South Korea Battery Electric Vehicle (BEV) Market Analysis on the Future Growth Prospects, Trends Adopted by the Competitors, Regions with Forecast by 2025

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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Some of the major companies contributing to the market include General Motors Co., Hyundai Motor Co., Kia Motors Corp., Renault Samsung Motors, Tesla, Inc. and so on.

The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is further divided into commercial vehicles, passenger cars, and others. The passenger vehicle market is projected to have a major market during the forecast period. On the basis of battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion battery BEVs segment is estimated to hold a major market share during the forecast period.

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The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market. For instance, South Korean company Hyundai Motor Co., has a plan to introduce 44 electric vehicles to the global market by 2025, out of this, 23 vehicle models will be BEV.

Market Segmentation

Battery Electric Vehicle Market by Vehicle Type

o Passenger Car
o Commercial Vehicle
o Others

Battery Electric Vehicle Market by Battery Type

o NiMH
o Li-Ion
o Others

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