Report Overview

South Korea Electric Vehicle (EV) Market – Industry Trends & Forecast Report, 2030

South Korea Electric Vehicle (EV) Market size by value was estimated at USD 16.40 billion in 2023. During the forecast period between 2024 and 2030, South Korea Electric Vehicle (EV) Market size is expected to expand at a CAGR of 9.30% reaching a value of USD 30.58 billion by 2030. South Korea Electric Vehicle (EV) Market is primarily driven by strong government support and incentives, including subsidies for EV purchases, tax exemptions, and investments in charging infrastructure. The South Korean government's ambitious goals to achieve carbon neutrality by 2050 and to phase out internal combustion engine vehicles have further spurred the adoption of EVs. Additionally, stringent emissions regulations and growing environmental awareness among consumers are motivating the shift toward electric mobility.

By volume, South Korea Electric Vehicle (EV) Market size was estimated at 734 thousand units in 2023. During the forecast period between 2024 and 2030, South Korea Electric Vehicle (EV) Market size is projected to grow at a CAGR of 9.00% reaching a volume of 1,334 thousand units by 2030. Technological advancements and innovations in battery technology, such as improvements in energy density, cost reduction, and increased range, are also significant drivers of South Korea EV Market. The presence of major domestic automakers like Hyundai and Kia, who are heavily investing in EV development and production, enhances market growth. Furthermore, strategic partnerships and collaborations with global tech firms and battery manufacturers are accelerating the development and deployment of cutting-edge EV technologies in South Korea.

Electric Vehicles (EVs) Market – Overview

Electric vehicles (EVs) are automobiles powered by electric motors using energy stored in rechargeable batteries or other energy storage devices. They offer a sustainable alternative to traditional gasoline-powered cars, producing zero tailpipe emissions and reducing reliance on fossil fuels. EVs include various types such as all-electric (battery EVs), plug-in hybrids, and fuel cell vehicles. Advancements in battery technology increased charging infrastructure, and supportive government policies are driving their adoption worldwide.

South Korea Electric Vehicle (EV) Market     

Growth Drivers

Growing Environmental Awareness

Rising environmental awareness is significantly driving South Korea Electric Vehicle (EV) Market. Increasing concerns about air pollution and greenhouse gas emissions are pushing consumers and policymakers toward cleaner transportation alternatives. Government initiatives, including subsidies and incentives for EV buyers, along with stricter emission regulations, are fostering the shift from conventional vehicles to electric ones. This collective effort to combat climate change is expected to propel the growth of South Korea EV Market.

Challenges

Limited Charging Infrastructure

South Korea Electric Vehicle (EV) Market growth faces a significant restraint due to limited charging infrastructure. Despite government efforts to expand charging stations, the current network remains insufficient to meet the growing demand from EV owners. This inadequacy hampers the convenience and appeal of EVs, deterring potential buyers concerned about range anxiety and charging accessibility. Addressing this issue is crucial for fostering broader EV adoption and achieving the country's environmental and sustainability goals.

Impact of Escalating Geopolitical Tensions on South Korea Electric Vehicle (EV) Market     

South Korea Electric Vehicle (EV) Market could face significant challenges due to intensifying and further spread of geopoliitcal tensions among countries across the major regions. Heightened tensions, particularly involving major countries, could disrupt the supply chain, affecting the availability of critical components like semiconductors and batteries, which are essential for EV production. Trade restrictions or sanctions might increase production costs, thereby affecting the affordability and adoption rates of EVs. Additionally, shifts in trade policies can impact South Korea's export markets, potentially reducing demand for South Korean EVs abroad. On the domestic front, government policies may shift towards strengthening local industries and resources, potentially boosting local EV manufacturing but also leading to increased competition. Overall, geopolitical instability introduces uncertainty, which could slow down market growth and innovations in the South Korean EV Market.

South Korea Electric Vehicle (EV) Market

Segmental Information

South Korea Electric Vehicle (EV) Market – By Propulsion Type

By propulsion type, South Korea Electric Vehicle (EV) Market is divided into BEV, HEV, PHEV, and FCEV segments. Battery Electric Vehicle (BEV) segment is the largest propulsion type in South Korea Electric Vehicle (EV) Market. The dominance is due to strong government incentives, expanding charging infrastructure, and increasing consumer preference for zero-emission vehicles. The BEV segment benefits from technological advancements and decreasing battery costs, making EVs more accessible and appealing to the mass market. South Korea's commitment to reducing carbon emissions further propels the growth of BEVs over other EV types.

South Korea Electric Vehicle (EV) Market – By Component

Based on component, South Korea Electric Vehicle (EV) Market is divided into Battery Cells & Packs, On-Board Charger, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier segments. The battery cells & packs segment is the highest contributor to South Korea Electric Vehicle (EV) Market, due to the high demand for efficient and high-capacity batteries essential for EVs' performance and range. South Korea's strong battery manufacturing industry, led by companies like LG Chem and Samsung SDI, further bolsters this segment's prominence. The focus on battery innovation and production scale also contributes significantly to its leading position in the market.

South Korea Electric Vehicle (EV) Market – By Vehicle Type

By vehicle type, South Korea Electric Vehicle (EV) Market is divided into Passenger Cars and Commercial Vehicles segments. The passenger cars segment is a larger contributor to South Korea Electric Vehicle (EV) Market. The dominance is attributed to the increasing consumer demand for eco-friendly transportation, government incentives for Electric Vehicle (EV) purchases, and a robust charging infrastructure. The growth in urbanization and technological advancements in Electric Vehicle (EV)s further bolster the popularity and adoption of passenger electric cars, making this segment the most significant in South Korea Electric Vehicle (EV) Market.

