EVs on path to overcome chasm in Korea

Korea’s electric vehicle (EV) market is showing clear signs of crossing the chasm before mass adoption, as lower-cost models and surging fuel expenses make EVs increasingly attractive to consumers.

The trend is seen in the increasing demand for used EVs. Their growing popularity could also help ease concerns over resale values — which was considered one of the longstanding obstacles blocking widespread EV adoption.

As demand strengthens and prices stabilize, prospective buyers may become less wary of losing money when selling their vehicles, potentially supporting further growth in new EV sales.

According to K Car, the country’s major used car sales platform, used all-electric cars took an average of 81 percent as long to sell as internal combustion engine vehicles during the January-September period. In other words, used EVs sold 19 percent faster than their gasoline- and diesel-powered counterparts.

EVs also accounted for a share of K Car’s total used car sales that was approximately 32 percent higher than a year earlier during the same period, indicating that consumer interest is gaining traction in the secondhand market as well.

The trend is attributable to rising fuel costs and growing interest in environmentally friendly vehicles.

The momentum is also evident in the new vehicle market. According to the Korea Automobile and Mobility Association, the number of domestic EV sales reached approximately 297,000 units in the first nine months combined, surpassing the 220,000 units sold throughout 2025.

The rapid growth comes as Tesla and China's BYD expand their presence in Korea with competitively-priced models. Their growing sales have helped accelerate the shift toward EVs, challenging the perception that high prices and limited consumer acceptance would keep the market in a prolonged period of sluggish demand.

However, the transition remains incomplete. Charging inconvenience, vehicle prices and concerns over battery performance and resale values continue to weigh on some potential buyers, suggesting that the market has yet to reach full mainstream adoption.

An industry official said the complete transition to an all-electric market would still take time, but that continued price stabilization and infrastructure expansion would make wider adoption increasingly difficult to avoid.

“Consumers are still going through a transition period due to factors such as charging inconvenience and high vehicle prices,” the official said. “But as EV prices stabilize and charging infrastructure expands further, it will be difficult to avoid EVs becoming mainstream before long,” the official said.

The growing turnover of used EVs offers an additional sign that consumer acceptance is expanding beyond early adopters. If stronger demand helps support resale values, it could create a reinforcing cycle in which greater confidence in the secondhand market encourages more consumers to consider buying new EVs.