South Korea electric bus market is expected to grow at a substantial rate during the forecast period. An electric bus is an eco-friendly and cost-effective mode of transport which is gaining popularity globally. Government strategies and supportive regulations, mounting price of gasoline, increasing government plans for electrification of public transport and launch of novel technologies are the key factors driving the growth of South Korea electric bus market. Moreover, the government of the country is taking initiatives to replace the petroleum based automotive fleet with electric powered vehicles due to rising concern for global warming and greenhouse gas emissions. Over the last few decades, the carbon emission has increased to extremely alarming level due to vehicular and industrial emissions. To tackle this situation government is looking for low or no-emission alternative for transport and industrial processes. However, the higher cost of electric buses can act as a major impediment to the electric bus market through 2024.

The South Korea electric bus market is segmented based on seating type, battery type, application, bus length, region and company. Battery type can be bifurcated into lead acid and lithium ion, of which the latter is anticipated to dominate the market owing to its excellent thermal stability, long lifespan, and faster charging time. Based on seating type, the market can be segmented into up to 30-seater, 31-40-seater and above 40. The up to 30-seater seater segment is expected to hold significant market share through 2024 on account of its capability to carry large volume of luggage.

The major players operating in the electric bus market are Hyundai Motor Company, Edison Motors, BYD Motors Inc., Higer Bus Co Ltd. and others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.

Years considered for this report:

Historical Years: 2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

  • To analyze and forecast the market size of South Korea electric bus market.
  • To classify and forecast South Korea electric bus market based on seating capacity, battery type, application, bus length, company and regional distribution.
  • To identify drivers and challenges for South Korea electric bus market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in South Korea electric bus market.
  • To conduct pricing analysis for South Korea electric bus market.
  • To identify and analyze the profile of leading players operating in South Korea electric bus market.


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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of electric bus manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the players which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.

TechSci Research calculated the market size of South Korea electric bus market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.


Key Target Audience:

  • Electric bus manufacturers and suppliers
  • Market research and consulting firms
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to electric bus

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, South Korea electric bus market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Market, By Seating Capacity:
    • Up to 30-Seater
    • 31-40-Seater
    • Above 40
  • Market, By Battery Type:
    • Lead Acid
    • Lithium Ion
  • Market, By Application:
    • Intercity
    • Intracity
    • Airport Bus
  • Market, By Bus Length:
    • 6-8m
    • 9-12m
    • Above 12m
  • Market, By Region:
    • Central
    • Northern
    • Southern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in South Korea electric bus market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
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In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.     Product Overview

2.     Research Methodology

3.     Executive Summary

4.     South Korea Electric Bus Market Outlook

4.1.   Market Size & Forecast

4.1.1. By Value & Volume

4.2.   Market Share & Forecast

4.2.1. By Seating Capacity (Up to 30-Seater; 31-40-Seater; Above 40)

4.2.2. By Battery Type (Lead Acid and Lithium Ion)

4.2.3. By Application (Intercity; Intracity; Airport Bus)

4.2.4. By Bus Length (6-8m; 9-12m; Above 12m)

4.2.5. By Region

4.2.6. By Company (2018)

4.3.   Market Attractiveness Index

4.4.   Pricing Analysis

5.     South Korea Electric Bus Up to 30-Seater Market Outlook

5.1.   Market Size & Forecast

5.1.1. By Value & Volume          

5.2.   Market Share & Forecast

5.2.1. By Battery Type

5.2.2. By Application

5.2.3. By Bus Length

5.3.   Pricing Analysis

6.     South Korea Electric Bus 31- 40-Seater Market Outlook

6.1.   Market Size & Forecast

6.1.1. By Value & Volume          

6.2.   Market Share & Forecast

6.2.1. By Battery Type

6.2.2. By Application

6.2.3. By Bus Length

6.3.   Pricing Analysis

7.     South Korea Electric Bus Above 40-Seater Market Outlook

7.1.   Market Size & Forecast

7.1.1. By Value & Volume          

7.2.   Market Share & Forecast

7.2.1. By Battery Type

7.2.2. By Application

7.2.3. By Bus Length

7.3.   Pricing Analysis

8.     Product Benchmarking

9.     Market Dynamics

9.1.   Drivers

9.2.   Challenges

10.  Market Trends & Developments

11.  Policy & Regulatory Landscape

12.  South Korea Economic Profile

13.  Competitive Landscape

14.  Strategic Recommendations

 (Note: The companies list can be customized based on the client requirements)

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com