Korea Electric Vehicle Market Research Report, 2027

An electric vehicle operates on electricity unlike its counterpart, which runs on fuel. Instead of internal combustion engine, these vehicles run on an electric motor that requires constant supply of energy from batteries to operate. There are a variety of batteries used in these vehicles. These include lithium ion, molten salt, zinc-air, and various nickel-based designs. The electric vehicle was primarily designed to replace conventional ways of travel as they lead to environmental pollution. It has gained popularity, owing to numerous technological advancements. It outperforms conventional vehicles providing higher fuel economy, low carbon emission & maintenance, convenience of charging at home, smoother drive, and reduced sound from engine. There are three types of electric vehicles batteries, hybrid, and plug-in hybrid electric vehicles. In addition, electric vehicles require no engine oil changes but are slightly expensive than their gasoline equivalents. According to the report, “Korea Electric Vehicle Market Research Report, 2027” published by Actual Market Research, the market is anticipated to witness prominent market growth during the forecast period. One of the advanced technology Electric Vehicles with the latest features brings rapid evolution in the automotive sector. The electric vehicle market has good support from the government as favourable policies and subsidies to electric vehicle industry car manufacturers to reduce emission rates. Tax rebates, non-financial benefits like new car registration, and carpool lane access, increasing vehicle range, active participation of OEMs, providing charging infrastructure in regular areas, etc., factors can increase the growth of the EV market trends. Further, factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.

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In addition, solar panels can be installed at home to power the electric vehicle. As electric vehicles do not use gas engines, they don’t need oil, which means no oil changes. Hence, the maintenance and repairs associated with the use of gas engines can be reduced by the use of electric vehicles. Several government initiatives such as deduction on interest paid on loans, electric vehicles tax credits, and incentives for the use of plug-in electric vehicles are estimated to generate huge growth opportunities across the country. All these factors are estimated to generate huge growth opportunities during the forecast period. In addition to that, the awareness initiatives that have been taken to promote the use of electric vehicles, and the rising number of electric vehicle production plants have also contributed to the growth of the electric vehicle market. According to the report, the market is segmented into two major vehicle types including passenger vehicle and light commercial vehicle. Among these types, passenger vehicle is projected to dominate the market during the forecast period owing to increased demand and sales for passenger cars across the country. These factors will help promote the growth of this segment during the forecast period. Further, the commercial vehicle segment is estimated to experience growth in the coming years owing to the ever-increasing innovations in the battery of EVs to improve the load capacity of the commercial vehicle. Further, the market is segmented into two propulsion type vehicles including BEV (battery electric vehicle) and PHEV (Plug-in hybrid electric vehicle). Among these types, BEV is anticipated to lead the market during the upcoming timeframe. However, PHEV can act as both electric and fuel-based driving ranges. It is helpful when insufficient charging infrastructure available. For increasing the demand for battery electric vehicles, the government and private entities are planning to arrange a charging infrastructure all over the world to reduce the emission and keep the environment green. The plug-in hybrid electric vehicles are helping to decrease these vehicles prices that boost the demand further. Covid-19 impacts: The COVID-19 pandemic has had an adverse effect on the overall automotive industry and thereby electric vehicle industry as well. In addition, amid pandemic many different players are trying to devise different approaches in order to keep up with the condition by using electric vehicles for medical supplies as it provides affordable transportation with excellent manoeuvrability. Change in consumer preference and higher penetration of technology across the country is anticipated to propel higher market growth during the forecast period.

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Kripa Shah

Senior Analyst

Considered In the Report • Geography: Korea • Base year: 2021 • Historical year: 2016 • Estimated Year: 2022 • Forecasted year: 2027 Aspects Covered In the Report • Market Size By Value for the time period (2016-2027F) • Market Size By Volume for the time period (2016-2027F) • Market Share by Vehicle Type (Passenger & Light Commercial) • Market Share by Propulsion Type (BEV & PHEV) • Market Share by Sales Channel (2016, 2021 & 2027F) • Market Share by Charging Type (Normal & Fast) Key Points Covered in this report: • Market Evolution through value and volume CAGRs at different verticals • Detailed discussion on the market dynamics that influence the market and the possible opportunities • In sights on the market leader's performance including market shares, strategies, products, financial positions, etc

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The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the electric vehicle industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Keywords Passenger & Light Commercial electric vehicle, PHEV, BEV, battery electric vehicle, plug-in hybrid electric vehicle, normal, fast, slow charge, fast charge, Korea.