South Korea electric car market is forecast to show an exponential growth rate in a couple of years. Supportive government regulations is one of the major factors driving the growth of the market in the country. The government has an aim to reach 200,000 electric vehicles by the end of 2020. During 2012-2019, around, 113,000 electric vehicles were added to the country’s fleet and a projected nearly 95,000 vehicle has to be added in 2020. It will include 65,000 regular EV, 11,000 two-wheelers, 7,500 electric trucks, and 650 electric buses. For this, around $946.5 million has been allocated as subsidies for EV and charging infrastructure. The country also has the aim to sell 33% electric and hydrogen-based vehicles of all vehicles by 2030. 

Visit for Global Electric Car Market Report at: https://www.omrglobal.com/industry-reports/electric-car-market 

South Korea electric car market is segmented on the basis of vehicle type, propulsion technology, and battery type. On the basis of vehicle type, the market is segmented into hatchback, sedan, and SUV. Hyundai Kona Electric, Kia Niro EV, Chevrolet Bolt EV, Renault Samsung Twizy, Hyundai IONIQ Electric are some of the major vehicles sold in the country. Tesla modes have been introduced in the country, however, due to some hurdles Model S and X are not available with the government subsidy. By propulsion technology, the market is segmented into battery-electric cars, plug-in hybrid electric cars, and fuel cell electric cars. Battery-electric cars are expected to show considerable growth in the country. By battery type, the market is further sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries vehicle is expected to cover a major market share in the upcoming period. 

Major players offering electric cars in the market include Kia Motors Corp., Hyundai Motor Co., Renault Samsung Motors, General Motors Co. and so on. The electric car market is dominated by the domestic companies majorly by Hyundai Motor Co., Kia Motors Corp., and Renault Samsung Motors. The market players are considerably contributing to the market growth by adopting growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market. 

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 brings 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 Electric Car Market Research and Analysis by Vehicle Type 
2. South Korea Electric Car Market Research and Analysis by Propulsion Technology
3. South Korea Electric Car Market Research and Analysis by Battery Type

The Report Covers

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