Forecast: South Korea xEV System, Semiconductor and Sensor Demand Forecast 2022 to 2031 – August 2024
Explore TechInsights' data model on South Korea's xEV systems market, where growing demand for semiconductor and sensor components is driven by ongoing electrification efforts.
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. This will help to sustain demand for xEV semiconductor and sensor components, and the market will grow at a CAAGR of 11% over 2023–2028, from $521.5 million to $898.0 million. The continued momentum will push market demand to $954.3 million by 2031.
