The South Korea electric vehicle battery market report, published by GMI Research, provides extensive insight and analysis of the South Korea electric vehicle battery market over the forecast period (2020-2027). The report primarily focuses on the key business financials, product portfolio, expansion strategies, and recent developments in the South Korea electric vehicle battery market. The research report also studies the competitive environment of the South Korea electric vehicle battery market based on the company profiles and their efforts on increasing product value and production.
Leading Players in the South Korea Electric Vehicle Battery Market
The notable players in the South Korea electric vehicle battery market include Yuasa International Ltd., Panasonic Corporation, DENSO Corporation, Toshiba Corporation, Automotive Energy Supply Corporation (AESC) (South Korea), Mitsubishi Motors Corporation, Hitachi Automotive Systems Ltd. (South Korea), Sanyo Electric Co., Ltd., ENAX, Inc., Primearth EV Energy Co., and NEC Corporation, among others.
Key Drivers in the South Korea Electric Vehicle Battery Market
The growing environmental concern driven by the increasing carbon emission from conventional vehicles and its negative effect on climate change are the major factors that are responsible for the expansion of the South Korea electric vehicle battery market. Additionally, several government initiatives and policies are promoting the sales of the electric vehicles, which will further surge the demand for electric vehicle batteries. The continuous technological advancement in EV battery is bringing numerous growth opportunities in the market over the coming years.
Various South Korean companies are focusing on the development of EV battery technology and expanding their global production capacity. For example, in 2019, SK Innovation invested 579.9 billion won (US$487.6 million) in expanding its Chinese battery production base to join the current factory in Changzhou to meet the increasing demand. Furthermore, the reduced cost of battery and improved battery performance in the electric vehicles such as fast charging and reduced battery degradation will further accelerate the demand of the market over the forecast period. On the other edge, the easy availability of alternative fuels and the high cost of electric vehicles are likely to hamper the growth of the market in South Korea.
South Korea Electric Vehicle Battery Market by Battery Type:
- Lithium Ion Battery
- Lead Acid Battery
South Korea Electric Vehicle Battery Market by Vehicle Technology:
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles
South Korea Electric Vehicle Battery Market by Vehicle Type:
- Electric Cars
- Electric Buses & Trucks
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