South Korea Electric Vehicle Market Introduction and Overview
According to SPER Market Research, the South Korea Electric Vehicle Market is estimated to reach USD 32.26 billion by 2033 with a CAGR of 16.21%.
The report includes an in-depth analysis of the South Korea Electric Vehicle Market, including market size and trends, product mix, applications, and supplier analysis. An electric vehicle (EV) is a kind of car that is largely propelled by rechargeable battery packs using one or more electric motors. In contrast to conventional cars with internal combustion engines, electric vehicles (EVs) use battery energy to transform electrical energy into mechanical energy that powers the wheels. These cars have zero tailpipe emissions, which greatly lowers greenhouse gas emissions and air pollution. Regenerative braking systems are frequently included in EVs to recover energy while charging, and these vehicles can be connected to home power outlets or specialized charging stations. Fuel cell electric vehicles (FCEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) are the three primary categories of electric vehicles.
- June 2024; Aggressive initiatives have been initiated by the South Korean government to encourage technological developments in e-mobility. By developing new platforms and utilizing locally produced battery components, these initiatives seek to lower the cost of electric vehicles. Targets include increasing fuel efficiency by at least 15% and the range of electric and hydrogen-powered vehicles. Additionally, the government intends to encourage the use of eco-friendly automobiles in the public sector and commercialize solid-state batteries.
- May 2024; Hyundai and Microsoft Korea have teamed up to create digital twin technology, which will improve battery management and life prediction. This system analyzes different data points using models based on the cloud, which could result in better battery life and performance for electric vehicles.
Market Opportunities and Challenges
Opportunities- Geopolitical tensions are causing a decrease in the supply and availability of crude oil, which is causing price methods to fluctuate. Pricing practices are also impacted by the various tax laws that vary from nation to nation and area to region. Owing to these reasons, a sizable portion of the populace is beginning to favor electric vehicles. South Korea has advanced and increased its attention to electric vehicles. Consequently, it is anticipated that rising gasoline costs and the growing acceptance of electric vehicles will propel the expansion of the electric vehicle market.
Challenges- Many people still view the initial cost of owning an electric vehicle as a significant barrier. Despite a continuous decline in the cost of batteries, which account for the majority of an electric vehicle's cost, the overall cost of ownership for an electric automobile remains significantly greater than that of an internal combustion engine (ICE). The reason for this cost disparity is as producing an electric vehicle (EV) requires the use of sophisticated materials and high-tech components including lithium-ion batteries, electronic powered trains, and sophisticated electronics.
Market Competitive Landscape
The South Korea Electric Vehicle Market is a highly competitive arena due to the presence of multiple global and regional companies in the competitive environment. Leading companies in the industry are 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.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Propulsion, By Drive Type |
| Regions covered | Northern Region, Southern Region, Western Region, Eastern Region, Central Region
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| Companies Covered | 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.
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COVID-19 Impact on South Korea Electric Vehicle Market
The COVID-19 epidemic affected the electric car market in South Korea by upsetting supply chains, causing production delays, and lowering customer demand as a result of unstable economic conditions. Nonetheless, these effects were somewhat offset by government stimulus programs and incentives for environmentally efficient automobiles. Sales significantly grew as limitations loosened, propelled by growing public support for green recovery programs and environmental consciousness. In the end, the pandemic sped up the adoption of electric cars as a part of a larger movement toward environmentally friendly transportation options.
Key Target Audience
- Urban Commuters
- Environmental Enthusiasts
- Tech Savvy Consumers
- Corporate Fleets
- Ride Sharing Companies
- Younger Generation
Our in-depth analysis of the South Korea Electric Vehicle Market includes the following segments:
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By Vehicle Type:
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Commercial Vehicle
Passenger Vehicle
Two Wheelers
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By Propulsion:
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BEV
PHEV
FCEV
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By Drive Type:
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Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
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Key Topics Covered in the Report
- South Korea Electric Vehicle Market Size (FY’2024-FY’2033)
- Overview of South Korea Electric Vehicle Market
- Segmentation of South Korea Electric Vehicle Market by Vehicle Type (Commercial Vehicle, Passenger Vehicle, Two Wheelers)
- Segmentation of South Korea Electric Vehicle Market by Propulsion (BEV, PHEV, FCEV)
- Segmentation of South Korea Electric Vehicle Market by Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive)
- Statistical Snap of South Korea Electric Vehicle Market
- Expansion Analysis of South Korea Electric Vehicle Market
- Problems and Obstacles in South Korea Electric Vehicle Market
- Competitive Landscape in the South Korea Electric Vehicle Market
- Impact of COVID-19 and Demonetization on South Korea Electric Vehicle Market
- Details on Current Investment in South Korea Electric Vehicle Market
- Competitive Analysis of South Korea Electric Vehicle Market
- Prominent Players in the South Korea Electric Vehicle Market
- SWOT Analysis of South Korea Electric Vehicle Market
- South Korea Electric Vehicle Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Electric Vehicle Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Electric Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Electric Vehicle Market
7. South Korea Electric Vehicle Market, By Vehicle Type (USD Million) 2020-2033
7.1. South Korea Electric Vehicle Market Size, Share and Forecast, By Vehicle Type, 2020-2026
7.2. South Korea Electric Vehicle Market Size, Share and Forecast, By Vehicle Type, 2027-2033
7.3. Commercial Vehicle
7.4. Passenger Vehicle
7.5. Two Wheelers
8. South Korea Electric Vehicle Market, By Propulsion (USD Million) 2020-2033
8.1. South Korea Electric Vehicle Market Size, Share and Forecast, By Propulsion, 2020-2026
8.2. South Korea Electric Vehicle Market Size, Share and Forecast, By Propulsion, 2027-2033
8.3. BEV
8.4. PHEV
8.5. FCEV
9. South Korea Electric Vehicle Market, By Drive Type (USD Million) 2020-2033
9.1. South Korea Electric Vehicle Market Size, Share and Forecast, By Drive Type, 2020-2026
9.2. South Korea Electric Vehicle Market Size, Share and Forecast, By Drive Type, 2027-2033
9.3. Front Wheel Drive
9.4. Rear Wheel Drive
9.5. All Wheel Drive
10. South Korea Electric Vehicle Market Forecast, 2020-2033 (USD Million)
10.1. South Korea Electric Vehicle Market Size and Market Share
11. South Korea Electric Vehicle Market, By Region, 2020-2033 (USD Million)
11.1. South Korea Electric Vehicle Market Size and Market Share By Region (2020-2026)
11.2. South Korea Electric Vehicle Market Size and Market Share By Region (2027-2033)
11.3. Northern Region
11.4. Southern Region
11.5. Western Region
11.6. Eastern Region
11.7. Southern Region
12. Company Profile
12.1. HANWHA Q CELLS
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. HYUNDAI MOTOR COMPANY
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. KIA CORPORATION
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. LG ENERGY SOLUTION
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. POSCO
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. RENAULT SAMSUNG MOTORS
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. SAMSUNG SDI
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. SK INNOVATION
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. SSANGYONG MOTOR COMPANY
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
