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.)
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Global EV Market
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Implications for the EV Market
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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.
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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.
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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).
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Strengthened Environmental Regulations
Anticipated growth in demand for environmentally friendly vehicles,
including electric cars, due to the government's strengthened
environmental regulations.
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Growth in the Used Car Market
With the expansion of EV adoption, an increase in demand
is also expected in the used car market.