• Cat-intel
  • MedIntelliX
  • Resources
  • About Us
  • Request Free Sample ×

    Kindly complete the form below to receive a free sample of this Report

    Leading companies partner with us for data-driven Insights

    clients tt-cursor

    South Korea Automotive Electric Bus Market

    ID: MRFR/AM/52451-HCR
    200 Pages
    Rahul Gotadki
    September 2025

    South Korea Automotive Electric Bus Market Research Report By Type (Single-Decker, Double-Decker), By Propulsion (BEV, PHEV, FCEV) and By Length (6 to 8 m, 9 to 12 m, Above 12 m)- Forecast to 2035

    Share:
    Download PDF ×

    We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

    South Korea Automotive Electric Bus Market Research Report- Forecast To 2035 Infographic
    Purchase Options
    $ 4,950.0
    $ 5,950.0
    $ 7,250.0
    Table of Contents

    South Korea Automotive Electric Bus Market Summary

    The South Korea Automotive Electric Bus market is poised for substantial growth, projected to reach 55.1 USD Billion by 2035.

    Key Market Trends & Highlights

    South Korea Automotive Electric Bus Key Trends and Highlights

    • The market is valued at 14.3 USD Billion in 2024, indicating a robust starting point for growth.
    • From 2025 to 2035, the market is expected to grow at a CAGR of 13.04%, reflecting increasing demand.
    • By 2035, the market is anticipated to expand to 55.1 USD Billion, showcasing significant investment potential.
    • Growing adoption of electric buses due to environmental regulations is a major market driver.

    Market Size & Forecast

    2024 Market Size 14.3 (USD Billion)
    2035 Market Size 55.1 (USD Billion)
    CAGR (2025-2035) 13.04%

    Major Players

    Hyundai Motor, Kia, Dongfeng Motor, Sunwin, BYD, Hankook Tire, SK Innovation, LG Chem, Proterra, Daewoo Bus, Ebusco, NAVYA, Hyundai Rotem, Samsung SDI, SNC Lavalin

    South Korea Automotive Electric Bus Market Trends

    The South Korea Automotive Electric Bus Market is experiencing significant growth driven by a shift towards sustainable transportation. The government's commitment to reducing carbon emissions and promoting green technology underpins this market trend, as policies favor electric mobility and support the development of electric buses. Additionally, increasing awareness of air quality issues in urban areas has spurred public acceptance and demand for electric buses as a cleaner alternative to traditional diesel buses. 

    South Korea’s ongoing investment in charging infrastructure plays a pivotal role in facilitating the adoption of electric buses, making them a more viable option for public transportation.Factors such as government subsidies given for the purchase of electric vehicles and local electric vehicle manufacturing also aid in supply chain optimization are key South Korean market drivers. South Korea’s public transport expansion plan aims to integrate electric buses into the system in order to alleviate environmental issues as well as urban traffic congestion. 

    Some unexplored opportunities include prospective partnerships between local players and foreign automotive manufacturers around innovative strategies for cost-effective battery technology. There is also a possibility in electric buses for advanced forms, autonomous control, and other systems that could improve the efficiency of the operation and the experience for the passengers.

    Trends in recent times highlight the increasing partnerships among municipalities and electric vehicle manufacturers to pilot electric bus projects, promoting real-world applications and gathering data to refine future designs and operations. Furthermore, there is a growing focus on research and development initiatives aimed at advancing the performance and durability of electric bus batteries. As South Korea further aligns itself with global sustainability goals, these trends will shape the landscape of the automotive electric bus market, positioning the nation as a leader in eco-friendly public transportation solutions.

