South Korea xEV System, Semiconductor and Sensor Demand Forecast 2022 to 2031 - May 2024

This TechInsights data model presents a view of the South Korea outlook for xEV systems and associated semiconductor and sensor demand. Despite the uncertainties and challenges posed by the Ukraine conflict, semiconductor shortages, and a slowing domestic and global economy, the push towards electrification and battery electric vehicles is not slowing down with volume demand continuing to grow in the long term. This will help to sustain demand for xEV semiconductor and sensor components, and the market will grow at a CAAGR of 12% over 2023–2028, from $521.5 million to $922.1 million. The continued momentum will push market demand to $991.5 million by 2031.

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