South Korea Electric Vehicle Battery Market

Electric vehicle battery is a battery used for supplying power to the propulsion system of an electric vehicle and is the most important part or core component of an electric vehicle. The battery is a type of device which stores the chemical energy and then convert this chemical energy into electricity. The battery used in the automobiles is a rechargeable battery in which the electrical energy is utilized to reverse the positive and negative halves of the electrochemical cells, restraining the electron flow. The electric vehicle battery is used to run the controller, which as a result runs the electric motor and due to this reason, the battery needs to be powerful and long-lasting to enhance the overall performance of the electric vehicle.

To have an edge over the competition by knowing the market dynamics and current trends of “South Korea Electric Vehicle Battery Market”, request for Sample Report here

The rising exports of the batteries owing to the growing demand for electric vehicles all across the world and the increasing investments for expanding the production capacity of batteries for electric vehicles by the major manufacturers are the key factors boosting the growth of the market during the forecast period. In addition, the presence of major key players such as LG Chem Ltd., Samsung SDI Co. Ltd. and SK Innovation Co. Ltd. which are exporting the batteries across the major economies is a major factor bolstering the growth of South Korea electric vehicle battery market. Moreover, the rising concerns regarding the oil-fuelled mobility along with the increase in the demand and production of electric vehicles in the country are propelling the growth of the electric vehicle battery market. The growing number of contracts by the automobile manufacturers such as Tesla, BMW Group with the battery manufacturers in South Korea for sourcing the batteries for their automobiles are some factors bolstering the growth of South Korea electric vehicle battery market. Furthermore, the increasing government subsidies for the purchase of electric vehicles and the installation of charging infrastructure for such vehicles are some factors leading to an increase in the adoption of electric vehicles, which furthers leads to the growth in the demand for an electric vehicle battery. The rapid changing climate owing to the rising pollution and gradual decrease in the price of the battery will result in the surge in demand for electric vehicles further propelling the growth of electric vehicle battery market in the coming years.

The national and local government offers tax incentives for the battery electric vehicles purchasers, which combined can amount to around 4.2 billion won. In addition to the fiscal incentives, the government also offers various non-monetary benefits, such as 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.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

On the basis of battery type, lithium-ion battery is expected to grow at a higher rate during the forecast period owing to its features such as less requirement of maintenance, high energy and power densities leading to lower weight along with low standby losses and high life span of the battery leading to its increased adoption among the manufacturers of electric vehicles.

Based on propulsion type, battery electric vehicle is anticipated to increase at a higher rate during the forecast period as such vehicle has less maintenance cost owing to the relative simplicity and elegance of a battery electric motor system when compared with the frequent maintenance required for the operation of an internal combustion system. This type of vehicle does not produce tailpipe carbon emissions and provides an environmentally sustainable driving experience which also drive the market growth in

On the basis of vehicle type, the three-wheelers segment is projected to grow at a higher rate over the forecast period because of the rising government efforts or initiatives for reducing the greenhouse gas emissions. The increasing subsidies and programs by the government for encouraging the adoption of electric vehicles among the consumers is driving the growth of four-wheelers segment in the market.

In case, any of your paint points areas are not covered in the current scope of this report, Request for Customization here

Various notable players operating in the South Korea electric vehicle battery market include Samsung SDI Co. Ltd., LG Chem Ltd., SK innovation Co., Ltd., Panasonic Corporation, Enertech International, Inc, Kokam Co., Ltd., BYD Korea Company Limited, OptimumNano Energy Co., Ltd and Routejade among others.

Key Market Developments:

• • In 2019, Samsung SDI entered into a USD 3.2 billion worth 10-year contract with the BMW Group of Germany for the supply of lithium-ion battery cells. Through this agreement with Samsung SDI, BMW Group Korea planned to purchase the fifth-generation battery cells from the unit of battery making of Korea’s Samsung Group.
  • In 2019, Tesla entered into an agreement with South Korean company LG Chem for supplying the batteries for the cars manufactured at the planned Shanghai factory of the company.

The South Korea electric vehicle battery market has been segmented on the basis of battery type, propulsion type, and vehicle type.Based on battery type, the market is segmented into lead acid battery, lithium-ion battery, nickel-metal hydride battery and solid state battery. The propulsion type market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. The vehicle type market is segmented into two-wheelers, three-wheelers, electric cars and electric buses & trucks.

For detailed scope of the “Electric Vehicle Battery Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is the South Korea electric vehicle battery market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the South Korea electric vehicle battery market? What will be the impact of drivers and restraints in the future?
  • What is the various type of batteries used in the electric vehicles in South Korea market, and how they are poised to grow?
  • Which Battery Type generated maximum revenues in 2019 and identify the most promising Battery Type during the forecast period?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

South Korea Electric Vehicle Battery Market by Battery Type

• • Lead Acid Battery
  • Lithium-Ion Battery
  • Nickel-Metal Hydride Battery
  • Solid State Battery

South Korea Electric Vehicle Battery Market by Propulsion Type

• • Battery Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Hybrid Electric Vehicle

South Korea Electric Vehicle Battery Market by Vehicle Type

• • Two-Wheelers
  • Three-Wheelers
  • Electric Cars
  • Electric Buses & Trucks

Leading market players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Samsung SDI Co. Ltd.
  • LG Chem Ltd.
  • SK Innovation Co., Ltd.
  • Panasonic Corporation
  • Enertech International, Inc
  • Kokam Co., Ltd.
  • BYD Korea Company Limited
  • OptimumNano Energy Co., Ltd
  • Routejade