    South Korea Automotive Electric Bus Market Drivers

    Market Segment Insights

    South Korea Automotive Electric Bus Market Segment Insights

    South Korea Automotive Electric Bus Market Segment Insights

    Automotive Electric Bus Market Type Insights

    Automotive Electric Bus Market Type Insights

    The South Korea Automotive Electric Bus Market is experiencing significant growth, driven by the increasing demand for sustainable transportation solutions. The market is primarily segmented into two main types, namely Single-Decker and Double-Decker buses. The Single-Decker electric buses are gaining popularity due to their suitability for urban environments, where maneuverability and efficiency are essential for navigating narrow streets and heavy traffic. They are particularly favored by city transport authorities as they tend to offer lower operational costs and are easier to maintain compared to their larger counterparts.

    On the other hand, Double-Decker buses hold a substantial share of the market, owing to their high passenger capacity, which is ideal for urban areas with high ridership. The ability to carry more passengers effectively reduces the number of trips needed, thereby minimizing carbon emissions and traffic congestion.

    As South Korea continues to focus on developing its public transportation infrastructure, the government is implementing various policies to encourage the adoption of electric buses. This includes financial incentives for operators and manufacturers, aiming to enhance the accessibility and efficiency of public transport. The rising awareness about environmental issues and the need for cleaner air in densely populated cities are also significant factors propelling the growth of these bus types. 

    Additionally, advancements in battery technology are boosting the range and performance of both Single-Decker and Double-Decker electric buses, making them a more viable option for public transit systems.Moreover, South Korea's commitment to reducing greenhouse gas emissions aligns with global trends toward sustainable transport, increasing the attractiveness of electric buses as a solution to meet future transportation needs. The South Korea Automotive Electric Bus Market is witnessing a shift towards more modern and eco-friendly solutions that serve the country's urban transit demands efficiently.

    Automotive Electric Bus Market Propulsion Insights

    Automotive Electric Bus Market Propulsion Insights

    The Propulsion segment within the South Korea Automotive Electric Bus Market is experiencing significant growth, driven by the increasing demand for sustainable and efficient public transportation solutions. Battery Electric Vehicles (BEV) are particularly noteworthy, as they offer zero-emission transportation, aligning with South Korea's environmental policies aimed at reducing urban air pollution. Plug-in Hybrid Electric Vehicles (PHEV) provide added flexibility, combining electric and traditional fuel-powered systems, thus appealing to a broader consumer base.Fuel Cell Electric Vehicles (FCEV) are gaining traction, especially due to advancements in hydrogen technology and government support for developing a hydrogen economy. 

    Each of these technologies addresses specific needs in the market, from completely emission-free operation to extended range capabilities. The South Korea Automotive Electric Bus Market is also supported by significant government initiatives and investments aimed at expanding charging infrastructure, thereby enhancing the practical usability of these propulsion technologies. Additionally, growing environmental awareness and urbanization trends are expected to further boost the adoption of these propulsion methods, highlighting their importance in shaping the future of public transport in South Korea.

    Automotive Electric Bus Market Length Insights

    Automotive Electric Bus Market Length Insights

    The South Korea Automotive Electric Bus Market is experiencing significant growth, particularly in the Length segment, which is characterized by various categories including 6 to 8 meters, 9 to 12 meters, and Above 12 meters. The segment plays a crucial role in the market dynamics, as each category caters to distinct transportation needs across urban and rural areas. The 6 to 8-meter buses are often preferred for navigating narrow streets and efficient public transport in densely populated urban areas, making them significant for city commutes. 

    Meanwhile, the 9 to 12-meter category is widely utilized for inter-city travel, providing a balance between capacity and maneuverability.Above 12-meter buses cater to longer-distance routes and larger capacity demands, often used for touristic and high-density public transport. As South Korea focuses on reducing emissions and enhancing public transport infrastructure, the adoption of electric buses across these varying lengths presents opportunities for growth and innovation in the market.

    The government's support for electric vehicles and growing environmental concerns are driving the transition towards these electric solutions, establishing the South Korea Automotive Electric Bus Market as a major component of the nation's strategic initiatives in sustainable transportation.The diverse needs addressed by each length category indicate a robust market segmentation that allows for tailored solutions to meet the rising demand for cleaner and more efficient public transport options.

