South Korea’s Hybrid Vehicle Registrations Poised to Surpass 2 MillionMilestone
Seoul, December 1, 2024 –South Korea’s hybrid vehicle market is experiencing explosive growth, with the cumulative number of registered hybrid cars expected to surpass two million before the year’s end.This significant milestone marks a watershed moment for the nation’s burgeoning electric vehicle (EV) sector, with the overall share of new energy vehicles (NEVs)in the market reaching double digits for the first time.
According to data released today by the Ministry of Land, Infrastructure and Transport, a total of 1,925,001 hybrid vehicles were registered in South Korea bythe end of October 2024. This figure represents a remarkable surge, considering that the first hybrid cars appeared in the country only in 2008. The one-million registration mark was achieved in 2022, and just two years later, the market is poised to double.
The growth trajectory is particularly impressive when examining annual registration figures. In 2019, only 104,000 hybrid vehicles were registered. However, this number has steadily increased year-on-year, reaching 372,000 in 2023. The Ministry projects that 2024 will see a record-breaking 458,000 registrations, further solidifying the hybrid vehicle’s position in the Korean automotive market.
This remarkable success story isdriving the overall NEV market share into double digits. By the end of October, the combined registrations of hybrid, pure electric, and hydrogen fuel cell vehicles accounted for a double-digit percentage of all vehicle registrations for the first time. While precise figures for the overall NEV market share weren’t immediately available from the Ministry’s press release, the significant contribution of hybrid vehicles clearly indicates a major shift in consumer preferences towards environmentally friendly transportation options.
The surging popularity of hybrid vehicles can be attributed to several factors, including increasing environmental awareness among consumers, government incentives promoting NEV adoption, and the increasing availability and affordability of hybrid models. Furtherresearch is needed to fully analyze the specific contributing factors and to project the long-term growth trajectory of the Korean hybrid vehicle market. However, the current data paints a picture of sustained and rapid growth, suggesting a bright future for the NEV sector in South Korea.
References:
- Yonhap News Agency.(December 1, 2024). South Korea’s hybrid vehicle registrations poised to surpass 2 million. [Link to Yonhap News Agency article – This would be replaced with the actual link if available]. (Accessed December 1, 2024).
Note:This article uses information provided in the prompt. Further research and access to the original Yonhap News Agency article would allow for a more comprehensive and detailed analysis, including specific data on the overall NEV market share and a deeper exploration of contributing factors to the growth of the hybrid vehicle market in South Korea.
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