Market Forecast By Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, Hermetic Motor), By Voltage Range (9 V & Below, 10-20 V, 21-60 V, 60 V & Above), By Application (Industrial machinery, Motor vehicles, Heating, ventilating, and cooling (HVAC) equipment, Aerospace & transportation, Household appliances, Other), By Speed (RPM) (Low-Speed Electric Motors (Less Than 1,000 RPM), Medium-Speed Electric Motors (1,001-25,000 RPM), High-Speed Electric Motors (25,001-75,000 RPM), Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)) And Competitive Landscape
Product Code: ETC041104 | Publication Date: Dec 2023 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
South Korea Electric Motor market currently, in 2023, has witnessed an HHI of 1817, Which has increased slightly as compared to the HHI of 1687 in 2017. The market is moving towards moderately competitive. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
South Korea Electric Motor Market report thoroughly covers the market by motor type, by voltage range, by application, and by speed. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
South Korea Electric Motor Market is anticipated to witness significant growth over the years on the back of government initiatives to promote the adoption of electric vehicles. South Korea is one of the foremost countries in the adoption of EVs. The increasing adoption of energy-efficient motors in various industries such as automotive, HVAC, and compressors is expected to indicate the upward trend in the South Korea Electric Motor Market over the forecast period owing to the stringent government regulations regarding energy efficiency and carbon emissions. Moreover, the growing demand for EVs is one of the major driving factors of this market. Further, with rising concerns about greenhouse gas emissions, many industries are shifting towards electric motors due to their environment-friendly nature. Therefore, the South Korea Electric Motor Market Growth is expected to proliferate in the coming years.
According to 6Wresearch, the South Korea Electric Motor Market size is estimated to be around $9.89 billion growing at a CAGR of 7.2% during the forecast period of 2024-2030. The market is driven by the increasing demand for energy-efficient motors, the growing automotive industry, and the government's initiatives to promote the adoption of electric vehicles. The government is supporting the growth of this market by providing subsidies and tax exemptions on electric vehicles. Moreover, the infrastructure projects underway in the country are expected to boost the sales of electric vehicles in South Korea in the future years. The demand for energy-efficient motors is also increasing on the back of stringent regulations related to energy efficiency. The government has set minimum energy efficiency standards for motors used in different applications. Moreover, the factors influencing the demand for electric motors in South Korea are rapidly industrializing economy. However, lack of awareness about energy-efficient motors, and the high initial investment costs associated with electric motors are expected to hamper the growth of South Korea Electric Motor Industry in the coming time frame.
The South Korea government has been implementing various policies and schemes to support the South Korea Electric Motor Market Growth. One of the latest policies is the National Strategy for Electric-vehicle Ecosystem, which aims to enable an eco-friendly ecosystem for electric vehicles by 2030. The policy seeks to introduce more electric vehicles in the market and promote the establishment of a charging infrastructure network. This initiative is expected to increase the adoption of electric motors and boost the market significantly. Another significant policy introduced by the government is the Renewable Portfolio Standard (RPS), which mandates electricity suppliers to produce a certain percentage of electricity from renewable sources. The RPS program aims to reduce greenhouse gas emissions and promote the use of renewable energy sources, including wind, solar, and hydroelectricity. This initiative is expected to increase the demand for electric motors used in generating renewable energy.
Leading players such as Hyundai Heavy Industries Co. Ltd., Nidec Corporation, LG Electronics, and Samsung Electro-Mechanics have been introducing innovative products to cater to the growing demand for energy-efficient electric motors. For instance, Nidec Corporation has launched several new models of brushless DC motors and frameless torque motors that are energy-efficient and offer high performance. These motors have a wide range of applications in various industries, including automotive, industrial automation, and consumer electronics.
According to Shivankar, Research Manager, 6Wresearch, AC motors are experiencing growth in the market. This growth is mainly attributed to the increasing demand for electric vehicles and the government's push towards green energy.
Based on Application, motor vehicles are experiencing significant growth primarily due to government incentives and regulations to promote eco-friendly vehicles.
By Voltage Range, the 60 V and above range is experiencing growth and is forecast to lead the South Korea Electric Motor Market Share over the projected period due to the increasing demand for hybrid and electric cars, which use higher voltage motors.
By Speed, medium-speed electric motors are expected to hold the dominant position in the market due to their use in industrial machinery and electric vehicles.
