An electric motor powered by an onboard rechargeable battery replaces the gasoline engine in an electric vehicle (EV). Since EVs emit no pollutants from their tailpipes, this change has a positive impact on the environment by cleaning the air. Electric vehicles (EVs) connect to charging stations to top off their batteries rather than filling up at gas stations. They are therefore a very appealing choice for environmentally aware drivers looking to lessen their impact on the environment. For optimum environmental friendliness, some EVs run exclusively on batteries; others, such as plug-in hybrids, combine an electric motor and a gasoline engine for a longer driving range.
South Korea Electric Vehicle Market Driving Factors and Challenges
Driving Factors- As people grow increasingly aware of the environmental effects of conventional gasoline-powered cars, they are actively looking for greener and more sustainable forms of transportation. Since they produce zero tailpipe emissions, lower greenhouse gas emissions, and improve air quality, EVs provide a solution to this issue. Due to EVs' advantages for the environment, people who care about the environment are beginning to favor EVs more and more, which is increasing market demand. Continuous developments in battery technology are transforming the industry and increasing the affordability, usefulness, and consumer appeal of EVs. The increase in energy density, which enables batteries to store more energy and have longer driving ranges, is one of the major advancements.
Challenges- Compared to conventional gasoline-powered automobiles, electric vehicles' driving range is still constrained, despite advances in battery technology. Prospective EV customers continue to be concerned about range anxiety, or the worry of running out of battery before reaching a charging station. Longer excursions could necessitate careful planning or the use of charging facilities along the route, even though the majority of current EVs give a range that many users find enough for daily driving. This increased cost is mostly due to the battery, an essential part of an electric vehicle. Some customers may find the initial purchase price prohibitive, even if they may save money on gasoline and maintenance over the course of the vehicle's lifetime.
Impact of COVID-19 on South Korea Electric Vehicle Market
There was a mixed effect of COVID-19 on the electric vehicle market in South Korea. There was a brief decline in total auto sales in 2020 as a result of early interruptions. But when worries about public transportation increased, some customers turned to owning a car, and electric vehicles (EVs) became an exception. Additionally, government incentives kept the trend going. The pandemic clearly had an impact on the market, but it didn't stop South Korea from pushing for electric cars.
South Korea Electric Vehicle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Hanwha Q CELLS, Hyundai Mobis, Hyundai Motor Company, Kia Corporation, LG Energy Solution, POSCO, Renault Samsung Motors, Samsung SDI, SK Innovation, and SsangYong Motor Company.
South Korea Electric Vehicle Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, South Korea Electric Vehicle Market is segmented as; Commercial Vehicle, Passenger Vehicle, Two Wheelers.
By Propulsion: Based on the Propulsion, South Korea Electric Vehicle Market is segmented as; BEV, PHEV, FCEV.
By Drive Type: Based on the Drive Type, South Korea Electric Vehicle Market is segmented as; Front Wheel Drive, Rear Wheel Drive, All Wheel Drive.
By Region: This research also includes data for Northern Region, Southern Region, Western Region, Eastern Region, Central Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.