Technology Strategy of South Korea will Transform it into a Leader with Global Influence
Automotive industry is rapidly evolving in terms of technology as well as tackling environmental issues. Electric vehicles (EVs) have been introduced as a clean energy initiative due to low or zero emissions and have come a long way to become an integral part of OEMs’ business strategies. Automakers are creating separate EV business units to be prepared for the expected EV boom in the future. But, the surge in EV demand will create a huge need for charging infrastructure, safety regulations, and new standards.
South Korea is a curious market considering the technology leadership in battery production and strong EV sales (exports) in Europe, despite the home market lagging considerably behind Europe, China and US. Hybrids have done well in South Korea suggesting an enthusiasm for alternative fuel vehicles and environmental considerations. According to the public, primary factors for slow EV adoption are low EV range and lack of charging infrastructure.
2020 is an important year as PEVs had their highest annual sales ever while EV (PEVs and HEVs) market penetration surpassed 10% for the first time. The government made huge strides in expanding the charging infrastructure along with a renewed focus on increasing EV penetration while adopting stricter emission policies similar to Europe. Hyundai-Kia will be launching its first EVs based on the brand’s new pure electric E-GMP platform with state-of-the-art specs. Battery manufacturers, such as LG Chem, Samsung SDI, and SK Innovations have entered into an arms race to consolidate long-term supply contracts, raw material supply, R&D for improved batteries, chemistries, recycling, and other key partnerships as they brace themselves for the inevitable battery boom.
The study gives us a detailed analysis of the EV market scenario with charts based on annual sales (anchored in 2020) as well as historical sales. PEVs and HEVs have separate sections.
Data is compiled and presented in the form of:
- Historical annual sales, monthly sales for 2020, and market penetration as well as YoY growth from 2010 to 2020
- Market share by EV type, and sales share of each EV type for the top 5 highest selling OEMS since 2010
- Top 10 models for 2020 as well as historical top 10 models for PEVs and HEVs
- Charging station infrastructure data
- Detailed regional incentives, regional scenarios (drivers and restraints)
- Battery manufacturer profiles
- Hyundai-Kia profile
- Key EV-centric start-ups in the region
The report also provides the growth opportunities to act on and the suggested actions.
Key Issues Addressed
- How has the EV market progressed from 2010?
- What is the most popular EV type, vehicle model, OEM, and vehicle segment year on year and cumulatively?
- What are the market shares for PHEVs, BEVs, FHEVs, and MHEVs, and how has their growth trend been since 2010?
- Which are the fastest growing OEMs, and which models have disrupted sales trends or exposed demand in the market?
- Which are the key participants in EV industry, and what are their plans for the immediate future (next 1 to 2 years)?
- Which are the significant EV start-ups in the region, and what sectors they are targeting?
- What is the current regional scenario in terms of incentives, drivers, and restraints?
- What are the growth opportunities?
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Hyundai-Kia
- LG Chem
- Samsung SDI
- SK Innovations
