The Era of 1 Million EVs Begins... Adoption Accelerates

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Driven by the trend of high oil prices originating from the Middle East and the expansion of government subsidies, the cumulative number of registered electric vehicles (EVs) in South Korea has surpassed 1 million. This milestone is seen as a sign that the domestic EV market has entered a full-fledged phase of popularization.

On April 21, the Ministry of Climate and Environment announced that the cumulative number of registered EVs in the country had exceeded 1 million. As of the end of March, registrations stood at 981,321, but with rapid growth in new EV adoption, the figure surpassed 1 million as of April 15.

The speed of EV adoption has also accelerated significantly compared to previous years. As of the third week of April this year, more than 100,000 new EVs had been registered, reaching this milestone about three months earlier than in 2025, which previously held the record for the largest annual EV adoption. In comparison, the 100,000 mark was reached in the second week of July last year and the second week of September in 2024.

This year, EV adoption increased from 83,533 units as of March to an additional 23,406 units by the third week of April, bringing the total to over 100,000. As of April 17, the cumulative number of EVs distributed stood at 106,939. By vehicle type, electric passenger cars accounted for the majority with 91,373 units, followed by electric trucks at 15,091 and electric buses at 311.

The proportion of EVs is also expanding rapidly. As of March this year, out of a total of 415,746 new vehicle registrations, EVs accounted for 83,533, or 20.1%. The EV share jumped sharply from 9.2% in 2023, 8.9% in 2024, and 13.0% in 2025 to its current level this year.

This surge in demand is attributed to a combination of factors: automakers launching more new EV models and engaging in price discount competition, government subsidy policies, support for switching from internal combustion engine vehicles, and the trend of high oil prices caused by instability in the Middle East.

However, due to the rapid increase in demand, some local governments have seen their subsidy budgets exhausted early, resulting in the suspension of application acceptance. In response, the government is strengthening cooperation with relevant agencies to minimize disruptions in EV supply.

For local governments with remaining quotas for the second half of the year, the government is encouraging them to move up their subsidy announcement schedules. In regions where additional budget allocations are delayed, the government is also considering allowing advance payment of subsidies using national funds. In practice, Jeju Island has continued to provide subsidies by using national funds even before local budgets have been exhausted.

In addition, to cope with the growing demand for EV adoption, the government has expanded the number of subsidies through a supplementary budget. By securing an additional 20,000 passenger cars and 9,000 trucks, the total support for this year has increased to 280,000 passenger cars, 3,800 buses, and 45,000 trucks.

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Minister of Climate and Environment Kim Sunghwan said, "Surpassing 1 million EVs marks a significant turning point in the transition to eco-friendly vehicles in South Korea," adding, "We will implement prompt support policies to ensure that the public can use EVs without inconvenience."

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