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Is 12% of the global EV market by S.Korea possible?

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As per industrial reports, South Korea can capture 12% of the global electric vehicle (EV) market by 2030, but requires sustained effort and continued support from the government and industry such as:

  1. Strong competition: The global EV market is highly competitive, with several established automakers and new entrants vying for market share. The goal can be achieved with continued development and marketing of high-quality, innovative EVs for attracting consumers.
  2. Technological advancements: It needs to stay forefront with the evolving technologies and emerging tech trends to continuously innovate and remain competitive.
  3. Government support: The policies and incentives from the government play an important role in the success of the EV market. Continue support from the government needs to be provided for the manufacturing, research and development, and consumer adoption of EVs.
  4. Infrastructure development: The growth of the EV market depends very much upon the development of the charging infrastructure to make it easier for consumers to adopt EVs successfully.
  5. Consumer adoption: It is the main key to the success of the EV market. South Korea will need to educate consumers about the benefits of EVs and make these vehicles more accessible to the public.

Source: The Korean herald

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