South Korea's central bank has ranked the nation fifth in the world in terms of competitiveness in electric vehicles(EV) and seventh in the adoption of autonomous vehicles.

In a report on Monday, the Bank of Korea(BOK) expected the future vehicle market, combined with information and communication technology(ICT), to rapidly grow amid a stagnation in the traditional auto industry.

Data from Bloomberg, Korea Technology and Information Promotion Agency for SMEs and Samjong KPMG showed that the EV market is forecast to expand by an annual average of 31 percent between 2020 and 2030.

The autonomous vehicle market is projected to grow 40 percent each year until 2035.

South Korea's electric vehicle index(EVI) last year came in fifth, after China, Germany, the U.S. and Japan. The country ranked seventh last year on an index for autonomous vehicles.