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 was 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 the forecast period 2025-2033. Market expansion is driven by rapid growth in electric vehicles and innovations in energy storage technologies. The country’s focus on renewable energy and smart grid systems further stimulates demand for efficient battery solutions.

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%
• Forecast Period: 2025-2033
• Increasing use of renewable energy requires efficient battery storage to manage intermittent supply.
• The development of smart grids and energy management systems is boosting high-performance battery demand.
• The Seoul Capital Area leads in R&D and manufacturing; Yeongnam specializes in automotive battery production.
• Challenges include dependency on imported raw materials; opportunities revolve around local recycling and domestic material production.

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Market Growth Factors

The South Korea battery market is propelled by the increasing utilization of renewable energy, which demands efficient battery storage solutions to handle intermittent power supply variations. This driver encourages market growth, as advanced battery technologies are necessary to support the integration and stability of renewable installations.

South Korea's emphasis on smart grids and energy management systems is fostering the development of high-performance batteries. These batteries improve grid reliability and resilience, significantly accelerating market growth by addressing energy efficiency and storage challenges in modern electrical grids.

The rapid expansion of electric vehicles (EVs) is a significant market catalyst. Notably, in April 2024, South Korea announced an approximately US$15 Billion investment in the rechargeable battery sector by 2030 to enhance technological advancements and reinforce its competitive position globally. This commitment underlines the strategic importance of battery technology development and expanded manufacturing capacity in the country.

Market Segmentation

• Breakup by Type:
• Primary Battery: Includes alkaline batteries used in small electronics, addressing diverse energy requirements.
• Secondary Battery: Encompasses rechargeable batteries such as lithium-ion, crucial for electric vehicles and energy storage applications.
• Breakup by Product:
• Lithium-Ion
• Lead Acid
• Nickel Metal Hydride
• Nickel Cadmium
• Others

The variety of battery technologies supports diverse applications ranging from EVs to renewable energy storage, focusing on enhancing performance, safety, and sustainability.

• Breakup by Application:
• Automotive Batteries
• Industrial Batteries
• Portable Batteries

South Korea produces advanced batteries for automotive, industrial, and portable uses, leveraging lithium-ion expertise to power vehicles, equipment, and electronics.

• Breakup by Region:
• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others

Each region contributes uniquely: Seoul leads in R&D and manufacturing, Yeongnam in automotive battery production, Honam in renewable energy storage solutions, Hoseo in smart grid technology, and others in niche technologies.

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Regional Insights

The Seoul Capital Area dominates as the primary hub for automotive battery technology, driving extensive R&D and manufacturing activities. Yeongnam focuses on large-scale battery production, while Honam emphasizes high-performance batteries for advanced applications. Hoseo supports emerging smart grid technologies. Together, these regional contributions strengthen South Korea’s market leadership.

Recent Developments & News

• August 2024: South Korean government bodies advanced the electric vehicle battery certification scheme following recent EV fires, implementing stricter safety standards and fire prevention requirements.
• May 2024: Webasto expanded electric vehicle battery pack production in Dangjin, South Korea, increasing annual capacity to 300,000 packs by 2025 to meet growing demand.
• April 2024: South Korea announced a US$15 Billion investment in the rechargeable battery sector through 2030, aiming to boost technology and manufacturing competitiveness.

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