Competitive Landscape

Key players in the highly competitive South Korea Electric Vehicle (EV) Market include Hyundai, Kia, Tesla, Genesis, Elesco, LG Energy Solution, Samsung SDI, SK, and SNT Motiv Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Propulsion Type

• BEV

• HEV

• PHEV

• FCEV

By Component

• Battery Cells & Packs

• On-Board Charge

• Motor

• Reducer

• Fuel Stack

• Power Control Unit

• Battery Management System

• Fuel Processor

• Power Conditioner

• Air Compressor

• Humidifier

By Vehicle Type

• Passenger Cars

• Commercial Vehicles

By Vehicle Class

• Low-priced

• Mid-priced

• Luxury

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South Korea Electric Vehicle (EV) Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Government incentives and subsidies
         2. Growing environmental awareness
         3. Technological advancements in battery technology
         4. Rising fuel prices
      2. Restraints
         1. High initial purchase cost
         2. Limited charging infrastructure
         3. Range anxiety among consumers
         4. Dependency on imports for critical components
      3. Opportunities
         1. Expansion of charging infrastructure
         2. Potential for local production of EV components
         3. Growth in smart grid integration
      4. Challenges
         1. Regulatory uncertainties.
         2. Battery recycling and sustainability issues
         3. Competition from traditional internal combustion engine vehicles.
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. South Korea Electric Vehicle (EV) Market: Marketing Strategies
5. South Korea Electric Vehicle (EV) Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
      2. By Volume (Thousand Units)
   2. Market Share & Forecast
      1. By Propulsion Type
         1. BEV
         2. HEV
         3. PHEV
         4. FCEV
      2. By Components
         1. Battery Cells & Packs
         2. On-Board Charge
         3. Motor
         4. Reducer
         5. Fuel Stack
         6. Power Control Unit
         7. Battery Management System
         8. Fuel Processor
         9. Power Conditioner
         10. Air Compressor
         11. Humidifier
      3. By Vehicle Type
         1. Passenger Cars
         2. Commercial Vehicles
      4. By Vehicle Class
         1. Low-priced
         2. Mid-priced
         3. Luxury
6. Competitive Landscape
   1. List of Key Players and Their Products
   2. South Korea Electric Vehicle (EV) Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on South Korea Electric Vehicle (EV) Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Hyundai
   2. Kia
   3. Tesla
   4. Genesis
   5. Elesco
   6. LG Energy Solution
   7. Samsung SDI
   8. SK
   9. SNT Motiv Co., Ltd
   10. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1.       Qualitative Research
       1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
       1.   Secondary Research
       2.   Primary Research
    4.       Breakdown of Primary Research Respondents
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       South Korea Electric Vehicle (EV) Segmentation

Figure 2       South Korea Electric Vehicle (EV) Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       South Korea Electric Vehicle (EV) Market Size, By Value (USD Billion), 2019–2030

Figure 5       South Korea Electric Vehicle (EV) Market Size, By Volume (Thousand Units), 2019–2030

Figure 6       South Korea Electric Vehicle (EV) Market Share, By Propulsion Type, By Value, 2019–2030

Figure 7       South Korea Electric Vehicle (EV) Market Share, By Propulsion Type, By Volume, 2019–2030

Figure 8       South Korea Electric Vehicle (EV) Market Share, By Components, By Value, 2019–2030

Figure 9       South Korea Electric Vehicle (EV) Market Share, By Components, By Volume, 2019–2030

Figure 10     South Korea Electric Vehicle (EV) Market Share, By Vehicle Type, By Value, 2019–2030

Figure 11     South Korea Electric Vehicle (EV) Market Share, By Vehicle Type, By Volume, 2019–2030

Figure 12     South Korea Electric Vehicle (EV) Market Share, By Vehicle Class, By Value, 2019–2030

Figure 13     South Korea Electric Vehicle (EV) Market Share, By Vehicle Class, By Volume, 2019–2030

List of Tables

Table 1        South Korea Electric Vehicle (EV) Market Size, By Value (USD Billion), 2019–2030

Table 2        South Korea Electric Vehicle (EV) Market Size, By Volume (Thousand Units), 2019–2030

Table 3        South Korea Electric Vehicle (EV) Market Size, By Propulsion Type, By Value, 2019–2030

Table 4        South Korea Electric Vehicle (EV) Market Size, By Propulsion Type, By Volume, 2019–2030

Table 5        South Korea Electric Vehicle (EV) Market Size, By Components, By Value, 2019–2030

Table 6        South Korea Electric Vehicle (EV) Market Size, By Components, By Volume, 2019–2030

Table 7        South Korea Electric Vehicle (EV) Market Size, By Vehicle Type, By Value, 2019–2030

Table 8        South Korea Electric Vehicle (EV) Market Size, By Vehicle Type, By Volume, 2019–2030

Table 9        South Korea Electric Vehicle (EV) Market Size, By Vehicle Class, By Value, 2019–2030

Table 10      South Korea Electric Vehicle (EV) Market Size, By Vehicle Class, By Volume, 2019–2030

Table 11      Hyundai Company Overview

Table 12      Hyundai Financial Overview

Table 13      Kia Company Overview

Table 14      Kia Financial Overview

Table 15      Tesla Company Overview

Table 16      Tesla Financial Overview

Table 17      Genesis Company Overview

Table 18      Genesis Financial Overview

Table 19      Elesco Company Overview

Table 20      Elesco Financial Overview

Table 21      LG Energy Solution Company Overview

Table 22      LG Energy Solution Financial Overview

Table 23      Samsung SDI Company Overview

Table 24      Samsung SDI Financial Overview

Table 25      SK Company Overview

Table 26      SK Financial Overview

Table 27      SNT Motiv Co., Ltd Company Overview

Table 28      SNT Motiv Co., Ltd Financial Overview