Asia Express - East Asian ICT
Korea Aims to Double Electric and Hydrogen Car Sales in 2022
April 26, 2022

Korean recently announced its plan to spend 397.5 billion Won (US$318 million; US$1 = 1,232 Won) on establishing charging stations for electric and hydrogen vehicles this year with an aim to foster its industry ecosystem for eco-friendly vehicles, the Yonhap News Agency reported on April 26. The Korean government will increase charging stations for electric and hydrogen vehicles to 160,000 units and 310 units, respectively, this year. The government also stated that it will provide all necessary policy support such as state subsidies. For instance, starting this year, people can receive state subsidies that allow them to purchase a hydrogen or electric car at the price of less than 85 million Won (US$68,000).
The total number of electric and hydrogen cars in Korea is estimated to increase from 248,000 units in 2021 to 500,000 units this year. To help the country achieve the goal of net zero carbon emission by 2050, the country strives to have 4.5 million eco-friendly cars on the road, including 3.62 million EVs.
Sales of global EVs are estimated to grow from 11 million units in 2020 to 145 million and 230 million units by 2030 and the CAGR (Compound Annual Growth Rate) over the period is estimated at 30%, according to MIC (Market Intelligence & Consulting Institute), one of leading IT research institutes in Taiwan and a division of the III (Institute for Information Industry).