South Korea Electric Vehicle Market Outlook (2020-2025)

Market Forecast By Vehicle Types (Electric 2-Wheeler, Electric 3-Wheeler, Electric 4-Wheeler (Passenger Car and Light Commercial Vehicle (Goods Carrier)), Electric Bus and Electric Truck), By Charger Types (AC and DC), By DC Charger Connector Types (CHAdeMO, CCS and Others (including Tesla superchargers and GB/T), By DC Charger Power Ratings (40-80 kW, 80-120 kW and 120-200 kW), By Charger End Consumers (Public and Private) And Competitive Landscape.

Product Code: ETC001632 Publication Date: Apr 2022 Product Type: Market Research Report
Publisher: 6Wresearch No. of Pages: 80 No. of Figures: 14 No. of Tables: 8

South Korea Electric Vehicle Market report comprehensively covers the market by vehicle types, charger types, DC charger power ratings, and by-charger end consumers. South Korea 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 Electric Vehicle Market Synopsis

South Korea electric vehicle market is at a nascent stage, the market witnessed minimum sales in the previous few years due to the outbreak of Covid-19 pandemic. Incentives provided by the Korean government are expected to drive the demand for electric vehicles over the coming years. The number of subsidies for the purchase of electric and hydrogen vehicles in 2020 increased by 57% from 60,000 units in 2019 to 94,000 units in 2020. However, the amount of support per unit has been reduced from a maximum of 9 million won (4.2 million won for the micro) to 8.2 million won (4 million won for the micro).

According to 6Wresearch, South Korea electric vehicle market size grew at a CAGR of 48.6% during 2020-2025. South Korea electric vehicle market has significant growth prospects. South Korean government as well as the private sector is actively working towards the development of smart cities in the 4th industrial revolution, which would drive the demand for electric vehicles over the forecast period. For instance, the Solaseado Enterprise City project which is to be completed in phases between 2021 and 2025, aims to be a zero-carbon city where the main mode of transportation is expected to be electric cars.

Market Analysis By Vehicle Types

4 wheeler passenger vehicles dominated the overall South Korea electric vehicle market in 2019 and the segment is likely to continue its dominance over the next few years. Additionally, electric motorcycles sold in Korea in 2020 accounted for approximately 8% of the overall motorcycle sales in the country. Seoul announced in 2020 that it would begin subsidizing 500 environmentally-friendly electric two-wheelers per year with the goal of helping cover the cost of 4,700 vehicles total by 2025. Further, the pandemic has increased the demand for e-scooters and e-bikes in the country, and concerns about the environment would further propel the market for electric two-wheelers over the coming years.

 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 Electric Vehicle Market Overview
  • South Korea Electric Vehicle Market Outlook
  • South Korea Electric Vehicle Market Forecast
  • Historical Data and Forecast South Korea Electric Vehicle Market Revenues and Volume for the Period 2018-2028F
  • Historical Data and Forecast of South Korea Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2018-2028F
  • Historical Data and Forecast of South Korea Electric Vehicle Market Revenues and Volume, By Charger Types, for the Period 2018-2028F
  • Historical Data and Forecast of South Korea Electric Vehicle Market Revenues and Volume, By DC Charger Power Ratings, for the Period 2018-2028F
  • Historical Data and Forecast of South Korea Electric Vehicle Market Revenues and Volume, By Charger End Consumers, for the Period 2018-2028F
  • Market Drivers and Restraints
  • Industry Life Cycle
  • Porter’s Five Force Analysis
  • Impact Analysis of COVID-19
  • Market Trends
  • South Korea 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

