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 expected to reach USD 11,854.0 Million by 2033, growing at a CAGR of 18.10% during the forecast period of 2025–2033. This growth is driven by the rapid expansion of electric vehicles and innovations in energy storage technologies. The market is influenced by South Korea's emphasis on smart grids, renewable energy, and enhanced battery safety regulations.

Study Assumption Years

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

South Korea Battery Market Key Takeaways

• Current Market Size: USD 2,643.4 Million in 2024
• CAGR: 18.10% (2025-2033)
• Forecast Period: 2025-2033
• The increasing use of renewable energy in South Korea requires efficient battery storage solutions, promoting market expansion.
• South Korea's focus on smart grids and energy management systems accelerates market growth by enhancing grid reliability.
• Heavy investment in next-generation technologies including solid-state and cobalt-free batteries is boosting technological advancements.
• Battery safety regulations have been strengthened following recent electric vehicle fires, increasing market demand.
• Expansion of battery production capacity, exemplified by companies increasing EV battery pack output, supports electrification growth.

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Market Growth Factors

The South Korea battery market is significantly propelled by the increasing integration of renewable energy sources in the country, which demands efficient battery storage solutions to manage intermittent power supply. This necessity is encouraging market expansion by stimulating demand for advanced battery technologies capable of supporting energy storage infrastructures and grid stabilization.

Technological advancements are another major driver. South Korea is aggressively investing in next-generation battery technologies such as solid-state and cobalt-free batteries, aiming to reduce dependence on traditional materials and improve performance and safety. In April 2024, the government announced an approximate US$15 Billion investment plan in the rechargeable battery sector to be realized by 2030, signaling robust commitment to innovation.

Battery safety regulations have become more stringent following recent fires involving electric vehicles. In August 2024, the government advanced its electric vehicle battery certification scheme mandating higher safety standards and fire prevention measures. Additionally, expanding production capacity and export capabilities, as seen in May 2024 with Webasto increasing EV battery pack production capacity to 300,000 packs by 2025, is further driving market growth by meeting rising domestic and international demand.

Market Segmentation

Breakup by Type:

• Primary Battery
• Secondary Battery

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

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Regional Insights

The Seoul Capital Area is the dominant region in the South Korea battery market, leading in research and development activities alongside manufacturing facilities. This region acts as the key hub for automotive battery technology and innovation, significantly contributing to the country’s competitive position in the battery industry.

Recent Developments & News

In August 2024, South Korean government bodies advanced the electric vehicle battery certification scheme enhancing battery safety standards and fire prevention measures, prompted by recent EV fires. In May 2024, Webasto expanded its EV battery pack production in Dangjin, increasing annual capacity to 300,000 packs by 2025 to support growing EV demand. Further, in April 2024, South Korea announced a US$15 Billion investment in the rechargeable battery sector by 2030 to strengthen manufacturing and export competitiveness.

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