EV Markets
The proliferation of EVs is driving rapid growth in the market, rapidly replacing internal combustion engine cars
Korea EV Market (‘22.12.31.)
Global EV Market
Implications for the EV Market
Competition Between
Hydrogen Fuel Cell Vehicles and EVs
EVs are becoming increasingly popular and are expected to face
competition from some hydrogen fuel cell vehicles.
However, there is a possibility of competition or coexistence,
depending on the expansion of hydrogen vehicle adoption
and infrastructure development.
Expansion of SUVs and Larger Vehicle Models
There is a trend towards expanding the release of larger
vehicle models like SUVs, shifting from a focus on
compact electric cars.
Increased Domestic Production Share
Domestic automotive companies are expanding their
EV production lines with government support, leading to
a gradual increase in the domestic production share.
However, the U.S. market is expected to see an increase in U.S.
production due to the U.S. Investment Tax Credit (ITC).
Strengthened Environmental Regulations
Anticipated growth in demand for environmentally friendly vehicles,
including electric cars, due to the government's strengthened
environmental regulations.
Growth in the Used Car Market
With the expansion of EV adoption, an increase in demand
is also expected in the used car market.