The Growth of the Eco-Friendly Vehicle Market, Led by Electric Cars

Electric vehicles (EVs) are leading the growth of the eco-friendly vehicle market by accounting for a double-digit percentage of new car registrations in the first half of this year.

According to data released by the Ministry of Land, Infrastructure, and Transport on the 28th, out of 846,000 new car registrations in the first half of this year, 94,000 were electric vehicles, making up 11% of the total.

The total number of new registrations for eco-friendly vehicles, including hydrogen cars and hybrids, reached 389,000. This growth has been positively influenced by government policies such as the increase in EV discount incentives.

Changes in Cumulative Registration Numbers and the Growth of Eco-Friendly Vehicles

As of the first half of this year, the cumulative number of registered vehicles stood at 26,408,000, an increase of 0.4% compared to the end of the previous year. This indicates that there is one car for every 1.94 people.

Notably, the cumulative registrations of eco-friendly vehicles surpassed 3,106,000. This marks an increase of 359,000 vehicles (13.1%) compared to the end of last year.

Examining the types of eco-friendly vehicles, the number of hybrid vehicles increased by 267,000, electric vehicles by 91,000, and hydrogen vehicles by 1,000.

In contrast, the cumulative registrations of internal combustion engine vehicles showed a downward trend. As of the first half of this year, 23,122,000 internal combustion engine vehicles were registered, a decrease of 249,000 (0.14%) compared to the end of last year.

Most of this decrease was due to diesel vehicles.

Current Status and Outlook of the Electric Vehicle Market

However, the percentage of electric vehicles within the overall automotive market remains relatively low.

As of the first half of the year, the cumulative number of electric vehicles registered was 775,000, accounting for only 2.9% of all registered vehicles. Nevertheless, the growth trend is clear.

Baek So-myung, head of the Automotive Operation Insurance Division at the Ministry of Land, Infrastructure, and Transport, explained, "While the total number of registered vehicles increased slightly by 0.4% compared to the end of last year, eco-friendly vehicles surged by 13.1% during the same period, leading the change in the market."

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