    Get more detailed insights about South Korea Automotive Electric Bus Market Research Report- Forecast To 2035

    Regional Insights

    Key Players and Competitive Insights

    The South Korea Automotive Electric Bus Market is rapidly evolving, driven by technological advancements, government regulations, and an increasing demand for sustainable public transportation solutions. With a strong push towards reducing carbon emissions and promoting electric mobility, the market is characterized by robust competition among key industry players. The South Korean government has been actively supporting this transition by providing incentives for electric vehicle purchases and investing in charging infrastructure. This dynamic landscape has prompted local manufacturers to innovate in design, performance, and battery technology, as they seek to capture market share in an increasingly eco-conscious society. 

    The electric bus segment, in particular, is gaining traction as cities seek cleaner alternatives for urban transport, leading to a competitive environment among both established automakers and new entrants.Hyundai Motor is a dominant player in the South Korea Automotive Electric Bus Market, leveraging its vast experience in vehicle manufacturing and innovation. The company has made significant investments in electric bus technology, enabling it to develop a range of models that cater to various needs in public transportation. 

    Hyundai Motor's strengths include its advanced research and development capabilities, strong supply chain management, and extensive distribution network in South Korea. The company's commitment to sustainability is evident in its ambitious plans for producing eco-friendly vehicles, which align with government initiatives aimed at reducing pollution.

    As a recognized name in the automotive sector, Hyundai has been able to effectively establish partnerships with local governments and public transport operators, enhancing its market presence and ensuring a competitive edge in this sector.Kia also holds a significant position in the South Korea Automotive Electric Bus Market, focusing on creating innovative electric bus solutions that meet the evolving demands of urban transit systems. The company has developed strategic partnerships aimed at enhancing electric mobility infrastructure, thus boosting its service offerings in South Korea. 

    Kia's electric buses are characterized by their energy efficiency and advanced technological features, making them suitable for various applications in public transport. In addition, the company has been expanding its portfolio through collaborations that include joint ventures and alliances focused on the electrification of public transportation. Kia's strengths include a keen understanding of consumer preferences and the ability to rapidly adapt its products to reflect changing market trends. This agility, combined with its commitment to battery technology advancements, positions Kia favorably within the competitive landscape of the South Korean electric bus sector.

    Key Companies in the South Korea Automotive Electric Bus Market market include

    Industry Developments

    Recent developments in the South Korea Automotive Electric Bus Market reflect a significant shift towards sustainable transportation solutions. In September 2023, Hyundai Motor announced plans to increase production of electric buses to meet the growing demand, following government initiatives aimed at reducing carbon emissions. Kia is also expanding its electric vehicle lineup, focusing on electric buses designed for urban mobility. 

    In August 2023, SK Innovation and LG Chem collaborated to enhance battery technology, which is vital for electric bus efficiency and range. Meanwhile, Hyundai Rotem and Daewoo Bus are working on a joint venture to develop advanced electric bus platforms, expected to be launched in early 2024. Notably, Ebusco, a Dutch electric bus manufacturer, is exploring partnerships with South Korean companies to penetrate the market. 

    Over the past two years, the South Korean government has committed substantial funding to boost electric vehicle production, specifically targeting municipal transport systems. The focus on electric buses aligns with national policies aimed at achieving net-zero carbon emissions by 2050, further spurring innovation and investment in the sector.

    Market Segmentation

    Automotive Electric Bus Market Type Outlook

    • Single-Decker
    • Double-Decker

    Automotive Electric Bus Market Length Outlook

    • 6 to 8 m
    • 9 to 12 m
    • Above 12 m

    Automotive Electric Bus Market Propulsion Outlook

    • BEV
    • PHEV
    • FCEV

    Report Scope

    Report Attribute/Metric Source: Details
    MARKET SIZE 2023 10.48 (USD Billion)
    MARKET SIZE 2024 14.32 (USD Billion)
    MARKET SIZE 2035 55.13 (USD Billion)
    COMPOUND ANNUAL GROWTH RATE (CAGR) 13.037% (2025 - 2035)
    REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    BASE YEAR 2024
    MARKET FORECAST PERIOD 2025 - 2035
    HISTORICAL DATA 2019 - 2024
    MARKET FORECAST UNITS USD Billion
    KEY COMPANIES PROFILED Hyundai Motor, Kia, Dongfeng Motor, Sunwin, BYD, Hankook Tire, SK Innovation, LG Chem, Proterra, Daewoo Bus, Ebusco, NAVYA, Hyundai Rotem, Samsung SDI, SNC Lavalin
    SEGMENTS COVERED Type, Propulsion, Length
    KEY MARKET OPPORTUNITIES Government incentives for electric buses, Growing demand for sustainable transport, Advancements in battery technology, Expansion of charging infrastructure, Increase in urban population transport needs
    KEY MARKET DYNAMICS growing environmental regulations, increasing urbanization, advancements in battery technology, government financial incentives, rising public transportation demand
    COUNTRIES COVERED South Korea

    Market Highlights

    Author
    Rahul Gotadki
    Assistant Manager

    He holds an experience of about 7+ years in Market Research and Business Consulting, working under the spectrum of Life Sciences and Healthcare domains. Rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. His expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. In addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives

    Leave a Comment

    FAQs

    What is the expected market size of the South Korea Automotive Electric Bus Market in 2024?

    In 2024, the South Korea Automotive Electric Bus Market is expected to be valued at 14.32 billion USD.

    What is the projected market value for the South Korea Automotive Electric Bus Market by 2035?

    By 2035, the market is projected to reach a value of 55.13 billion USD.

    What is the expected CAGR of the South Korea Automotive Electric Bus Market from 2025 to 2035?

    The expected compound annual growth rate for the market from 2025 to 2035 is 13.037%.

    Which segment holds a larger market share in the South Korea Automotive Electric Bus Market?

    The Single-Decker segment is anticipated to hold a larger market share compared to the Double-Decker segment.

    What is the estimated market value for Single-Decker electric buses in 2024?

    In 2024, the market value for Single-Decker electric buses is estimated at 8.6 billion USD.

    What is the projected market size for Double-Decker electric buses in 2035?

    By 2035, the projected market size for Double-Decker electric buses is 21.68 billion USD.

    Who are the key players in the South Korea Automotive Electric Bus Market?

    Major players include Hyundai Motor, Kia, Dongfeng Motor, and BYD, among others.

    What opportunities are emerging in the South Korea Automotive Electric Bus Market?

    Opportunities are arising from increasing government support for electric vehicles and advancements in battery technology.

    What are some challenges faced by the South Korea Automotive Electric Bus Market?

    Challenges include high initial costs of electric buses and the need for extensive charging infrastructure.

    What is the current growth outlook for the South Korea Automotive Electric Bus Market?

    The market is poised for significant growth driven by rising environmental concerns and urbanization trends.

