South Korea Electric Bus Market 2024-2030
  • CHOOSE LICENCE TYPE
Consulting Services
    How will you benefit from our consulting services ?

South Korea Electric Bus Market 2024-2030

Last Updated:  Apr 25, 2025 | Study Period: 2024-2030

SOUTH KOREA ELECTRIC BUS MARKET

 

INTRODUCTION

Conventional electric bus battery packs have low capacity, high charging times, and restricted range per charge. The charging-discharging performance of batteries deteriorates dramatically in cold regions, finding it challenging for the battery packs to deliver maximum power.

 

Infographic: South Korea Electric Bus Market, South Korea Electric Bus Market Size, South Korea Electric Bus Market Trends, South Korea Electric Bus Market Forecast, South Korea Electric Bus Market Risks, South Korea Electric Bus Market Report, South Korea Electric Bus Market Share

 

The time it takes to charge an electric bus with today's market technology is quite long, resulting in wasted time. With a 7 kW charging outlet, charging an electric vehicle from zero to 100 percent takes more than four hours on average.

 

SOUTH KOREA ELECTRIC BUS MARKET DEVELOPMENTS AND INNOVATIONS

 

S NoOverview of DevelopmentDevelopment DetailingRegion of DevelopmentPossible Future Outcomes
1Chinese e-buses command nearly 40% share in Korea, e-truck to arrive H2Over the previous few years, Chinese electric buses have successfully invaded the South Korean electric bus market, capturing about 40% of the market.South KoreaThis would enhance better Technological Controls
2Hyundai Motor's electric bus catches fire in South KoreaIn South Korea, an electric bus produced by Hyundai Motor Co caught fire while in use.South KoreaThis would enhance better Technological Controls
3Seoul ramps up efforts to transition to electric transportationBy 2025, the Seoul Metropolitan Government hopes to have 270,000 electric vehicles on the road for public transportation.South KoreaThis would enhance better Technological Controls
4S. Korea to acquire 624 H2 fuel cell buses by 2025The port cities of Busan and Ulsan, as well as the province of South Gyeong sang, will receive 624 hydrogen buses.South KoreaThis would enhance better Technological Controls

 

SOUTH KOREA ELECTRIC BUS MARKET COMPETITIVE LANDSCAPE

One of the primary factors driving the growth of the South Korean electric bus market is the country's fast rising urbanization, which necessitates improvements in public transportation, as well as a well-coordinated government plan to electrify public transportation.

 

South Korea's government has set aside $609 million in subsidies for battery electric vehicles and the building of charging infrastructure in 2020, which is expected to help the electric bus market grow.

 

Hyundai Trucks and Bus is a leading mobiliser of the various explorer oriented electric vehicle manufacturer requirements in the market. HMC's zero-emission buses seems to be the result of its designers' never-ending quest for commercial trucks that are practical, reliable, and unique.

 

This breakthrough, which is in line with the era of smart globalization, embodies the exquisite mix of CV engineers' experience and expertise. With its modern design that is equivalent to that of advanced countries, the new model, Elec City, has re-established the character of modern mass transit. It also hints to Hyundai's plans and mind-set.

 

BYD Inc. has been one of the most advanced solution provider in the used car requirements. The State-of-the-art batteries, controllers, and motors are among 6F's core competencies. BYD develops, tests, and manufactures these fundamental technologies as a complete system.

 

The BYD 6F is able to reach the highest standard of achievement, endurance, and dependability because of this. The integrated software for superior performance in medium-duty applications optimizes power and torque.

 

The BYD 6F, when combined with BYD's superior battery chemistry, has more than enough energy to work for the full day while emitting zero emissions.

 

SOUTH KOREA ELECTRIC BUS MARKET COMPANIES PROFILED

Sl noTopic
1Market Segmentation
2Scope of the report
3Abbreviations
4Research Methodology
5Executive Summary
6Introduction
7Insights from Industry stakeholders
8Cost breakdown of Product by sub-components and average profit margin
9Disruptive innovation in the Industry
10Technology trends in the Industry
11Consumer trends in the industry
12Recent Production Milestones
13Component Manufacturing in US, EU and China
14COVID-19 impact on overall market
15COVID-19 impact on Production of components
16COVID-19 impact on Point of sale
17Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
18Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
19Market Segmentation, Dynamics and Forecast by Application, 2024-2030
20Market Segmentation, Dynamics and Forecast by End use, 2024-2030
21Product installation rate by OEM, 2023
22Incline/Decline in Average B-2-B selling price in past 5 years
23Competition from substitute products
24Gross margin and average profitability of suppliers
25New product development in past 12 months
26M&A in past 12 months
27Growth strategy of leading players
28Market share of vendors, 2023
29Company Profiles
30Unmet needs and opportunity for new suppliers
31Conclusion
32Appendix