Key Features of Electric Vehicle Diffusion and Its Impact on the Korean Power Market

Abstract

Abstract:The market share of electric vehicles is growing and the interest in these vehicles is rapidly increasing in industrialized countries. In the light of these circumstances, this study provides an integrated policy-making package, which includes key features for electric vehicle diffusion and its impact on the Korean power market. This research is based on a quantitative analysis with the following steps: (1) it analyzes drivers' preferences for electric or traditional internal combustion engine (ICE) vehicles with respect to key automobile attributes and these key attributes indicate what policy makers should focus on; (2) it forecasts the achievable level of market share of electric vehicles in relation to improvements in their key attributes; and (3) it evaluates the impact of electric vehicle diffusion on the Korean power market based on an achievable level of market share with different charging demand profiles. Our results reveal the market share of electric vehicles can increase to around 40% of the total market share if the key features of electric vehicles reach a similar level to those of traditional vehicles. In this estimation, an increase in the power market's system generation costs will reach around 10% of the cost in the baseline scenario, which differs slightly depending on charging demand profiles.

National Culture and the Market Development of Battery Electric Vehicles in 21 Countries

“…The dependent variable is the market share (% of total automobile sales) of pure battery EVs (BEVs) in 2019 and 2020. EVs with both battery and internal combustion engines ("hybrid") sell better in most car markets because of their longer driving ranges [88]; thus, vehicles that obtain energy entirely from the battery require a complete shift in the consumer mind-set and represent a more disruptive innovation [89]. BEVs are exciting to study, as the automotive industry is typically averse to more radical technological changes [90].…”

Different Scenarios of Electric Mobility: Current Situation and Possible Future Developments of Fuel Cell Vehicles in Italy

“…Authors tend to prefer empirical studies, discrete choice models using stated preference data are frequently adopted in previous studies, conducted on consumer preferences, by considering a small group of items such the type of fuel vehicle, that is, ICE, BEV, PHBEV. The study of forecasting models can lead to provide the right political implications for particular countries like Korea [39].…”

A Route Choice Model for Capturing Driver Preferences When Driving Electric and Conventional Vehicles

“…Recently, governments have promoted BEVs by designing investment programs, legislation pieces and taxation policies [1][2][3][4][5][6][7][8], while manufacturers have innovated battery technology to improve performance and also reduce the range anxiety that relates to the poor adoption of BEVs [9][10][11][12][13]. The design of programs and policies alongside the innovation in battery technology are expected to jolt the system and stimulate a future rapid BEV growth, as reflected in demand assessments predicting reasonable market shares by 2020 [1,14,15] and conspicuous market shares by 2030-2050 [14,[16][17][18]. However, the market penetration of BEVs has been lethargic because of high costs [9,[19][20][21], significant limits in driving range [22,23], anxiety and uncertainty related to the driving range [10,[24][25][26], notable deficiencies in public charging infrastructure [27][28][29][30], and specific battery issues such as limited charge cycle and questionable stability [31][32][33][34].…”