[K-Tech] EV sales surge in South Korea, signaling shift toward mass adoption

Electric vehicles on charge at Incheon International Airport Feb 17 2025 Yonhap — Electric vehicles at a charging station near Incheon International Airport, Feb. 17, 2025/ Yonhap

SEOUL, July 18 (AJP) - Electric vehicle sales in South Korea soared by more than 40 percent in the first half of 2024, a surge that analysts say signals the country's EV market is beginning to break through the so-called “chasm” separating early adopters from the mainstream.

A total of 93,569 new electric vehicles were registered between January and June, up 42.7 percent from 65,557 during the same period last year, according to data released Friday by the automotive data platform Car Is You. The increase of over 28,000 units year-on-year marks one of the strongest six-month performances for the industry to date.

Analysts attribute the rapid expansion to a combination of demographic shifts, government subsidies, and a significant buildout of charging infrastructure.

The growth was largely driven by buyers in their 30s and 40s — a key indicator that EVs are no longer confined to a niche segment.

Consumers in their 40s accounted for the largest portion of private EV ownership, with 22,532 units, or 35.3 percent of total registrations. Drivers in their 30s followed with 16,130 vehicles, making up 25.2 percent of the market. Even drivers in their 20s showed increasing interest, registering 3,531 vehicles.

The generational appeal of newer models was evident in the popularity of Kia’s compact electric SUV, the EV3. The vehicle ranked first among EV buyers in their 20s with 910 units sold, second among those in their 30s with 1,920, and also second among drivers in their 40s, who registered 2,218 EV3s.

Industry observers point to a range of government incentives and infrastructure upgrades as key catalysts.

Several local governments have increased financial support for EV purchases this year, helping to offset upfront costs. At the same time, the expansion of both slow and fast-charging stations has eased concerns about convenience and range.

As of June, South Korea had 417,437 EV chargers in operation, nearly 1.5 times the number available two years ago, according to data released Friday by the Ministry of Environment.

Analysts say the latest figures suggest that South Korea's EV market has entered a new phase — one characterized not by curiosity or novelty, but by widespread consumer buy-in.

Kim Dong-young davekim0807@ajupress.com