South Korea’s electric bus registrations surge, half of them made in China

News on April 30, although the overall growth of the global electric vehicle market has slowed down, the Korean electric bus market has shown a trend of growth against the trend. The latest data shows that in the first quarter of this year, the number of new registrations of electric buses in South Korea reached 461, with a year-on-year growth rate of 33.2%.

Since 2017, the number of electric bus registrations in South Korea has grown steadily. From the initial 98 vehicles, it will break through 1,000 vehicles in 2021, and then jump to 2,075 vehicles and 2,815 vehicles in 2022 and 2023 respectively, with strong growth momentum.

In this competition in the electric bus market, electric buses made in China occupy a pivotal position. Although the market share of local Korean companies is gradually expanding, Chinese-made electric buses still maintain a high market share. In the first quarter of this year, electric buses produced by South Korea's three major local companies accounted for 56.8% of the market share, while Chinese-made electric buses accounted for the remaining 43.2%. Judging from annual data, the market share of Chinese-made electric buses is still increasing year by year, growing from 41.8% in 2022 to 54.1% in 2023.

Faced with such a competitive market landscape, the Korean government and related companies have begun to seek response strategies. In order to further promote the development of the domestic electric bus industry, the Korean government and related companies may increase investment in technology research and development in order to enhance the competitiveness of products. Occupy a more favorable position in this fierce market competition.

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