South Korea Electric Vehicle Battery Market Size, Share & Forecast 2027
South Korea Electric Vehicle Battery Market
The Electric Vehicle Battery Market in South Korea is anticipated to grow at a robust CAGR during the forecast period (2020-2027).
The factors driving the growth of South Korea Electric Vehicle Battery Market includes growing demand for electric vehicles in South Korea, rise in the number of electric vehicles batteries exports by the leading players such as LG Chem, Samsung SDI Co. Ltd. and SK Innovation Co. Ltd. and growing demand for clean public transport system. According to the report published by Forbes, the South Korea based LG Chem is planning to invest around USD 4.5 billion to set up EV Battery Plant in The United States to expand their foothold in the U.S EV Market, which is expected to boost the market growth in the approaching years. Moreover, the growing concerns related to the vehicular emissions, climate change and air pollution, increasing number of electric vehicles charging stations and Government initiatives to provide subsidies and tax benefits on the purchase of electric vehicles, are some of the additional factors supplementing the market growth. As per HevTcp, the South Korean government plans to subsidize 99,950 electric vehicles and 300 PHEVs (Plug-in Hybrid Electric Vehicles) and 65,000 passenger cars in 2020.
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The major players operating in the market are Enertech International, Inc, Kokam Co., Ltd., BYD Korea Company Limited, Samsung SDI Co. Ltd., LG Chem Ltd., SK innovation Co., Ltd., OptimumNano Energy Co., Ltd, Routejade and Panasonic Corporation, among others.
Battery Type: Segment Analysis
Based on Battery Type, the lithium-ion battery segment is estimated to grow at a significant CAGR over the forecast period. The lithium-ion batteries provide high energy and power density, improves the life span, and enhances the usable capacity, are some of the key features responsible for the growth of the segment.
Propulsion Type: Segment Analysis
Based on propulsion type, the battery electric vehicle segment is predicted to capture a sizeable market share during the forecast period because it requires less maintenance and does not produce carbon emissions.
Vehicle Type: Segment Analysis
Based on Vehicle Type, the three-wheelers segment is estimated to expand at a remarkable CAGR over the forecast period. The increasing concerns related to greenhouse gas emissions and Government initiatives for subsidizing electric vehicles, are some of the important factors augmenting the growth of the segment.
Market Segmentation
South Korea Electric Vehicle Battery Market by Battery Type
Lead Acid Battery
Lithium-Ion Battery
Nickel-Metal Hydride Battery
Solid State Battery
South Korea Electric Vehicle Battery Market by Propulsion Type
Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Hybrid Electric Vehicle
South Korea Electric Vehicle Battery Market by Vehicle Type
Two-Wheelers
Three-Wheelers
Electric Cars
Electric Buses & Trucks
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