South Korea electric car market is forecast to show an exponential growth rate in a couple of years. Supportive government regulations is one of the major factors driving the growth of the market in the country. The government has an aim to reach 200,000 electric vehicles by the end of 2020. During 2012-2019, around, 113,000 electric vehicles were added to the country’s fleet and a projected nearly 95,000 vehicle has to be added in 2020. It will include 65,000 regular EV, 11,000 two-wheelers, 7,500 electric trucks, and 650 electric buses. For this, around $946.5 million has been allocated as subsidies for EV and charging infrastructure. The country also has the aim to sell 33% electric and hydrogen-based vehicles of all vehicles by 2030.

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South Korea electric car market is segmented on the basis of vehicle type, propulsion technology, and battery type. On the basis of vehicle type, the market is segmented into hatchback, sedan, and SUV. Hyundai Kona Electric, Kia Niro EV, Chevrolet Bolt EV, Renault Samsung Twizy, Hyundai IONIQ Electric are some of the major vehicles sold in the country. Tesla modes have been introduced in the country, however, due to some hurdles Model S and X are not available with the government subsidy. By propulsion technology, the market is segmented into battery-electric cars, plug-in hybrid electric cars, and fuel cell electric cars. Battery-electric cars are expected to show considerable growth in the country. By battery type, the market is further sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries vehicle is expected to cover a major market share in the upcoming period.

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South Korea Electric Car Market Segmentation

By Vehicle Type

• Sedan
• Hatchback
• SUV

By Propulsion Technology

• Battery Electric Car
• Plug-in Hybrid Electric Car
• Fuel Cell Electric Car

By Battery Type

• NiMH
• Li-Ion
• Others

Company Profiles

• General Motors Co.
• Hyundai Motor Co.
• Kia Motors Corp.
• Nissan Motor Co.
• Renault Samsung Motors
• Tesla, Inc.

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