DUBLIN--(BUSINESS WIRE)--The "Korea Electric Vehicle Market Overview, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Korea Electric Vehicle Market is anticipated to witness prominent market growth during 2022-2027
One of the advanced technology Electric Vehicles with the latest features brings rapid evolution in the automotive sector. The electric vehicle market has good support from the government as favourable policies and subsidies are granted to electric vehicle industry car manufacturers to reduce emission rates.
Tax rebates, non-financial benefits like new car registration, and carpool lane access, increasing vehicle range, active participation of OEMs, providing charging infrastructure in regular areas, etc., are factors that can increase the growth of the EV market trends.
Further, factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.
In addition, solar panels can be installed at home to power the electric vehicle. As electric vehicles do not use gas engines, they don't need oil, which means no oil changes. Hence, the maintenance and repairs associated with the use of gas engines can be reduced by the use of electric vehicles.
Several government initiatives such as deduction on interest paid on loans, electric vehicles tax credits, and incentives for the use of plug-in electric vehicles are estimated to generate huge growth opportunities across the country. All these factors are estimated to generate huge growth opportunities during the forecast period. In addition to that, the awareness initiatives that have been taken to promote the use of electric vehicles, and the rising number of electric vehicle production plants, have also contributed to the growth of the electric vehicle market.
According to the report, the market is segmented into two major vehicle types including passenger vehicle and light commercial vehicle. Among these types, passenger vehicle is projected to dominate the market during the forecast period owing to increased demand and sales for passenger cars across the country.
These factors will help promote the growth of this segment during the forecast period. Further, the commercial vehicle segment is estimated to experience growth in the coming years owing to the ever-increasing innovations in the battery of EVs to improve the load capacity of the commercial vehicle.
Further, the market is segmented into two propulsion type vehicles including BEV (battery electric vehicle) and PHEV (Plug-in hybrid electric vehicle). Among these types, BEV is anticipated to lead the market during the upcoming timeframe. However, PHEV can act as both electric and fuel-based driving ranges. It is helpful when insufficient charging infrastructure available.
For increasing the demand for battery electric vehicles, the government and private entities are planning to arrange a charging infrastructure all over the world to reduce the emission and keep the environment green. The plug-in hybrid electric vehicles are helping to decrease these vehicles prices that boost the demand further.
Aspects Covered In the Report
- Market Size By Value for the time period (2016-2027F)
- Market Size By Volume for the time period (2016-2027F)
- Market Share by Vehicle Type (Passenger & Light Commercial)
- Market Share by Propulsion Type (BEV & PHEV)
- Market Share by Sales Channel (2016, 2021 & 2027F)
- Market Share by Charging Type (Normal & Fast)
Considered In the Report
- Geography: Korea
- Base year: 2021
- Historical year: 2016
- Estimated Year: 2022
- Forecasted year: 2027
For more information about this report visit https://www.researchandmarkets.com/r/1saqv
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900