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South Korea Electric Vehicle (EV) Market Size and Forecast 2026-2030 | Market to Reach US$1.72 Billion as Subsidies, Local Production and Smart Charging Drive 8.5% CAGR
GlobeNewswire Inc.·
South Korea's EV market is projected to grow at an 8.5% CAGR from 2026-2030, reaching US$1.72 billion by 2030. Growth is driven by government subsidies (increased 20% for 2026), domestic manufacturing expansion by Hyundai Motor Group, battery safety regulations, and smart charging infrastructure development. Competition is intensifying from domestic leaders Hyundai and Kia, Tesla, and new entrant BYD.
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