Korea ranks 4th in the world for exporting electric vehicles… Leading the global market

Korea ranked fourth in the world for electric vehicle exports, showing that it is doing well in the global market.

According to a report titled “Electric Vehicle Market Trends in Major Countries following Corona” released by the International Trade Research Institute of the Korea International Trade Association on the 10th, it was found that the electric vehicle market continued to grow even while the global automobile market froze during the COVID-19 pandemic.



In 2021, global EV sales reached 6.6 million units, an increase of 226.3% compared to 2019, a record high. During the same period, global trade in electric vehicles increased by more than 150%, from USD 74.2 billion to USD 188.7 billion.



Europe has emerged as the center of the world’s fastest-growing electric vehicle trade. Germany, which ranked first in electric vehicle exports ($28.8 billion) and imports ($17.7 billion), UK (third import), France (4th import), Spain (5th export), Belgium (6th export) A number of European countries, such as those in the world, have been listed in the top 10 countries for exporting and importing electric vehicles.


China’s progress is also notable. In 2019, China’s electric vehicle exports amounted to $1 billion, ranking 11th in the world, but in 2021, it achieved $10 billion in exports and became the world’s third-largest exporter.



During the same period, imports declined from $3.5 billion to $2.9 billion. In response, the report analyzed, “This is due to the growth of domestic brands such as BYD and the full-scale production of global brands such as Tesla’s Shanghai Gigafactory plant in the United States.”



South Korea ranked fourth in the world for electric vehicle exports in 2021. In particular, while total automobile exports in 2020 decreased by 11.9% compared to the previous year due to the pandemic, EV exports continued to increase, increasing by 112.2% compared to 2019 in 2021. The share of electric vehicles in total automobile exports nearly doubled from 8.1% in 2019 to 15.8% in 2021.



Korea’s main export regions for electric vehicles are the United States and Europe, and in the United States in the first half of 2022, it achieved second place in market share following Tesla for the first time. Germany and the UK, which are the 2nd and 3rd export destination countries, are also continuously increasing their market share in major markets, including ranking in the 4th place in market share in the first half of this year.



“China, Germany, and the United States have strengths in all sectors such as domestic demand, export, and production,” said Kim Kkot-byeol, a senior researcher at the Korea International Trade Association. The Inflation Reduction Act (IRA) was recently passed in the United States, and each country is adhering to a differentiated subsidy policy for the promotion of electric vehicles.

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