    1. EXECUTIVE
    2. SUMMARY
    3. Market Overview
    4. Key Findings
    5. Market Segmentation
    6. Competitive Landscape
    7. Challenges and Opportunities
    8. Future Outlook
    9. MARKET INTRODUCTION
    10. Definition
    11. Scope of the study
    12. Research Objective
    13. Assumption
    14. Limitations
    15. RESEARCH
    16. METHODOLOGY
    17. Overview
    18. Data
    19. Mining
    20. Secondary Research
    21. Primary
    22. Research
    23. Primary Interviews and Information Gathering
    24. Process
    25. Breakdown of Primary Respondents
    26. Forecasting
    27. Model
    28. Market Size Estimation
    29. Bottom-Up
    30. Approach
    31. Top-Down Approach
    32. Data
    33. Triangulation
    34. Validation
    35. MARKET
    36. DYNAMICS
    37. Overview
    38. Drivers
    39. Restraints
    40. Opportunities
    41. MARKET FACTOR ANALYSIS
    42. Value chain Analysis
    43. Porter's
    44. Five Forces Analysis
    45. Bargaining Power of Suppliers
    46. Bargaining
    47. Power of Buyers
    48. Threat of New Entrants
    49. Threat
    50. of Substitutes
    51. Intensity of Rivalry
    52. COVID-19
    53. Impact Analysis
    54. Market Impact Analysis
    55. Regional
    56. Impact
    57. Opportunity and Threat Analysis
    58. South
    59. Korea Automotive Electric Bus Market, BY Type (USD Billion)
    60. Single-Decker
    61. Double-Decker
    62. South
    63. Korea Automotive Electric Bus Market, BY Propulsion (USD Billion)
    64. BEV
    65. PHEV
    66. FCEV
    67. South
    68. Korea Automotive Electric Bus Market, BY Length (USD Billion)
    69. to 8 m
    70. to 12 m
    71. Above 12
    72. m
    73. Competitive Landscape
    74. Overview
    75. Competitive
    76. Analysis
    77. Market share Analysis
    78. Major
    79. Growth Strategy in the Automotive Electric Bus Market
    80. Competitive
    81. Benchmarking
    82. Leading Players in Terms of Number of Developments
    83. in the Automotive Electric Bus Market
    84. Key developments
    85. and growth strategies
    86. New Product Launch/Service Deployment
    87. Merger
    88. & Acquisitions
    89. Joint Ventures
    90. Major
    91. Players Financial Matrix
    92. Sales and Operating Income
    93. Major
    94. Players R&D Expenditure. 2023
    95. Company
    96. Profiles
    97. Hyundai Motor
    98. Financial
    99. Overview
    100. Products Offered
    101. Key
    102. Developments
    103. SWOT Analysis
    104. Key
    105. Strategies
    106. Kia
    107. Financial
    108. Overview
    109. Products Offered
    110. Key
    111. Developments
    112. SWOT Analysis
    113. Key
    114. Strategies
    115. Dongfeng Motor
    116. Financial
    117. Overview
    118. Products Offered
    119. Key
    120. Developments
    121. SWOT Analysis
    122. Key
    123. Strategies
    124. Sunwin
    125. Financial
    126. Overview
    127. Products Offered
    128. Key
    129. Developments
    130. SWOT Analysis
    131. Key
    132. Strategies
    133. BYD
    134. Financial
    135. Overview
    136. Products Offered
    137. Key
    138. Developments
    139. SWOT Analysis
    140. Key
    141. Strategies
    142. Hankook Tire
    143. Financial
    144. Overview
    145. Products Offered
    146. Key
    147. Developments
    148. SWOT Analysis
    149. Key
    150. Strategies
    151. SK Innovation
    152. Financial
    153. Overview
    154. Products Offered
    155. Key
    156. Developments
    157. SWOT Analysis
    158. Key
    159. Strategies
    160. LG Chem
    161. Financial
    162. Overview
    163. Products Offered
    164. Key
    165. Developments
    166. SWOT Analysis
    167. Key
    168. Strategies
    169. Proterra
    170. Financial