The report offers a comprehensive study of the subsequent market segments:
1. Executive Summary |
2. Introduction |
2.1. Report Description |
2.2. Key Highlights of The Report |
2.3. Market Scope & Segmentation |
2.4. Research Methodology |
2.5. Assumptions |
3. South Korea Electric Motor Market Overview |
3.1. South Korea Country Indicators |
3.2. South Korea Electric Motor Market Revenues, 2020-2030F |
3.3. South Korea Electric Motor Market Revenue Share, By Voltage, 2020 & 2030F |
3.4. South Korea Electric Motor Market Revenue Share, By Types, 2020 & 2030F |
3.5. South Korea Electric Motor Market Revenue Share, By Applications, 2020 & 2030F |
3.6. South Korea Electric Motor Market Revenue Share, By End-Users, 2020 & 2030F |
3.7. South Korea Electric Motor Market - Industry Life Cycle |
3.8. South Korea Electric Motor Market - Porterโs Five Forces |
4. South Korea Electric Motor Market Dynamics |
4.1. Impact Analysis |
4.2. Market Drivers |
4.3. Market Restraints |
5. South Korea Electric Motor Market Trends |
6. South Korea Electric Motor Market Overview, By Voltage |
6.1. South Korea Low Voltage Electric Motor Market Revenues, 2020-2030F |
6.2. South Korea Medium Voltage Electric Motor Market Revenues, 2020-2030F |
6.3. South Korea High Voltage Electric Motor Market Revenues, 2020-2030F |
7. South Korea Electric Motor Market Overview, By Types |
7.1. South Korea Electric Motor Market Revenues, By AC Type, 2020-2030F |
7.2. South Korea Electric Motor Market Revenues, By DC Type, 2020-2030F |
8. South Korea Electric Motor Market Overview, By Applications |
8.1. South Korea Electric Motor Market Revenues, By Pump Application, 2020-2030F |
8.2. South Korea Electric Motor Market Revenues, By Fan Application, 2020-2030F |
8.3. South Korea Electric Motor Market Revenues, By Conveyor Application, 2020-2030F |
8.4. South Korea Electric Motor Market Revenues, By Compressors Application, 2020-2030F |
8.5. South Korea Electric Motor Market Revenues, By Other Applications, 2020-2030F |
9. South Korea Electric Motor Market Overview, By End-Users |
9.1. South Korea Electric Motor Market Revenues, By Industrial Processing, 2020-2030F |
9.2. South Korea Electric Motor Market Revenues, By Commercial HVAC, 2020-2030F |
9.3. South Korea Electric Motor Market Revenues, By Automotive, 2020-2030F |
9.4. South Korea Electric Motor Market Revenues, By Consumer Appliances, 2020-2030F |
9.5. South Korea Electric Motor Market Revenues, By Power Generation, 2020-2030F |
9.6. South Korea Electric Motor Market Revenues, By Others, 2020-2030F |
10. South Korea Electric Motor Market - Key Performance Indicators |
11. South Korea Electric Motor Market - Opportunity Assessment |
11.1. South Korea Electric Motor Market Opportunity Assessment, By Types, 2030F |
11.2. South Korea Electric Motor Market Opportunity Assessment, By Applications, 2030F |
12. South Korea Electric Motor Market Competitive Landscape |
12.1. South Korea Electric Motor Market Revenue Share, By Companies, 2023 |
12.2. South Korea Electric Motor Market Competitive Benchmarking, By Operating & Technical Parameters |
13. Company Profiles |
14. Key Recommendations |
15. Disclaimer |
Market Forecast By Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, Hermetic Motor), By Voltage Range (9 V & Below, 10-20 V, 21-60 V, 60 V & Above), By Application (Industrial machinery, Motor vehicles, Heating, ventilating, and cooling (HVAC) equipment, Aerospace & transportation, Household appliances, Other), By Speed (RPM) (Low-Speed Electric Motors (Less Than 1,000 RPM), Medium-Speed Electric Motors (1,001-25,000 RPM), High-Speed Electric Motors (25,001-75,000 RPM), Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)) And Competitive Landscape
Product Code: ETC041104 | Publication Date: Jan 2021 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
South Koreaย Electric Motor Market is projected to grow over the coming year.ย South Koreaย Electric Motor Market report is a part of our periodical regional publicationย Asia Pacific Electric Motor Marketย outlook report.ย 6W tracks electric motor market for over 60 countries with individual country-wise market opportunity assessment and publishes with the report titledย Global Electric Motor Marketย outlook report annually.
South Korea Electric Motor Market report thoroughly covers market by motor type, speed, voltage and application. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
South Korea Electric Motor Market Synopsis
South Korea Electric Motor Market is likely to gain momentum during the forecast period owing to the increasing penetration towards environment concern. Increasing investment on infrastructure development along with growing construction sector beholds the increasing growth of the electric motor market. The demand for energy efficient motor is further driving the development of the market. The advent of better insulation material is also leading to the growth of the market. Increasing governmentโs initiative in order to promote the usage of electric vehicle is likely to fuel the growth of the market.
According to 6Wresearch, South Korea Electric Motor Market size is projected to register growth during 2020-2026. High spike in the prices of fuel is driving the growth of electric motor market. Growing demand for electricity backed by rising population trigger the potential growth of the market. Increasing development in agriculture, automotive and industrial sector is propelling the electric motor market. However, the sudden outbreak of COVID-19 has negatively affected the growth of the market backed by nationwide lockdown leading to disruption in supply chain.
Market Analysis by Motor type
On the basis of motor type, AC segment is expected to dominate the market on account of rising consumer preference.
Market Analysis by Speed
On the basis of speed, the high-speed segment accounted the largest share and is expected to dominate during the forecast period as well. ย
Key Attractiveness of the Report
Key Highlights of the Report:
Market Segmentation:
The report provides a detailed analysis of the following market segments: