The South Korea electric car market is anticipated to grow with a significant CAGR during the forecast period (2019-2025). The major factors that are driving the South Korean electric car industry include rising competition among EV makers, government subsidies, and rising demand for zero-emission vehicles.
The main electric cars in the country include Tesla Model 3, Hyundai Kona, and Kira Niro EV. Tesla is the market leader in the country where the car sales of the company jumped to more than 20,000 vehicles in 2019. Further, the country witnessed 23,379 electric car registrations. Which was 86% higher than the previous year. Further, the country is witnessing a surge in demand due to rising awareness about the advantages offered by electric cars.
Browse the full report description of "South Korea Electric Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchback, Sedan, and SUV), By Propulsion Technology (Battery Electric Car, Plug-in Hybrid Electric Car, and Fuel Cell Electric Car), By Battery Type (NiMH, Li-ion, and Others), and Forecast 2019-2025" at https://www.omrglobal.com/industry-reports/south-korea-electric-car-market
Moreover, the country is at forefront of battery production and other related electronic equipment, which is also a major factor that the cost of electric vehicles in the country is affordable, hence rising demand for electric cars can be observed in the coming years. The government of South Korea aims to electrify at least 33% of vehicles into electric by 2030, by coercing manufacturers to invest in electric vehicle technology to make them more efficient and cost-effective.
Market Coverage
o Vehicle Type
o Propulsion Technology
o Battery Type
Key Questions Addressed by the Report
South Korea Electric Car Market Report Segment
By Vehicle Type
By Propulsion Technology
By Battery Type