South Korea Electric Car Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% from 2020 to 2027, reaching US$ XX Mn.
South Korea Electric Car Market
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South Korea Electric Car Market Overview:
Electric cars are still extraterrestrials on our roads. Countless people still cannot think of switching to an electric car for concerns like high purchase prices & a limited variety of models come in the way of wider acceptance. Worldwide, there are over 5 Mn electric cars on the roads, mostly in China, Norway & North America. By 2018 there were a total of 59,600 electric cars on Korean roads. Nearly 34,000 EVs have been sold in 2018 in Korea. It shows a sharp growth. The market share of battery-electric & plugin-EVs in Korea is at 2.21 percent. And there were over 9,000 public chargers in Korea. All key electric car models are available in Korea, but the request is high & manufacture volume is low.
By 2030, every 3rd new car in the Country is to be an electric car. The South Korean government has now authoritatively allotted this goal. South Korea also wishes to have a market share of ten percent in the international market for electric cars by 2030. Korean firms are to invest 60Bn won in the car technologies of the future during the forecast period, 41Bn won by the Hyundai Group alone.
The government will also offer 2.2 trillion won to support the private sector. In the future auto era, South Korea sees technological modification as a chance to stay ahead of other countries in the international market. To complete this aspiring aim, the number of hydrogen filling stations is to be improved to 660 by 2030 & the system of charging stations for EVs is to be increased to 15,000 by 2025. Besides, the country also wants to endorse the growth & distribution of self-propelled cars. South Korea will be the first nation in the international self-propelled car market. Till now, the self-driving strategies were based on Stage 3, but they now want to commercialize fully automatic cars in Stage 4 by 2030.
The autonomous vehicles are to be industrialized mainly based on BEV & FCEV. In the year 2024, the organization structure in the sectors of telecommunications, precision maps & traffic control is to be elevated. In September 2020, South Korea will declare the new electric vehicle funding plans for 2020. 738.2 Bn won (609 Mn dollars) are deliberate in 2020 for subsidies for battery EVs & the development of the charging infrastructure, & 359.3 Bn won (296 Mn dollars) for fuel cell vehicles & the growth of hydrogen filling stations. In tangible terms, next year BEV will be subsidized by the state government with 8 Mn won (approx. 6,600 dollars), each new FCEV will even be subsidized with 22.5 Mn won (approx. 18,600 dollars).
In January 2020, the government declared its purpose to have 80,000 fuel cell cars on South Korean roads by 2022. The declared subsidies should also increase the hydrogen economy that the South Korean government is deeply investing in. The hydrogen economy does not only include hydrogen for fuel cell vehicles, which are well suitable for long-haul & heavy-load vehicles, but also for industrial power & heating energy. In April 2020, Korea Gas declared that by the year 2030 it aims to invest around 4 Bn dollars in the infrastructure of 25 hydrogen manufacture plants & pipelines with a total distance of 700 Km to supply the gas in the country. In March the South Korean Ministry of Trade, Industry & Energy had made a special purpose company called HyNet to lead the manufacture of hydrogen charging infrastructure.
The objective of the report is to present a comprehensive analysis of the South Korea Electric Car Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding South Korea Electric Car Market dynamics, structure by analyzing the market segments and project the South Korea Electric Car Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the South Korea Electric Car Market make the report investor’s guide.
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