According to a report from Yonhap News Agency, data released by the South Korean Ministry of Transport and the Korean Automobile Manufacturers Association indicates that in the first three quarters of this year, owners purchasing environmentally friendly cars, including hybrid and electric vehicles, accounted for 32.1% of all new car buyers in South Korea.
This marks the first time that the market share of environmentally friendly cars in South Korea has exceeded 30%, with the proportion being 20.4% in 2021 and rising to 28.5% in 2022. The data also reveals that the proportion of environmentally friendly models for commercial vehicles, such as trucks and buses, is 19.4%, higher than the 16.3% recorded in 2022.
Additionally, according to data from the automotive market tracking agency CarIsYou, as of 2015, the registration of hybrid cars in South Korea was only 2.5%. However, by 2021, this figure had surged to 12.4%. Hybrid cars are rapidly replacing diesel vehicles, with their market share expanding to 19.9% from January to October of this year.
Officials from South Korean domestic automakers pointed out, "The marketing focus of automakers is on environmentally friendly hybrid or electric vehicles, and consumers prefer models equipped with the latest engine systems that are more fuel-efficient." Hybrid cars are driven by at least one electric motor and a gasoline engine.
Observing the current trends in the automotive industry, electric vehicles are evidently the optimal choice. However, due to their high prices and the still-developing charging infrastructure, consumers continue to show strong interest in hybrid cars.
"Consumers still perceive electric vehicles as expensive, so they hope to purchase a product with a price between electric and fuel cars," said the aforementioned officials. "While most automakers are vigorously promoting electric vehicle strategies and product lineups, it will take more time to lower the price of electric vehicles and establish a satisfactory nationwide charging infrastructure. We expect the widespread adoption of electric vehicles to occur in 2028 or later." Another official from the local automotive industry also agreed with this timeframe.
"Batteries are the key components of electric vehicles, accounting for nearly half of the price of an electric car," revealed the official. "There is a general consensus that due to the high cost of electric car batteries, the prices of electric cars will continue to remain high in the coming years." He emphasized that during the transition phase of the automotive industry toward electrification, hybrid cars are temporarily the ideal choice for consumers. They are more cost-effective compared to electric vehicles and do not require consumers to worry about finding charging stations.