    171. Overview
    172. Products Offered
    173. Key
    174. Developments
    175. SWOT Analysis
    176. Key
    177. Strategies
    178. Daewoo Bus
    179. Financial
    180. Overview
    181. Products Offered
    182. Key
    183. Developments
    184. SWOT Analysis
    185. Key
    186. Strategies
    187. Ebusco
    188. Financial
    189. Overview
    190. Products Offered
    191. Key
    192. Developments
    193. SWOT Analysis
    194. Key
    195. Strategies
    196. NAVYA
    197. Financial
    198. Overview
    199. Products Offered
    200. Key
    201. Developments
    202. SWOT Analysis
    203. Key
    204. Strategies
    205. Hyundai Rotem
    206. Financial
    207. Overview
    208. Products Offered
    209. Key
    210. Developments
    211. SWOT Analysis
    212. Key
    213. Strategies
    214. Samsung SDI
    215. Financial
    216. Overview
    217. Products Offered
    218. Key
    219. Developments
    220. SWOT Analysis
    221. Key
    222. Strategies
    223. SNC Lavalin
    224. Financial
    225. Overview
    226. Products Offered
    227. Key
    228. Developments
    229. SWOT Analysis
    230. Key
    231. Strategies
    232. References
    233. Related
    234. Reports
    235. LIST
    236. OF ASSUMPTIONS
    237. South Korea Automotive Electric Bus Market
    238. SIZE ESTIMATES & FORECAST, BY TYPE, 2019-2035 (USD Billions)
    239. South
    240. Korea Automotive Electric Bus Market SIZE ESTIMATES & FORECAST, BY PROPULSION,
    241. 2035 (USD Billions)
    242. South Korea Automotive Electric
    243. Bus Market SIZE ESTIMATES & FORECAST, BY LENGTH, 2019-2035 (USD Billions)
    244. PRODUCT
    245. LAUNCH/PRODUCT DEVELOPMENT/APPROVAL
    246. ACQUISITION/PARTNERSHIP
    247. LIST
    248. Of figures
    249. MARKET SYNOPSIS
    250. SOUTH
    251. KOREA AUTOMOTIVE ELECTRIC BUS MARKET ANALYSIS BY TYPE
    252. SOUTH
    253. KOREA AUTOMOTIVE ELECTRIC BUS MARKET ANALYSIS BY PROPULSION
    254. SOUTH
    255. KOREA AUTOMOTIVE ELECTRIC BUS MARKET ANALYSIS BY LENGTH
    256. KEY
    257. BUYING CRITERIA OF AUTOMOTIVE ELECTRIC BUS MARKET
    258. RESEARCH
    259. PROCESS OF MRFR
    260. DRO ANALYSIS OF AUTOMOTIVE ELECTRIC BUS
    261. MARKET
    262. DRIVERS IMPACT ANALYSIS: AUTOMOTIVE ELECTRIC BUS
    263. MARKET
    264. RESTRAINTS IMPACT ANALYSIS: AUTOMOTIVE ELECTRIC
    265. BUS MARKET
    266. SUPPLY / VALUE CHAIN: AUTOMOTIVE ELECTRIC
    267. BUS MARKET
    268. AUTOMOTIVE ELECTRIC BUS MARKET, BY TYPE, 2025
    269. (% SHARE)
    270. AUTOMOTIVE ELECTRIC BUS MARKET, BY TYPE, 2019
    271. TO 2035 (USD Billions)
    272. AUTOMOTIVE ELECTRIC BUS MARKET,
    273. BY PROPULSION, 2025 (% SHARE)
    274. AUTOMOTIVE ELECTRIC BUS
    275. MARKET, BY PROPULSION, 2019 TO 2035 (USD Billions)
    276. AUTOMOTIVE
    277. ELECTRIC BUS MARKET, BY LENGTH, 2025 (% SHARE)
    278. AUTOMOTIVE
    279. ELECTRIC BUS MARKET, BY LENGTH, 2019 TO 2035 (USD Billions)
    280. BENCHMARKING
    281. OF MAJOR COMPETITORS

    South Korea Automotive Electric Bus Market Segmentation

     

     

     

    • Automotive Electric Bus Market By Type (USD Billion, 2019-2035)

      • Single-Decker
      • Double-Decker

     

    • Automotive Electric Bus Market By Propulsion (USD Billion, 2019-2035)

      • BEV
      • PHEV
      • FCEV

     

    • Automotive Electric Bus Market By Length (USD Billion, 2019-2035)

      • 6 to 8 m
      • 9 to 12 m
      • Above 12 m

     

     

     

     

     

     

    Report Infographic
    Free Sample Request

    Kindly complete the form below to receive a free sample of this Report

    Customer Strories

    “I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.”

    Victoria Milne Founder
    Case Study

    Chemicals and Materials