The South Korea electric car market is anticipated to grow with a significant CAGR during the forecast period. The major factors that are driving the South Korean electric car industry include rising competition among EV makers, government subsidies, and rising demand for zero-emission vehicles.
The main electric cars in the country include Tesla Model 3, Hyundai Kona, and Kira Niro EV. Tesla is the market leader in the country where the car sales of the company jumped to more than 20,000 vehicles in 2019. Further, the country witnessed 23,379 electric car registrations. Which was 86% higher than the previous year? Further, the country is witnessing a surge in demand due to rising awareness about the advantages offered by electric cars.
A full report of South Korea Electric Car Market is available at: https://www.omrglobal.com/industry-reports/south-korea-electric-car-market
Moreover, the country is at forefront of battery production and other related electronic equipment, which is also a major factor that the cost of electric vehicles in the country is affordable, hence rising demand for electric cars can be observed in the coming years. The government of South Korea aims to electrify at least 33% of vehicles into electric by 2030, by coercing manufacturers to invest in electric vehicle technology to make them more efficient and cost-effective.
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Market Coverage
- The market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered-
- Vehicle Type
- Propulsion Technology
- Battery Type
- Region Covered- South Korea
- Competitive Landscape- Honda Motor Co., Ltd., BMW AG, AB Volvo, Audi AG, Hyundai Motor Co.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
South Korea Electric Car Market Report Segment
By Vehicle Type
- Hatchback
- Sedan
- SUV
By Propulsion Technology
- Battery Electric Cars
- Plug-in Hybrid Electric Car
By Battery Type
- NiMH
- Li-Ion
- Others
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