South Korea electric bus market is estimated to grow at a significant CAGR during the forecast period. The rapidly increasing urbanization of South Korea demanding improvement in public transport along with cohesive government plan to do electrification of public transport is one of the major factors to drive the growth of the South Korea electric bus market. According to President Moon Jae-in, South Korea aims to secure a market share of 10% in the global electric vehicle market by 2030.The government of South Korea has set aside a subsidy of $609 million for battery EVs and the expansion of charging infrastructure in 2020 which tends to contribute to the growth of the electric bus market. 

The market is segmented on the basis of bus type, battery type, and end-user. Based on the bus type, the market is sub-segmented into the hybrid electric bus, fuel cell electric bus, and battery-electric bus. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. The decline in cost of li-ion battery and inherent benefits offered by these batteries including smaller size, lighter weight, and higher energy density is anticipated to drive the market share of these batteries. Based on end-user, the market is sub-segmented into government and fleet owners. 

The major market players operating in the South Korea electric bus market include BYD Co. Ltd., Edison Motors, Higer Bus Co. Ltd., and Hyundai Motor Co. among others. These market players are anticipated to offer significant opportunities towards the growth of the market owing to their on-going R&D activities, investment in new technologies, and geographical expansion among others.  

Research Methodology

The market study of the South Korea Electric Bus market 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. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis 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. Primary research brings authenticity to our reports.

Secondary Sources Include

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

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 Electric Bus Market Research and Analysis by Bus type 

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

3. South Korea Electric Bus Market Research and Analysis by End-User

The Report Covers

• Comprehensive research methodology of the South Korea Electric Bus 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 the South Korea Electric Bus market.
• Insights about market determinants which are stimulating the South Korea Electric Bus market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.