Next Growth Engine?
According to the Korea International Trade Association, South Korea’s electric vehicle (EV) exports increased from US$57.3 million to US$315.5 million between 2013 and last year and totaled US$110 million in the first quarter of this year and South Korea’s EV exports for the first eight months of this year increased approximately 117% from a year ago.
Under the circumstances, South Korea’s share in the global EV market jumped from 1.7% to 4.4% between 2013 and last year and South Korea’s global ranking as an EV exporter rose from 13th to fifth during the same period. Last year, the Hyundai Motor Group accounted for 2.1% of the global EV market to rank 19th.
Still, South Korea’s EV exports are much less than those of the United States and Germany. Specifically, the two countries’ EV exports totaled US$2.628 billion and US$1.292 billion last year, respectively.
South Korea showed a higher rate of EV popularization during the period, too. The rate reached an annual average of 90.6% in South Korea during the period, when the global average was 82.2%. Likewise, South Korea’s EV production volume increased from 22,972 to 52,058 units and the number of quick chargers in the country more than doubled from 177 to 487 during the same period.
According to industry sources, South Korea’s EV exports are likely to continue to increase as more and more countries are working on the popularization of EVs and this type of vehicles is expected to be more closely connected than before with autonomous driving technology.