South Korea's Electric Vehicle Market Cumulative Registrations Exceed 600,000
TapTechNews August 1st news, according to a report by Yonhap News Agency today, the cumulative registered number of electric vehicles in South Korea has exceeded 600,000 for the first time, and 2 out of every 3 come from Hyundai and Kia.
The report citing data from the Korea Automobile Mobility Industry Association (KAMA), the Ministry of Land, Transport and Maritime Affairs, and the pollution-free vehicle comprehensive website shows that as of the first half of this year, the registered number of electric vehicles in South Korea cumulatively reached 606,610, exceeding 600,000 for the first time since relevant statistics began in 2017. The local registered number of electric vehicles was 25,108 in 2017 and exceeded 100,000 for the first time in 2020, and then increased by about 100,000 every year.
By brand, Hyundai (241,700, 39.8%) and Kia (166,300, 27.4%) ranked the top two, and the combined share of the two electric vehicles is 67.2%. Followed by Tesla (80,942, 13.3%), BMW (19,868, 3.3%), Mercedes-Benz (18,775, 3.1%), GM Korea (16,030, 2.6%), and Renault Korea (10,588, 1.7%).
As the registered number of electric vehicles continues to increase, the popularity rate of local charging piles also increases year by year. As of May this year, the total number of domestic charging piles has cumulatively reached 361,163, an increase of 50.1% year-on-year.
And according to a previous report by TapTechNews, the proportion of electric vehicles among new cars purchased by South Korean people last year reached 9.3%, higher than some major countries including the United States (7.2%), Japan (2.9%), and India (2.1%), but much lower than that of China (22.2%).
In the 1.74 million cars sold in South Korea in 2023, there were 162,507 electric vehicles, accounting for 9.3%. This ratio has increased significantly compared to 1.9% in 2019, 2.4% in 2020, and 5.8% in 2021, but it is lower than 9.7% in 2022, which may be related to factors such as insufficient charging infrastructure for cars, rising charging costs, and high prices of electric vehicles.