Plug-in Hybrid Electric Vehicles - South Korea

South Korea

Highlights

The projected revenue in the Plug-in Hybrid Electric Vehicles market in South Korea is estimated to reach US$902.6m in 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of -5.35%, resulting in a projected market volume of US$685.5m by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in South Korea are anticipated to reach 8.98k vehicles in 2029.
Furthermore, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in South Korea in 2024 is expected to be US$76.6k.
From an international perspective, it is evident that China will contribute the most revenue, generating US$166bn in 2024.
South Korea has seen a significant increase in the adoption of plug-in hybrid electric vehicles, driven by government incentives and a growing commitment to sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers are increasingly opting for Plug-in Hybrid Electric Vehicles due to several factors. Firstly, there is a growing awareness of the environmental impact of traditional gasoline-powered vehicles, and consumers are seeking more sustainable transportation options. Plug-in Hybrid Electric Vehicles offer a greener alternative, as they produce lower emissions and have higher fuel efficiency compared to conventional vehicles. Additionally, the government has implemented various incentives and subsidies to promote the adoption of electric vehicles, making them more attractive to consumers.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in South Korea is the increasing number of models available to consumers. Major automakers are expanding their offerings of Plug-in Hybrid Electric Vehicles, providing a wider range of options to suit different customer preferences. This trend is driven by the growing demand for electric vehicles and the government's push for cleaner transportation solutions. As a result, consumers have more choices when it comes to Plug-in Hybrid Electric Vehicles, leading to increased sales and market growth. Another trend in the market is the development of charging infrastructure. In order to support the growing number of Plug-in Hybrid Electric Vehicles on the roads, the government and private companies are investing in the expansion of charging stations. This infrastructure development is crucial for the widespread adoption of electric vehicles, as it addresses the issue of range anxiety and provides convenience to consumers. As the charging infrastructure improves, it is expected to further drive the growth of the Plug-in Hybrid Electric Vehicles market in South Korea.

Local special circumstances: South Korea has a strong automotive industry, with major local players such as Hyundai and Kia. These companies have been actively investing in the development of Plug-in Hybrid Electric Vehicles, leveraging their expertise in manufacturing and technology. The presence of these local manufacturers has contributed to the growth of the Plug-in Hybrid Electric Vehicles market in South Korea, as they offer competitive options to consumers. Additionally, the government has been supportive of the local automotive industry, providing incentives and support for research and development in the electric vehicle sector.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in South Korea is also influenced by macroeconomic factors. The country has a strong economy and a high level of disposable income, which allows consumers to afford the higher upfront cost of electric vehicles. Additionally, the government's focus on reducing greenhouse gas emissions and promoting sustainable transportation aligns with global trends and commitments. As a result, there is a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market in South Korea.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).