South Korea battery electric vehicle market is forecast to grow at a CAGR of more than 23.0% during the forecast period. Domestic companies have a major market share in the electric vehicle market in the country including Hyundai Motor Co., Kia Motors Corp., and Renault Samsung Motors. Government regulations are one of the major factors for the growth of the market in the country. The government of the country has set up an aim to reach electric car stock to 200,000 by the end of 2020. During 2012-2019, around 113,000 electric vehicles were sold in the country and around 95,000 more electric vehicles have to be sold in the country to reach the target by 2020. Out of the 95,000 electric vehicles, 65,000 will be passenger cars, 11,000 two-wheelers, 7,500 electric trucks, and 650 electric buses. The government has allocated around $945 million as a fund for subsidy for electric vehicles and charging infrastructure. Moreover, the country aims to sell 33% electric and hydrogen-based vehicles of all vehicles fleet by 2030.

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The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is further divided into commercial vehicles, passenger cars, and others. The passenger vehicle market is projected to have a major market during the forecast period. On the basis of battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion battery BEVs segment is estimated to hold a major market share during the forecast period. 

Some of the major companies contributing to the market include General Motors Co., Hyundai Motor Co., Kia Motors Corp., Renault Samsung Motors, Tesla, Inc. and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market. For instance, South Korean company Hyundai Motor Co., has a plan to introduce 44 electric vehicles to the global market by 2025, out of this, 23 vehicle models will be BEV. 

Research Methodology

The market study is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts to bring authenticity to the reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.
• Government Websites

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. South Korea Battery Electric Vehicle Market Research and Analysis by Vehicle Type 
2. South Korea Battery Electric Vehicle Market Research and Analysis by Battery Type

The Report Covers

• Comprehensive research methodology of South Korea Battery Electric Vehicle Market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting South Korea Battery Electric Vehicle Market.
• Insights about market determinants that are stimulating South Korea Battery Electric Vehicle Market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.