South Korea Electric Bus Market Size & Outlook, 2024-2030
The electric bus market in South Korea is expected to reach a projected revenue of US$ 2,219.1 million by 2030. A compound annual growth rate of 16.8% is expected of South Korea electric bus market from 2025 to 2030.
Revenue, 2024 (US$M)
$871.8
Forecast, 2030 (US$M)
$2,219.1
CAGR, 2025 - 2030
16.8%
Report Coverage
South Korea
Global Market
Related Markets
South Korea electric bus market highlights
- The South Korea electric bus market generated a revenue of USD 871.8 million in 2024 and is expected to reach USD 2,219.1 million by 2030.
- The South Korea market is expected to grow at a CAGR of 16.8% from 2025 to 2030.
- In terms of segment, bev was the largest revenue generating vehicle type in 2024.
- FCEV is the most lucrative vehicle type segment registering the fastest growth during the forecast period.
Electric bus market data book summary
| Market revenue in 2024 | USD 871.8 million |
| Market revenue in 2030 | USD 2,219.1 million |
| Growth rate | 16.8% (CAGR from 2025 to 2030) |
| Largest segment | Bev |
| Fastest growing segment | FCEV |
| Historical data | 2018 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | BEV, PHEV, FCEV |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.6% of the global electric bus market in 2024.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China electric bus market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,435.2 million by 2030.
Key Regions:U.S., UK, Japan, Brazil, South Africa
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Publish Date: Jan 09, 2025
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Electric Bus Market Scope
Electric Bus Market segmentation & scope
Electric Bus Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Volvo AB ADR | View profile | 104,905 | Gropegardsgatan 2, Gothenburg, Sweden, 417 15 | www.volvogroup.com |
| BYD Co Ltd ADR | View profile | 703,504 | No. 3009, BYD Road, Pingshan, Guangdong Province, Shenzhen, China, People's Republic of, 518118 | www.byd.com |
| Hyundai Motor Co | View profile | 73,502 | 12, Heolleung-ro, Seocho-Gu, Seoul, Korea, Republic of | www.hyundai.com |
| Nissan Motor Co Ltd | View profile | 147,116 | 1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi, Kanagawa, Japan, 220-8686 | www.nissan-global.com |
| Daimler Truck Holding AG ADR | View profile | 104,213 | Fasanenweg 10, Leinfelden-Echterdingen, BW, Germany, 70771 | www.daimlertruck.com |
| Zhengzhou Yalong Putex Composite Materials Co. | View profile | 11-50 | Zhengzhou, Henan, China, Asia | www.ylfrp.com |
| Tata Motors | View profile | 10001+ | Mumbai, Maharashtra, India, Asia | www.tatamotors.com |
| Ashok Leyland | View profile | 10001+ | Chennai, Tamil Nadu, India, Asia | www.ashokleyland.com |
| Proterra | View profile | 1001-5000 | Burlingame, California, United States, North America | www.proterra.com |
| MAN Truck & Bus | View profile | 10001+ | Munich, Bayern, Germany, Europe | www.mantruckandbus.com |
South Korea Electric Bus Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Electric Bus Market Outlook will help companies and investors design strategic landscapes.
Bev was the largest segment with a revenue share of 48.45% in 2024.
Horizon Databook has segmented the South Korea electric bus market based on bev, phev, fcev covering the revenue growth of each sub-segment from 2018 to 2030.
- South Korea Electric Bus Market Vehicle Type Outlook (Revenue, USD Million , 2018-2030)
- BEV
- PHEV
- FCEV
- South Korea Electric Bus Market Battery Type Outlook (Revenue, USD Million , 2018-2030)
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Iron Phosphate
- South Korea Electric Bus Market Application Outlook (Revenue, USD Million , 2018-2030)
- Intracity
- Intercity
- South Korea Electric Bus Market End Use Outlook (Revenue, USD Million , 2018-2030)
- Public
- Private
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea Electric Bus Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Electric Bus Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Electric Bus Market, 2018-2030 (US$M)
South Korea electric bus market statistics, by vehicle type, 2018-2030 (US$M)
