Heavy-duty Truck Electrification Market Revenue was valued at USD 18.5 Billion in 2024 and is estimated to reach USD 45.3 Billion by 2033, growing at a CAGR of 10.5% from 2026 to 2033.
South Korea's Heavy-duty Truck Electrification Market: Industry Demands and Emerging Trends
South Korea's heavy-duty truck electrification market is gaining momentum as the nation strives for carbon neutrality by 2050. With the transport sector contributing significantly to emissions, electrifying heavy-duty trucks has become a focal point for both the government and industry stakeholders.
Government Initiatives and Industry Response
The South Korean government has introduced substantial subsidies to promote electric vehicle adoption, allocating approximately $900 million for electric and fuel cell vehicles and infrastructure. This includes:
KRW 950 billion dedicated to battery electric vehicle (BEV) subsidies and infrastructure.
Plans to increase EV charging stations to 15,000 by 2025.
These initiatives aim to support the transition to electric heavy-duty trucks, addressing industry concerns about the high upfront costs and limited charging infrastructure.
Market Players and Technological Advancements
Leading manufacturers are actively participating in this transition:
Volvo Trucks has introduced three electric models in South Korea, emphasizing their suitability for short-distance freight transport. The company aims for 50% of its global truck sales to be electric by 2030.
Hyundai has launched the Xcient Fuel Cell truck, capable of traveling 400 km on a full hydrogen tank, with refueling times between 8 to 20 minutes. Mass production began in 2020, with sales starting in South Korea in December 2022.
Industry Requirements and Challenges
Despite progress, several challenges persist:
High Costs: Electric heavy-duty trucks remain more expensive than their diesel counterparts, necessitating government subsidies to encourage adoption.
Infrastructure Development: The expansion of charging and hydrogen refueling stations is crucial to support the growing number of electric trucks.
Technological Advancements: Continuous improvement in battery technology and vehicle efficiency is essential to meet industry demands for longer range and reliability.
As South Korea continues to invest in electrification, the heavy-duty truck sector is poised for significant transformation, aligning with global trends towards sustainable transportation solutions.
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Daimler
DAF
Volvo
MAN
Freightliner Trucks
XCMG
Mercedes-Benz
CNHTC
Dayun Auto
ISUZU
SHACMAN
Hanma Technology Group
Yutong Bus
Dongfeng Automobile
BEIBEN Trucks Group
BYD
Tesla
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Heavy-duty Truck Electrification Market
Battery Electric Trucks (BETs)
Plug-in Hybrid Electric Trucks (PHETs)
Fuel Cell Electric Trucks (FCETs)
Conventional Diesel Trucks (for comparison purposes)
Class 5 Trucks
Class 6 Trucks
Class 7 Trucks
Class 8 Trucks
Medium Duty Trucks
Heavy Duty Trucks
Freight Transportation
Construction & Mining
Urban Delivery Services
Public Transportation and Transit
Refrigerated Transport
Lithium-ion Batteries
Solid-state Batteries
Nickel Metal Hydride (NiMH) Batteries
Lead Acid Batteries (for hybrid systems)
Ultra-capacitors
Public Charging Stations
Private Charging Solutions
Wireless Charging Technology
Fast Charging Stations
Solar-powered Charging Stations
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
For More Information or Query, Visit @ South Korea Heavy-duty Truck Electrification Market Research Analysis
1. Introduction of the South Korea Heavy-duty Truck Electrification Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Heavy-duty Truck Electrification Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Heavy-duty Truck Electrification Market, By Type
6. South Korea Heavy-duty Truck Electrification Market, By Application
7. South Korea Heavy-duty Truck Electrification Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Heavy-duty Truck Electrification Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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