    • Electric 2-Wheeler
    • Electric 3-Wheeler
    • Electric 4-Wheeler
      • Passenger Car
      • Light Commercial Vehicle (Goods Carrier)
    • Electric Bus
    • Electric Truck
  • 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
1. Introduction
1.1 Market Scope & Segmentation
1.2 Research Methodology – Sources of Information
1.3 Robust Forecasting Model
1.4 Assumptions
2. South Korea Electric Vehicle Market Overview
2.1. South Korea Electric Vehicle Market Overview
2.2. South Korea Electric Vehicle Market Revenues and Volume, 2019-2025F
2.3. South Korea Electric Vehicle Market Revenue Share, By Types
2.3.1. South Korea 2-Wheeler Electric Vehicle Market Revenue and Volume Share, 2019 & 2025F
2.3.2. South Korea 3-Wheeler Electric Vehicle Market Revenue and Volume Share, 2019 & 2025F
2.3.3. South Korea 4-Wheeler Electric Vehicle Market Revenue and Volume Share, 2019 & 2025F
2.3.4. South Korea E-Truck Electric Vehicle Market Revenue and Volume Share, 2019 & 2025F
2.3.5. South Korea Goods Carrier Electric Vehicle Market Revenue and Volume Share, 2019 & 2025F
2.4. South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume, 2019-2025F
2.5. South Korea 4-Wheeler Electric Vehicle Market Overview, By Types
2.5.1. South Korea Passenger Car Electric Vehicle Market Revenues and Volume, 2019-2025F
2.5.1. South Korea Light Commercial Electric Vehicle Market Revenues and Volume, 2019-2025F
2.6. South Korea Electric Bus Market Revenues and Volume, 2019-2025F
3. South Korea Electric Vehicle Charging Infrastructure Market Overview
3.1. South Korea Electric Vehicle Charger Market Revenues and Volume, 2019-2025F
3.2. South Korea Electric Vehicle Charger Market Revenue and Volume Share, By Types, 2019 & 2025F
3.2.1. South Korea AC Charger Electric Vehicle Market Revenue and Volume Share, 2019 & 2025F
3.2.2. South Korea DC Charger Wheeler Electric Vehicle Market Revenue and Volume Share, 2019 & 2025
3.3. South Korea Electric Vehicle Charger Market Revenues and Volume, By Type 2019-2025F
3.3.1. South Korea AC Charger Electric Vehicle Market Revenues and Volume, 2019 & 2025F
3.3.2. South Korea DC Charger Wheeler Electric Vehicle Market Revenues and Volume, 2019 & 2025F
3.4. South Korea Electric Vehicle Charger Market Volume Share, By End Consumers, 2019 & 2025F
3.4.1. South Korea Public End Consumer Electric Vehicle Charger Market Volume, 2016-2025F
3.4.1. South Korea Private End Consumer Electric Vehicle Charger Market Volume, 2016-2025F
3.5. South Korea DC Charger Market Volume Share, By Connector Types, 2019 & 2025F
3.5.1. South Korea CHAdeMO DC Electric Vehicle Charger Market Volume, 2016-2025F
3.5.2. South Korea CCS DC Electric Vehicle Charger Market Volume, 2016-2025F
3.5.3. South Korea Other DC Electric Vehicle Charger Market Volume, 2016-2025F
3.6. South Korea DC Charger Market Volume Share, By Power Rating, 2019 & 2025F
3.6.1. South Korea 40-80 kW DC Electric Vehicle Charger Market Volume, 2016-2025F
3.6.2. South Korea 80-120 kW DC Electric Vehicle Charger Market Volume, 2016-2025F
3.6.3. South Korea 120-200 kW DC Electric Vehicle Charger Market Volume, 2016-2025F
3.7. South Korea Electric Vehicle High Power Charger Market Volume, 2022F-2025F
3.8. South Korea Electric Vehicle Charging Infrastructure - Ecosystem
4. South Korea Electric Vehicle Charging Infrastructure Competitive Landscape
4.1. South Korea Electric Vehicle Charger Volume, By Company, 2019
4.2. South Korea Electric Vehicle Charger Market Volume Share, By Company, 2019
5. Company Profiles
6. Disclaimer
List of Figures
1. South Korea Electric Vehicle Market Revenues and Volume, 2019-2025F ($ Million, Units)
2. South Korea Electric Vehicle Market Revenue Share, By Types, 2019 & 2025F
3. South Korea Electric Vehicle Market Volume Share, By Types, 2019 & 2025F
4. South Korea 4-Wheeler Electric Vehicle Market Revenues and Volume, 2019-2025F ($ Million, Units)
5. South Korea Electric Bus Market Revenues and Volume, 2019-2025F ($ Million, Units)
6. South Korea Electric Trucks Market Revenues and Volume, 2019-2025F ($ Million, Units)
7. South Korea Electric Vehicle Charger Market Revenues and Volume, 2019-2025F ($ Million, Units)
8. South Korea Electric Vehicle Charger Market Revenue Share, By Types, 2019 & 2025F
9. South Korea Electric Vehicle Charger Market Volume Share, By Types, 2019 & 2025F
10. South Korea AC Charger Market Revenues and Volume, 2019-2025F ($ Million, Units)
11. South Korea DC Charger Market Revenues and Volume, 2019-2025F ($ Million, Units)
12. South Korea Electric Vehicle Charger Market Volume Share, By End Consumers, 2019 & 2025F
13. South Korea DC Charger Market Volume Share, By Connector Types, 2019 & 2025F
14. South Korea DC Charger Market Volume Share, By Power Ratings, 2019 & 2025F
15. South Korea Electric Vehicle High Power Charger Market Volume, 2020E-2025F (Units)
16. South Korea Electric Vehicle Charger Market Volume Share, By Company, 2019
List of Tables
1. South Korea 4-Wheeler Electric Vehicle Market Revenues, By Types, 2019-2025F ($ Million)
2. South Korea 4-Wheeler Electric Vehicle Market Volume, By Types, 2019-2025F (Units)
3. South Korea Electric Vehicle Charger Market Volume, By End Consumers, 2019-2025F (Units)
4. South Korea DC Charger Market Volume, By Connector Types, 2019-2025F (Units)
5. South Korea DC Charger Market Volume, By Power Ratings, 2019-2025F (Units)
6. South Korea Electric Vehicle Charger Volume, By Company, 2019
 

Market Forecast By Vehicle Types (Two-Wheeler, Passenger Vehicle, Bus, Trucks), By Regions (Northern Region, Southern Region, Central Region) and competitive landscape.

