Market share of electric vehicles South Korea 2014-2023
In 2023, electric vehicles (EVs) accounted for around 2.1 percent of all registered vehicles in South Korea. The South Korean government aims to increase the share of electric vehicles and hydrogen vehicles in the sales volume of new vehicles to 33 percent by 2030.
Green Vehicles initiative by the government
There were more than two million environmentally friendly vehicles registered with the authorities in South Korea. Consisting of hybrid, electric, and hydrogen-powered automobiles, sales of such green vehicles have grown over the past several years for both domestic and foreign car brands. Various government initiatives and changing public perception of environmental issues are driving this steady transition toward environmentally friendly automotives. For example, the Korean government is offering subsidies to stimulate the domestic market for green vehicles. The government is also financing the construction of electric charging and hydrogen refueling stations, which are in high demand due to the growing number of electric and hydrogen cars in the country.
Challenges with green vehicle purchase
Nevertheless, electric and hydrogen vehicles remain quite expensive when compared to traditional automobiles. In fact, survey results showed that high prices were the main reason of hesitation among South Korean consumers when considering the purchase of an electric car. Additionally, the charging infrastructure still required further expansion in the eyes of the South Korean public, being cited as a leading suggestion towards policy makers.
Green Vehicles initiative by the government
There were more than two million environmentally friendly vehicles registered with the authorities in South Korea. Consisting of hybrid, electric, and hydrogen-powered automobiles, sales of such green vehicles have grown over the past several years for both domestic and foreign car brands. Various government initiatives and changing public perception of environmental issues are driving this steady transition toward environmentally friendly automotives. For example, the Korean government is offering subsidies to stimulate the domestic market for green vehicles. The government is also financing the construction of electric charging and hydrogen refueling stations, which are in high demand due to the growing number of electric and hydrogen cars in the country.
Challenges with green vehicle purchase
Nevertheless, electric and hydrogen vehicles remain quite expensive when compared to traditional automobiles. In fact, survey results showed that high prices were the main reason of hesitation among South Korean consumers when considering the purchase of an electric car. Additionally, the charging infrastructure still required further expansion in the eyes of the South Korean public, being cited as a leading suggestion towards policy makers.
