The South Korean electric vehicle market is projected to grow at a CAGR of more than 19.0%. One of the key factors fuelling the market’s expansion is the growing need to meet future energy demands. The EV market is growing to become a significant sector of the automotive sector, offering a solution to increase energy efficiency while lowering pollutant emissions and other greenhouse gas levels. The South Korean government claims that by 2030, the nation wants to have a 10% market share of the world’s market for electric vehicles. Korean companies will invest a significant amount for the development of future technology in the automobile industry. For instance, Hyundai announced to invest $86.4 billion in by 2025 globally for future mobility.
This infographic illustrates how EV market share is distributed by various characteristics of various types of electric vehicles.
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