South Korea electric bus market is estimated to grow at a significant CAGR during the forecast period. The rapidly increasing urbanization of South Korea demanding improvement in public transport along with cohesive government plan to do electrification of public transport is one of the major factors to drive the growth of the South Korea electric bus market. According to President Moon Jae-in, South Korea aims to secure a market share of 10% in the global electric vehicle market by 2030.The government of South Korea has set aside a subsidy of $609 million for battery EVs and the expansion of charging infrastructure in 2020 which tends to contribute to the growth of the electric bus market.
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The market is segmented on the basis of bus type, battery type, and end-user. Based on the bus type, the market is sub-segmented into the hybrid electric bus, fuel cell electric bus, and battery-electric bus. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. The decline in cost of li-ion battery and inherent benefits offered by these batteries including smaller size, lighter weight, and higher energy density is anticipated to drive the market share of these batteries. Based on end-user, the market is sub-segmented into government and fleet owners.
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South Korea Electric Bus Market Segmentation
By Bus Type
- Hybrid Electric Bus
- Fuel Cell Electric Bus
- Battery Electric Bus
By Battery Type
- Lithium-ion batteries
- NiMH Batteries
- Others
By End-User
- Government
- Fleet Owner
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
