicles among people. This has greatly augmented the growth of South Korea electric car market.
The use of electric vehicles, specifically electric cars is anticipated to expand throughout the forecast period as a result of factors such as increasing purchasing power, rising cost of fuel, steady depletion of fossil fuels, and government campaigns to raise public awareness about electric vehicles in the country.
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The report gives a detailed analysis of the following key players in the South Korean Electric Car market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth evaluation of the South Korea electric car market based on the Porter's five forces model along with a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Propulsion Technology||
|Breakup by Drive Type||
|Breakup by Top Speed||
|Breakup by Vehicle Class||
|Breakup by Vehicle Type||
*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.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Electric Car Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Electric Car Historical Market (2018-2022)
8.3 South Korea Electric Car Market Forecast (2023-2028)
8.4 South Korea Electric Car Market by Propulsion Technology
8.4.1 Battery Electric Car
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.2 Fuel Cell Electric Car
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.4.3 Plug-in Hybrid Electric Car
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5 South Korea Electric Car Market by Drive Type
8.5.1 Front Wheel Drive
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5.2 Rear Wheel Drive
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5.3 All Wheel Drive
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6 South Korea Electric Car Market by Top Speed
8.6.1 <= 150 MPH
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6.2 > 150 MPH
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.7 South Korea Electric Car Market by Vehicle Class
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.8 South Korea Electric Car Market by Vehicle Type
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Hyundai Motor Company
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Honda Motor Co., Ltd.
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 Nissan Motor Co., Ltd.
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Kia Corporation
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Tesla, Inc.
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.6 BMW AG
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.7 Mercedes-Benz AG.
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
11 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Electric Car Market: Key Industry Highlights, 2018 and 2028
2. South Korea Electric Car Historical Market: Breakup by Propulsion Technology (USD Million), 2018-2022
3. South Korea Electric Car Market Forecast: Breakup by Propulsion Technology (USD Million), 2023-2028
4. South Korea Electric Car Historical Market: Breakup by Drive Type (USD Million), 2018-2022
5. South Korea Electric Car Market Forecast: Breakup by Drive Type (USD Million), 2023-2028
6. South Korea Electric Car Historical Market: Breakup by Top Speed (USD Million), 2018-2022
7. South Korea Electric Car Market Forecast: Breakup by Top Speed (USD Million), 2023-2028
8. South Korea Electric Car Historical Market: Breakup by Vehicle Class (USD Million), 2018-2022
9. South Korea Electric Car Market Forecast: Breakup by Vehicle Class (USD Million), 2023-2028
10. South Korea Electric Car Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
11. South Korea Electric Car Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
12. South Korea Electric Car Market Structure
The South Korea electric car market is projected to grow at a CAGR of 33.8% between 2023 and 2028.
The major industry drivers are increasing spending power, improved standard of life, and consumer awareness regarding environmental concerns.
Government norms, celebrity collaborations, subsidies and rapid technological advancements are the leading trends.
The dominant type of electric car in the industry are SUVs, hatchback, and sedan among others.
Hyundai is the largest automobile manufacturing brand in South Korea.
The major percentage of market share is dominated by Hyundai and Kia.
The major players in the South Korea electric car industry are Hyundai Motor Company, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., Kia Corporation, Tesla, Inc., BMW AG, Mercedes-Benz AG., among others.
The South Korea electric car market is driven by Increased consumer awareness regarding environment. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 33.8%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro components of the industry. On the basis of propulsion technology, the market can be segmented into Battery Electric Car, Fuel Cell Electric Car, and Plug-in Hybrid Electric Car, among others. Based on drive type, the electric car industry can be segmented into front wheel drive, rear wheel drive, and all-wheel drive, among others. Based on top speed, >150 mph segment is leading the market. The key players in the above market include Hyundai Motor Company, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., Kia Corporation, Tesla, Inc., BMW AG, Mercedes-Benz AG., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly skilled and accomplished team, thus, providing their customers with market insights that are accurate, detailed, actionable, and help them stay ahead of their competition.
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