South Korea Light Commercial Vehicle Market Size & Outlook
The light commercial vehicle market in South Korea is expected to reach a projected revenue of US$ 2,801.7 million by 2030. A compound annual growth rate of 41.9% is expected of South Korea light commercial vehicle market from 2024 to 2030.
Revenue, 2023 (US$M)
$241.3
Forecast, 2030 (US$M)
$2,801.7
CAGR, 2024 - 2030
41.9%
Report Coverage
South Korea
South Korea light commercial vehicle market, 2018-2030 (US$M)
Related Markets
South Korea light commercial vehicle market highlights
- The South Korea light commercial vehicle market generated a revenue of USD 241.3 million in 2023 and is expected to reach USD 2,801.7 million by 2030.
- The South Korea market is expected to grow at a CAGR of 41.9% from 2024 to 2030.
- In terms of segment, lithium iron phosphate was the largest revenue generating battery type in 2023.
- Lithium Iron Phosphate is the most lucrative battery type segment registering the fastest growth during the forecast period.
Light commercial vehicle market data book summary
| Market revenue in 2023 | USD 241.3 million |
| Market revenue in 2030 | USD 2,801.7 million |
| Growth rate | 41.9% (CAGR from 2023 to 2030) |
| Largest segment | Lithium iron phosphate |
| Fastest growing segment | Lithium Iron Phosphate |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate |
| Key market players worldwide | Honeywell International Inc, BorgWarner Inc, Mitsubishi Corp, IHI, Continental AG, Bosch Mahle Turbo Systems, Cummins Inc, ABB Ltd |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.6% of the global light commercial vehicle market in 2023.
- Country-wise, Germany is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China light commercial vehicle 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 2,896.2 million by 2030.
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Light Commercial Vehicle Market Scope
Light commercial vehicle market segmentation & scope
Light Commercial Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea light commercial vehicle market size, by battery type, 2018-2030 (US$M)
South Korea Light Commercial Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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