South Korea Electric Vehicle Market Size- By Vehicle Type, By Propulsion, By Drive Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

South Korea Electric Vehicle Market Size- By Vehicle Type, By Propulsion, By Drive Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

South Korea Electric Vehicle Market Introduction and Overview

According to SPER Market Research, ‘South Korea Electric Vehicle Market Size- By Vehicle Type, By Propulsion, By Drive Type, – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Korea Electric Vehicle Market is estimated to reach USD 32.26 billion by 2033 with a CAGR of 16.21%.

Electric motors are used by electric vehicles (EVs) instead of conventional combustion engines for propulsion. EVs come in many different shapes and sizes, including electric vehicles such as cars, trains, airplanes, boats, and submersibles that are powered by electricity. Because they run on batteries that are charged by renewable energy sources or grid power, electric cars drastically cut down on pollutants.

The electric vehicle (EV) market in South Korea was greatly impacted by the COVID-19 pandemic in a number of ways. Growing consumer worries about public health led to a discernible shift in consumer preferences away from public transportation and toward private vehicles (EVs), which are seen as safer. In order to hasten the adoption of EVs, the South Korean government concurrently unveiled sizable stimulus packages that included tax breaks and subsidies.

Scope of the Report:

Report Metric Details
Market size available for years 2020-2033
Base year considered 2023
Forecast period 2024-2033

Segments covered By Vehicle Type, By Propulsion, By Drive Type

Regions covered Northern Region, Southern Region, Western Region, Eastern Region, Central Region

Companies Covered Hanwha Q CELLS, Hyundai Mobis, Hyundai Motor Company, Kia Corporation, LG Energy Solution, POSCO, Renault Samsung Motors, Samsung SDI, SK Innovation, and SsangYong Motor Company.

South Korea Electric Vehicle Market Segmentation

By Vehicle Type: Based on the Vehicle Type, South Korea Electric Vehicle Market is segmented as; Commercial Vehicle, Passenger Vehicle, Two Wheelers.

By Propulsion: Based on the Propulsion, South Korea Electric Vehicle Market is segmented as; BEV, PHEV, FCEV.

By Drive Type: Based on the Drive Type, South Korea Electric Vehicle Market is segmented as; Front Wheel Drive, Rear Wheel Drive, All Wheel Drive.