This week, we take a deeper look into South Korea's commitment towards the green revolution, specifically focusing on the growing Electric Vehicle (EV) sector.
As of 2023, South Korea is the 5th largest EV market in the world. In the first quarter of this year, there was a 50% YoY increase in EV sales, reflecting the country's appetite for sustainable mobility solutions. What's more, Hyundai, one of Korea's leading automotive companies, has seen its Ioniq 5 model becoming a global bestseller, accounting for a remarkable 25% of their total EV sales worldwide.
The government's supportive policies have been instrumental in accelerating EV adoption. As of now, the South Korean government aims to have 1.13 million EVs on the road by 2025 - a testament to their commitment to reducing carbon emissions. This goal is further supported by a planned increase in the number of charging stations from 60,000 in 2021 to over 500,000 by 2025, representing a staggering eight-fold increase.
Moreover, with South Korea's battery manufacturers like LG Chem and SK Innovation holding about 30% of the global EV battery market, they are not only consumers but significant contributors to the global EV supply chain.
South Korea EV market growing, #marketresearch #korea #evmarket