South Korea battery electric vehicle market is forecast to grow at a CAGR of more than 23.0% during the forecast period. Domestic companies have a major market share in the electric vehicle market in the country including Hyundai Motor Co., Kia Motors Corp., and Renault Samsung Motors. Government regulations are one of the major factors for the growth of the market in the country. The government of the country has set up an aim to reach electric car stock to 200,000 by the end of 2020. During 2012-2019, around 113,000 electric vehicles were sold in the country and around 95,000 more electric vehicles have to be sold in the country to reach the target by 2020. Out of the 95,000 electric vehicles, 65,000 will be passenger cars, 11,000 two-wheelers, 7,500 electric trucks, and 650 electric buses. The government has allocated around $945 million as a fund for subsidy for electric vehicles and charging infrastructure. Moreover, the country aims to sell 33% electric and hydrogen-based vehicles of all vehicles fleet by 2030.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
South Korea Battery Electric Vehicle Market by Vehicle Type
- Passenger Car
- Commercial Vehicle
- Others
South Korea Battery Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- General Motors Co.
- Hyundai Motor Co.
- Kia Motors Corp.
- Renault Samsung Motors
- Tesla, Inc.
The Report Covers
- Comprehensive research methodology of South Korea Battery Electric Vehicle Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting South Korea Battery Electric Vehicle Market.
- Insights about market determinants that are stimulating South Korea Battery Electric Vehicle Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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