Global sales of hybrid and electric cars have more than tripled to 3.49 million in 2013 from 1 million in 2011. The eco-friendly car market is expected to continue the recent momentum in the coming years to sell 10.45 million units by 2020, according to market research firm B3.
South Korea is also seeing an upward trend, with hybrids and electric cars selling 14,535 and 434 vehicles, respectively, in the first half of the year. Industry watchers’ combined annual sales would reach 30,000 sales this year.
The nascent hybrid and electric car market is also a boon for Korean battery makers.
LG Chem, the world’s largest automotive battery maker with a 30.4 percent market share, has inked supply deals with some 20 global carmakers such as Hyundai Motor Group, General Motors, Renault-Nissan, Ford and Volkswagen Group’s Audi.
Samsung SDI, the fourth-largest player with a 5.3 percent global market share, is appealing to premium brands like BMW and Porsche. It is the sole supplier to BMW’s first full-electric model i3 and the hybrid sports car i8.