In this article, I have studied the impact of vehicle prices, subsidies/penalties and tax incentives that affect the hybrid car market penetration in Korea. I have adopted an agent based modelling to analyse dynamic interaction between market participants. To derive the analytical results close to the current, realistic context of Korea, I have used real statistical data from government agencies and private institutions. The analysis results show that the investigated factors affect consumer-purchase. Especially, vehicle price change has highly significant influence on the market share of hybrid electric vehicles (HEVs) in Korea. Subsidy/penalty policy of Korea turns out to have rather less effect on HEV penetration. Furthermore, unlike the research findings for other countries, fuel price changes do not nearly affect the penetration rate.