South Korea Battery Market Size & Outlook, 2023-2030
South Korea battery market, 2018-2030 (US$M)
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South Korea battery market highlights
- The South Korea battery market generated a revenue of USD 5,228.8 million in 2023 and is expected to reach USD 17,395.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 18.7% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Sodium-ion is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 5,228.8 million |
| Market revenue in 2030 | USD 17,395.9 million |
| Growth rate | 18.7% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Sodium-ion |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, South Korea accounted for 4.4% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China battery market is projected to lead the regional market in terms of revenue in 2030.
- Vietnam is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,479.2 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea battery 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 battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 54.46% in 2023. Horizon Databook has segmented the South Korea battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
According to the IEA, South Korea ranked seventh in the world in terms of energy consumption in 2022 and gets about 97% of its energy from foreign sources. This encouraged the government of the country to introduce several green growth programs.
South Korea's energy master plan aims to reduce the country’s overall energy consumption by 14.4% by 2030 and 18.6% by 2040. In support of this master plan, the Ministry of Trade, Industry, and Energy (MOTIE) announced the 10th Basic Electricity and Energy Supply Plan, which will shift South Korea's energy mix toward greater use of clean energy by 2030.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea battery market , including forecasts for subscribers. This country databook contains high-level insights into South Korea battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea battery market size, by product, 2018-2030 (US$M)
South Korea Battery Market Outlook Share, 2023 & 2030 (US$M)
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