In a remarkable stride forward, Korean-made electric vehicles (EVs) have solidified their position among the top five imported EVs in major markets including the United States, Canada, Australia, Germany, and the United Kingdom.
These nations, known for being significant overseas markets for Korean automakers, have shown a strong preference for Korean EVs, according to a recent report titled “The Korean Automotive Industry’s Export Competitiveness,” released by the Korea Institute for Industrial Economics and Trade (KIET) on June 10.
The report highlights the growing market share of Korean EVs in key countries. In 2023, the United States and Germany imported 23.68 percent and 11.96 percent of all their EVs from Korea, respectively, ranking Korean EVs second in these markets. Canada, Australia, and the United Kingdom followed closely, importing 14.09 percent, 9.36 percent, and 9.14 percent of their EVs from Korea, respectively, placing Korean EVs in third place in all three countries.
The report also sheds light on the impressive growth of EV imports compared to total car imports in these markets over the past three years, from 2020 to 2023. “The share of electric vehicles in Korea’s major export destinations more than doubled in 2023,” the report stated, reaffirming Korea’s reputation as a leading exporter of eco-friendly vehicles.
Notably, Korea’s eco-friendly vehicle exports surged to 35.47 percent of total car exports in 2023, up from 20.04 percent in 2020. This growth trajectory underscores Korea’s commitment to eco-friendly transportation solutions. Meanwhile, China experienced a similar surge, with its proportion of eco-friendly vehicle exports rising from 28.99 percent to 53.07 percent over the same period, signaling a broader global shift towards sustainable mobility.
The rise of Korean EVs in global markets reflects a broader trend towards eco-conscious transportation choices, highlighting the growing importance of sustainability in the automotive industry.
