South Korea Electric Commercial Vehicle Market 2024-2030
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South Korea Electric Commercial Vehicle Market 2024-2030

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

SOUTH KOREA ELECTRIC COMMERCIAL VEHICLE MARKET

 

INTRODUCTION

In a few years, the electric car industry in South Korea is expected to rise at an exponential rate. One of the key factors propelling the country's product demand is favourable government laws. While EV companies are required to have their own platform, they lack the size that a legacy manufacturer can provide.

 

Finally, because the Korean automaker only has three young brands in its portfolio, it is less bound by the requirement to build unique value propositions for each of them.

 

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SOUTH KOREA ELECTRIC COMMERCIAL VEHICLE MARKET DEVELOPMENTS AND INNOVATIONS

 

S NoOverview of DevelopmentDevelopment DetailingRegion of DevelopmentPossible Future Outcomes
1Hyundai Motor Group plans to invest $16.5 bln in S.Korea EV businessIt intends to invest a total of 21 trillion won in the expansion of its electric vehicle (EV) business in South Korea between now and 2030..South KoreaThis would enhance better Technological Controls
2Korean government has completely revisited the subsidy schemeThe government has re-announced a subsidy programme for environmentally friendly automobiles such as electric and fuel cell electric vehicles.South KoreaThis would enhance better Technological Controls
3India, Korea must discuss bilateral cooperation on EVsIf the current trend continues, the car parts business may face substantial reorganisation in the near future, according to Ambassador.South KoreaThis would enhance better Technological Controls
4South Korea to phase out ICE vehicles by 2035Automakers contended that the industry would need time to scale up before making a complete move away from ICE.South KoreaThis would enhance better Technological Controls
5South Korea to set global standards for electric vehicles wireless chargingSouth Korea has decided to step up efforts to market EV charging technologies developed in the country.South KoreaThis would enhance better Technological Controls

 

SOUTH KOREA ELECTRIC COMMERCIAL VEHICLE MARKET COMPETITIVE LANDSCAPE

South Korea is an intriguing market, given its technological superiority in battery manufacture and significant EV revenues (exports) in European, regardless of the fact that its domestic market lags well behind Europe, China, as well as the United States. In South Korea, hybrids have performed well, indicating a desire for alternate fuel cars as well as climate change.

 

Low EV range as well as a shortage of infrastructure investment, according with community, are the main reasons for poor Adoption of electric vehicles.

 

Hyundai Motors is a leading mobiliser of the various explorer oriented electric vehicle manufacturer requirements in the market. As during G20 Summit in Seoul, Elec City was successfully tested. This is the result of its architects' never-ending quest for commercial cars that are pragmatic, reliable, and unique.

 

The high-voltage battery is charged with a rapid rechargeable battery. To run the motors, the generated AC electricity is converted to DC voltage. The battery is situated on the roof, and other electrical equipment are installed in the engine compartment on the vehicle's back side.

 

Kia Motors has been one of the most advanced solution provider in the used car requirements. In Kia's native market of South Korea, the Niro Plus, a higher, expanded version of the first-generation Niro, will operate as a purpose-built taxi and ride-hailing commercial vehicle.

 

It also intends to launch unmanned "nano size" vehicles, as well as larger shuttles and vehicles that can be converted into mobile offices or shops. The Kia electric cars can drive between 160 and 240 kilometres before requiring recharging. Some models may now travel up to 455 kilometres on a single charge.

 

SOUTH KOREA ELECTRIC COMMERCIAL VEHICLE 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