South Korea Electric Vehicle Battery Market
The GMI Research forecasts that the South Korea Electric Vehicle Battery Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the rising exports of batteries owing to the growing demand for electric vehicles.
Introduction of the South Korea Electric Vehicle Battery Market:
The electric vehicle battery is used to disburse power to the propulsion system of an electric vehicle and is the main component of it. The battery is a device that stores chemical energy and transforms this chemical energy into electricity. The battery is mainly used in automobiles to use electric energy and reverse the positive and negative halves of the electrochemical cells to restrain the electron flow.
Key Players of the South Korea Electric Vehicle Battery Market:
- Samsung SDI Co. Ltd.
- SK innovation Co., Ltd
- Enertech International, Inc
- BYD Korea Company Limited
- Routejade
- LG Chem Ltd.
- Panasonic Corporation
- Kokam Co., Ltd.
- OptimumNano Energy Co., Ltd
South Korea Electric Vehicle Battery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The prominent drivers supplementing the growth of the South Korea Electric Vehicle Battery Market include the intensifying investment to raise the production capacity of batteries for autonomous vehicles accompanied by the rising number of contracts by leading automobile manufacturers, which include Tesla, BMW Group with the battery producers for battery sourcing. The expeditious changes in climate owing to the increasing pollution and reducing battery prices are contemplated to strengthen the market demand over the forecast period. Furthermore, the augmenting apprehension concerning the mobility of oil fuel and the surge in the demand and supply of electronic vehicles in the country are leaving a positive impact on the market. Moreover, the mounting allowance by the government for the purchase and the installation of charging infrastructure for such vehicles stimulates their adoption, thereby propelling the market share. For example, the national and local government provides tax incentives for the battery electric vehicles purchasers, which accumulated to approximately 4.2 billion won. Besides fiscal incentives, the government also provides enormous non-monetary benefits, including permanent environment improvement charge exemption for zero-emission vehicles, exemption from congestion fees, special parking privileges for BEVs, lower electricity prices, and reduced public parking fees. In addition, the prevalence of leading market players such as LG Chem Ltd., Samsung SDI Co. Ltd., and SK Innovation Co. Ltd. exporting the batteries across the developed economies is another factor fuelling the market growth.
South Korea Electric Vehicle Battery Market Segmentation:
Segmentation by Battery Type
· Lead Acid Battery
· Lithium-Ion Battery
· Nickel-Metal Hydride Battery
· Solid State Battery
Segmentation by Propulsion Type
· Battery Electric Vehicle
· Plug-in Hybrid Electric Vehicle
· Hybrid Electric Vehicle
Segmentation by Vehicle Type
· Two-Wheelers
· Three-Wheelers
· Electric Cars
· Electric Buses & Trucks
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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