South Korea 4-Wheeler Electric Vehicle Market Outlook (2020-2025) | Share, Trends, Companies, Analysis, COVID-19 IMPACT, Growth, Revenue, Industry, Forecast, Size & Value

South Korea 4-Wheeler Electric Vehicle Market report comprehensively covers the market by vehicle types, charger types, DC charger connector types, DC charger power ratings, and end consumers. South Korea 4-Wheeler Electric Vehicle market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

South Korea 4-Wheeler Electric Vehicle Market Synopsis

Korea aims for 33% of new vehicles to be electrified by 2030. South Korean automobile companies aim to introduce new models of electric passenger cars over the coming years. For instance, Hyundai Motor and sibling Kia Motors aim to have 23 EV models and sell 1 million EVs in 2025. However, the incursion of the COVID-19 pandemic has resulted in a slowdown in the South Korea economy during the first half of 2020 further obstructing the growth of South Korea's electric vehicle market.

According to 6Wresearch, South Korea 4-wheeler electric vehicle market size grew at a CAGR of 51.9% during 2020-2025. Foreign companies such as Tesla have witnessed a substantial increase in sales in South Korea and are likely to further propel the market over the coming years. South Korean government has extended the electric vehicle subsidies which were expected to end by 2022 until 2025 and increased the budget. According to the Korea Automobile Industry Association (KAMA), sales of electric vehicles in the first half of 2020 witnessed an increase of 23% from the same period last year.

Market Analysis By Vehicle Types

The passenger car segment has dominated the overall South Korea 4-wheeler electric vehicle market. Further, according to Korea Smart E-Mobility Association, sales of micro electric vehicles in 2019 were 2,764 units. Of these, 1328 were sold by SMEs while 1436 were Renault Twizy which has a cargo model for delivery purposes. The postal division in Korea introduced 1,000 electric delivery vehicles in 2019 and planned to replace 10,000 delivery motorcycles with electric delivery micro vehicles over the next few years. However, the Post Office decided to reconsider the feasibility of this project and reduced the order for 2020.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 6 Years Market Numbers.
• Estimated Data Starting from 2020 to 2025F.
• Base Year: 2019
• Forecast Data until 2025F.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• South Korea 4-Wheeler Electric Vehicle Market Overview
• South Korea 4-Wheeler Electric Vehicle Market Outlook
• South Korea 4-Wheeler Electric Vehicle Market Forecast
• Historical Data and Forecast South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume for the Period 2019-2025F
• Historical Data and Forecast of South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2019-2025F
• Historical Data and Forecast of South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume, By Charger Types, for the Period 2019-2025F
• Historical Data and Forecast of South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume, By DC Charger Connector Types, for the Period 2019-2025F
• Historical Data and Forecast of South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume, By DC Charger Power Ratings, for the Period 2019-2025F
• Historical Data and Forecast of South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume, By Charger End Consumers, for the Period 2019-2025F
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of COVID-19
• Market Trends
• Japan Vehicle Market Revenue Ranking, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Vehicle Types

• Passenger Car
• Light Commercial Vehicle (Goods Carrier)

By Charger Types

• AC
• DC

By DC Charger Connector Types

• CHAdeMO
• CCS
• Others (including Tesla superchargers and GB/T)

By DC Charger Power Ratings

• 40-80 kW
• 80-120 kW
• 120-200 kW

By Charger End Consumers

• Public
• Private