IMARC Group has recently released a new research study titled “South Korea Battery Market Report by Type (Primary Battery, Secondary Battery), Product (Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, and Others), Application (Automotive Batteries, Industrial Batteries, Portable Batteries), and Region 2025-2033”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

South Korea Battery Market Overview

The South Korea battery market size reached USD 2,643.4 Million in 2024 and is projected to reach USD 11,854.0 Million by 2033, growing at a CAGR of 18.10% during 2025-2033. The market growth is driven primarily by the rapid expansion of electric vehicles and innovations in energy storage technologies in the country. Increasing renewable energy adoption and advancements in smart grid technologies are also significant contributors to the market's expansion.

Study Assumption Years

  • Base Year: 2024
  • Historical Year/Period: 2019-2024
  • Forecast Year/Period: 2025-2033

South Korea Battery Market Key Takeaways

  • The South Korea battery market size was USD 2,643.4 Million in 2024.
  • The forecast CAGR for the market during 2025-2033 is 18.10%.
  • The market is expected to grow to USD 11,854.0 Million by 2033.
  • Increasing renewable energy utilization requires efficient battery storage solutions, fostering market expansion.
  • South Korea focuses on smart grids and energy management systems that promote high-performance battery development.
  • The Seoul Capital Area leads in R&D and manufacturing, while Yeongnam specializes in automotive battery production.
  • Dependency on imported raw materials poses a challenge, but local recycling and domestic material production present growth opportunities.

Sample Request Link: https://www.imarcgroup.com/south-korea-battery-market/requestsample

Market Growth Factors

The increasing use of renewable energy in South Korea necessitates efficient battery storage solutions to manage intermittent supply, significantly propelling market growth. Renewable energy's variable nature demands advanced energy storage systems to maintain grid stability, which drives innovation and investment in battery technologies in the country.

South Korea's focus on smart grids and energy management systems promotes the development of high-performance batteries, improving grid reliability and resilience. This focus accelerates market growth by enhancing the demand for advanced battery solutions tailored for smart energy systems.

The rapid expansion of electric vehicles and related energy storage innovations contribute substantially to market growth. For instance, in April 2024, South Korea announced a US$15 Billion investment in the rechargeable battery sector by 2030, aimed at boosting technological capabilities and strengthening its competitive edge in battery manufacturing and exports.

Market Segmentation

  • Breakup by Type:
  • Primary Battery: Used in small electronics like alkaline batteries, meeting diverse energy needs.
  • Secondary Battery: Includes rechargeable batteries such as lithium-ion, crucial for electric vehicles and energy storage systems.
  • Breakup by Product:
  • Lithium-Ion
  • Lead Acid
  • Nickel Metal Hydride
  • Nickel Cadmium
  • Others
  • Breakup by Application:
  • Automotive Batteries
  • Industrial Batteries
  • Portable Batteries
  • Breakup by Region:
  • Seoul Capital Area
  • Yeongnam (Southeastern Region)
  • Honam (Southwestern Region)
  • Hoseo (Central Region)
  • Others

The report highlights regional roles such as Seoul's lead in R&D, Yeongnam's automotive battery production focus, Honam's renewable energy storage solutions, Hoseo's smart grid technology emphasis, and other regions developing niche technologies.

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Regional Insights

The Seoul Capital Area dominates as a key hub for automotive battery technology, driving research and innovation in South Korea. Yeongnam excels in large-scale battery production, making it central to manufacturing. Honam focuses on high-performance batteries for advanced applications, while Hoseo fosters emerging technologies. These regional strengths collectively boost South Korea’s leadership in the battery market.

Recent Developments & News

  • In August 2024, government bodies advanced South Korea's electric vehicle battery certification scheme following recent EV fires, enhancing safety standards and fire prevention measures.
  • In May 2024, Webasto expanded EV battery pack production in Dangjin, increasing annual capacity to 300,000 packs by 2025, driven by growing EV demand.
  • In April 2024, South Korea announced an approximately US$15 Billion investment in the rechargeable battery sector by 2030 to strengthen battery manufacturing and exports.

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