The key comparisons for strengths and challenges for each electric vehicle’s market in China, South Korea, and Japan are:
- Market size: China is the largest EV market in the world, with a growing number of manufacturers and consumers. South Korea is a comparatively smaller but rapidly growing EV market with well-advanced technology and innovation. Japan, with a well-established automotive industry, is slower to embrace EVs.
- Government support: A variety of policies have been implemented by all three countries to support the EV market’s growth, such as manufacturing incentives, research and development, and consumer adoption. But China has the most comprehensive and well-funded support program. Japan is increasing its support in the EV market but lagging behind China and South Korea.
- Manufacturing capabilities: China has the largest and most rapidly growing manufacturing base compared to South Korea and Japan.
- Consumer adoption: China has been observed as having high consumer interest in EVs, driven by improved efficiency, reduced environmental impact, and government incentives. South Korea is still building but hopes to capture 12% of the global market by 2030.
In my opinion, each country has its own unique strengths and challenges. The current scenario can change at any time by implementing any type of innovative policies or incentives to drive further market growth.
Source: The Korean Herald, Bloomberg, MMR