Product Code: ETC001632 Publication Date: Mar 2020 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

The market for an electric vehicle is growing in South Korea due to its surging need to discourse the future energy necessities. The government is aiming to make users aware of electric vehicles and has also offered subsidies for the usage of electric vehicles. Rising environmental issues and incentives by the government are the key aspects to drive electric vehicle penetration in South Korea.

According to 6Wresearch, the South Korea Electric Vehicle Market size is projected to grow during 2020-26. The government is assembling heavy investment in terms of vehicles, as well as the infrastructure required to support them such as increasing the number of hydrogen filling stations and networks of charging stations for electric vehicles. Also, South Korean automobile players are expanding their network in the country, due to an increase in the exports of electric vehicles. Moreover, the number of charging stations are growing to help the end-users to recharge their vehicles' batteries easily which is one of the major factors for the growth of the South Korea electric vehicle market

In South Korea, Seoul is expected to dominate the overall South Korea electric vehicle market share revenue during the forecast period due to a strong government budget for the electric vehicle, hydrogen subsidies, and charging infrastructure, along with the purchase subsidies for the consumers. The electric vehicle market is developing as a vital part of the automotive industry that offers a way to attain an advanced level of energy efficiency with a reduced level of pollutant emissions

The South Korea electric vehicle market report comprehensively covers the market by vehicle types and regions including northern, central, and southern regions. The South Korea electric vehicle market outlook report provides an unbiased and detailed analysis of the South Korea electric vehicle market 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 Electric Vehicle Market is anticipated to register sound revenues during the forecast period 2020-26F on the back of the progressive growth of the automotive industry. Moreover, rise in the effort of government initiatives by providing transport subsidies tends to allow customers and drivers for the low investment in electrical vehicles coupled with an increase in the number of hydrogen and the electric vehicle through government financing towards hydrogen refueling and charging stations which is anticipated to generate the lucrative opportunity in the market and would spur the substantial growth of South Korea electric vehicle market in the upcoming six years.

South Korea electric vehicle market is anticipated to register sound revenues in the upcoming six years on the back of the rising electric vehicle production in order to improve the bad air quality index of the country. Additionally, on the basis of the end-users, a passenger electric vehicle is estimated to gain momentum in the country owing to rising commercial vehicle fleets coupled with government regulation to use electric vehicle possibly, therefore it mandates fleet owners to purchase electric cars for commercial purpose and is expected to propel the demand for electric vehicles in the forthcoming years and is estimated to act as growth proliferating factor for the South Korea electric vehicle market in the upcoming timeframe.

Key Highlights of the Report:

  • South Korea Electric Vehicle Market Overview
  • South Korea Electric Vehicle Market Outlook
  • South Korea Electric Vehicle Market Forecast
  • Historical Data of South Korea Electric Vehicle Market Revenues and Volume, for the Period 2016-2019
  • South Korea Electric Vehicle Market Size and South Korea Electric Vehicle Market Forecast of Revenues and Volume, Until 2026
  • Historical Data of South Korea Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2016-2019
  • Market Size & Forecast of South Korea Electric Vehicle Market Revenues and Volume, By Vehicle Types, until 2026
  • Historical Data of South Korea Electric Vehicle Market Revenues, By Regions, for the Period 2016-2019
  • Market Size & Forecast of South Korea Electric Vehicle Market Revenues, By Regions, until 2026
  • South Korea Electric Vehicle Market Drivers and Restraints
  • South Korea Electric Vehicle Market Trends and Industry Life Cycle
  • South Korea Electric Vehicle Market Porter’s Five Force Analysis
  • South Korea Electric Vehicle Market Opportunity Assessment
  • South Korea Electric Vehicle Market Share, By Players
  • South Korea Electric Vehicle Market Overview on Competitive Benchmarking
  • Company Profiles
  • Key Strategic Recommendations

Markets Covered

The South Korea Electric Vehicle Market report provides a detailed analysis of the following market segments:

  • By Vehicle Types
    • Two-Wheeler
    • Passenger Vehicle
    • Bus
    • Trucks
  • By Regions
    • Northern Region
    • Southern Region
    • Central Region

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