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South Korean Electric Vehicle Growth Opportunities

·2-min read

Automotive industry is rapidly evolving in terms of technology as well as tackling environmental issues. Electric vehicles (EVs) have been introduced as a clean energy initiative due to low or zero emissions and have come a long way to become an integral part of OEMs’ business strategies.

New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "South Korean Electric Vehicle Growth Opportunities" -

Automakers are creating separate EV business units to be prepared for the expected EV boom in the future. But, the surge in EV demand will create a huge need for charging infrastructure, safety regulations, and new standards.South Korea is a curious market considering the technology leadership in battery production and strong EV sales (exports) in Europe, despite the home market lagging considerably behind Europe, China and US. Hybrids have done well in South Korea suggesting an enthusiasm for alternative fuel vehicles and environmental considerations. According to the public, primary factors for slow EV adoption are low EV range and lack of charging infrastructure.2020 is an important year as PEVs had their highest annual sales ever while EV (PEVs and HEVs) market penetration surpassed 10% for the first time. The government made huge strides in expanding the charging infrastructure along with a renewed focus on increasing EV penetration while adopting stricter emission policies similar to Europe. Hyundai-Kia will be launching its first EVs based on the brand’s new pure electric E-GMP platform with state-of-the-art specs. Battery manufacturers, such as LG Chem, Samsung SDI, and SK Innovations have entered into an arms race to consolidate long-term supply contracts, raw material supply, R&D for improved batteries, chemistries, recycling, and other key partnerships as they brace themselves for the inevitable battery boom. The study gives us a detailed analysis of the EV market scenario with charts based on annual sales (anchored in 2020) as well as historical sales. PEVs and HEVs have separate sections. Data is compiled and presented in the form of:
• Historical annual sales, monthly sales for 2020, and market penetration as well as YoY growth from 2010 to 2020
• Market share by EV type, and sales share of each EV type for the top 5 highest selling OEMS since 2010
• Top 10 models for 2020 as well as historical top 10 models for PEVs and HEVs
• Charging station infrastructure data
• Detailed regional incentives, regional scenarios (drivers and restraints)
• Battery manufacturer profiles
• Hyundai-Kia profile
• Key EV-centric start-ups in the regionThe report also provides the growth opportunities to act on and the suggested actions.
Read the full report:

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