South Korea Lithium Ion Cell and Battery Market Expected to Reach KRW 22,000 Billion by 2022 Owing to Massive Growth in EV Sales and Rising Project Based Demand From the ESS Sector: Ken Research

South Korea Lithium Ion Cell and Battery Market Expected to Reach KRW 22,000 Billion by 2022 Owing to Massive Growth in EV Sales and Rising Project Based Demand From the ESS Sector: Ken Research

PR Newswire

GURUGRAM, India, January 9, 2019

GURUGRAM, India, January 9, 2019 /PRNewswire/ --

Rising Demand for Electric Vehicles: Lithium ion batteries are widely used in electric vehicles and have slowly been replacing lead acid batteries. EV sales in South Korea, including EV, PHE and HEV, have been projected to grow from 121,812 units in 2018 to 423,448 units in 2022, registering a strong CAGR of 36.5% in the coming 5 years. This high demand for EVs will stem from the subsidies that the government is providing to the buyers through its own differentiated subsidy system as well as through the application avenue of Korea Environment Corporation. Adding to this is the growing infrastructure of electric vehicle charging stations and falling prices of EVs on an overall level. This expansion in demand for EVs will raise demand for lithium ion batteries, thus augmenting growth in the market.

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Growth in the ESS Sector in South Korea: In 2017, KEPCO (Korea Electric Power Corporation) became the world's largest operator of ESS for frequency regulation with a total capacity of 376 MW at 13 sites across the country. South Korea is gradually making the shift towards renewable energy from fuel based energy in line with its Green Energy Policy. Future pathways under the scheme include energy reforms such as price discounts for 10 years for ESS using companies and permitting ESS trading to promote investment of KRW 40 billion in addition to intensive support for the green energy industry. This is likely to augment the market through project based demand for lithium ion batteries. Provision of both ESS consumer and ESS producer based subsidies by the government will encourage a shift on part of the industrial and commercial sectors as well. Deployment of lithium ion batteries for ESS projects such as the Ulsan project will also augment growth in the market.

Future EV Trends and Developments (Saean Motors): In CY'2017, a Korean start up, Saean Motors released Korea's first electric 3 wheeler vehicle which costs between KRW 6 million to KRW 8 million and uses either lithium ion or lithium polymer batteries. If the government subsidy of KRW 5 million per vehicle is included, the WID-U becomes much more reasonably priced. WID-U sales are expected to increase in the future due to changing demographics and the growing trend of ordering food, especially online. This is likely to lead to a rise in demand for lithium ion batteries as it is one of the major raw materials utilized in manufacturing of electric vehicles.

Analysts at Ken Research in their latest publication "South Korea Lithium Ion Cell and Battery Market Outlook to 2022 - by Type of Batteries (Li-NMC, LFP, LCO and Others), Power Capacity (0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh and More than 60,000 mAh) and Application Areas (Consumer Electronics, ESS/UPS, Automotive Sector, Industrial Sector and Others)" believe that investing in promotions and marketing of lithium ion cells and batteries and partnering with the government on ESS and EV projects can aid the companies in the lithium ion cell and battery market in South Korea.

The lithium ion cell and battery market in South Korea is expected to register a positive CAGR of 15.3% in terms of revenue during the forecast period 2018-2022. Increased reach of the government's Green Energy Policy and establishment of partnerships by companies with the government for its projects will augment the growth in the market.

For more information on the market research report, please refer to the below link: 

https://www.kenresearch.com/energy-and-utilities/power/south-korea-lithium-ion-cell-battery-market/175019-103.html

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Ankur Gupta
Ken Research Pvt Ltd, Head Marketing
Ankur@kenresearch.com
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