South Korea Electric Vehicle Battery Market Overview, 2027

"The electric vehicle (EV) battery market in South Korea has witnessed remarkable growth and has become a key player in the global EV industry. South Korea's strong technological capabilities and commitment to clean energy have positioned it as a leader in EV battery manufacturing and innovation. South Korean companies such as LG Chem, Samsung SDI, and SK Innovation are prominent players in the global EV battery market. These companies have made significant investments in research and development, resulting in the development of high-performance, reliable, and cost-effective battery technologies. Their advanced battery solutions have gained recognition and are being widely adopted by major automakers around the world.

According to the report titled ""South Korea Electric Vehicle Battery Market Overview 2027"" published by Bonafide Research, the market size of the South Korean electric vehicle battery market is increasing enormously in the forecasted period from 2022 to 2027. The South Korean passenger vehicle segment is expanding, whereas the commercial vehicle segment is expected to grow at an exponential rate. As a result of the increased demand for EVs, major vehicle manufacturers are joining the EV industry. Several major manufacturers, including Tesla, Toyota, Tata Motors, BMW, Mercedes-Benz, Mahindra & Mahindra, and Hyundai, are developing EV cars in order to strengthen their positions in the automobile business. Aside from that, new start-ups like OLA are also involved in the EV industry. Electric vehicle development is projected to accelerate in the near future, with major manufacturers showing interest in the EV industry, which would in turn drive demand for EV batteries. When compared to lead-acid batteries, lithium batteries are more efficient and charge faster. It has a longer lifespan, is more efficient, and produces consistent, steady, and long-lasting power. As a result, this technology is gaining traction in solar energy backup systems and electric automobiles. The commercial vehicle segment is expected to drive the future demand for electric vehicle batteries as it is efficient, cost-effective, and has zero emissions.

In this report, the EV battery market is segmented by propulsion type, battery type, and by vehicle type. A BEV needs more energy absorption to meet the higher kinetic energies of a heavier vehicle, as well as a stronger roof structure to withstand higher roof crush loads. AHSS grades have more strength per unit density than competitive materials, giving BEVs an edge. A PHEV propels itself using stored electrical energy, reducing gasoline usage by the combustion engine. This opens up the possibility of driving solely in electric mode and reducing emissions in crowded cities throughout the world. The country's plug-in hybrid automobile market is progressively expanding. Electric vehicles are more efficient, and when paired with the cost of power, charging an electric vehicle is less expensive than filling it up with gasoline or diesel for your travel needs. The battery is what makes these cars sustainable and frees them from their reliance on fossil fuels.

Government incentives, the presence of individual investors, and a technological edge are bolstering demand for commercial electric vehicles. This will result in an increased demand for electric batteries for these vehicles in the forecast period. The rise in fuel prices and increasing global warming due to rising temperatures and emissions are driving the need for electric vehicles. Compactness and cost-effectiveness are other features driving the EV battery market for commercial vehicles. Further, the increasing demand for plug-in vehicles, the growing need for battery-operated material-handling equipment in industries due to automation, the continued development of smart devices, and the growing adoption of lithium-ion batteries in the renewable energy sector are expected to propel market demand. The major factors driving the demand for electric vehicle batteries are their peak electricity demands and their flexibility to the grid in terms of energy storage that helps overcome fluctuations in renewable energy sources.

Automotive and related sectors were hit hard due to the pandemic effects. They had to shut down facilities to manufacture EV vehicles, which resulted in a decline in EV battery demand during the period of the pandemic. They had to work in limited capacities to be spare of government guidelines and norms. The EV battery manufacturing facilities came to a standstill due to the non-availability of raw materials, impacting the supply and demand chains harshly. The battery and other components were not easily available. However, the market has recovered and the manufacturers are now concentrating on increasing the sales of electric vehicles in the world markets. That would create demand for electric vehicle batteries in the forecast period.



Considered in this report
? Geography: South Korea
? Historic Year: 2016
? Base year: 2021
? Estimated year: 2022
? Forecast year: 2027

Aspects covered in this report
? South Korea EV Battery Market with its value and forecast along with its segments
? Application-wise EV Battery industry distribution
? Various drivers and challenges
? On-going trends and developments
? Top profiled companies
? Strategic recommendation

Based on By Propulsion Type
? BEV
? PHEV
? HEV

Based on by Battery Type
? Li-ion Battery
? Lead Acid
? Others (Nickel Metal Hybrid, sodium ion, solid state)

Based on By Vehicle Type
? Passenger Vehicles
? Commercial Vehicles

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the electric vehicle battery industry, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry."