According to Statista, the electric vehicle market in South Korea is growing rapidly with a projection of 7.53% between 2023 and 2028, resulting in a market volume of US$13.19bn in 2028.
The market in South Korea is predicted to be expanding due to industry innovation, technological improvements, and government subsidies. The electric car market in South Korea is further expected to grow at a CAGR of about 33.8% in the forecast period of 2023-2028.
In 2021, the number of electric vehicles in the South Korean market reached 78,106.60 units. The growth of the market is also supported by government subsidies.
The EV sales in 2022 in South Korea surpassed diesel vehicle sales for the first time with 448,934 units sold, accounting for 9.8% of all new car registrations.
As per Expert Market Research, the electric car market is further expected to grow at a CAGR of 33.8% in the forecast period of 2023-2028.
Even though the electric vehicle market is quite strong in the Asian region, it got its challenges such as a lack of infrastructure, and charging stations.
South Korea is recognized as a strong force in Asia’s Electric Vehicle market with significant strides in the development of electric vehicles, batteries, and infrastructure for charging.
South Korea can outperform its regional rivals to establish itself as a strong EV market leader. South Korea is not just going to stop itself with its current development, it is aiming to increase the domestic market share of electric vehicles by 33%.
According to Statista, around 108,000 electric vehicles were sold in the first ten months of 2022. Around 30 new electric vehicles are planned to be provided by General Motors in 2025.