South Korea Electric Motor Market (2024-2030) | Trends, Value, Revenue, Forecast, Analysis, Outlook, Growth, Industry, Size, Share, Segmentation

Topics Covered in the South Korea Electric Motor 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 Synopsis

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.

Government policies and schemes introduced in the South Korea Electric Motor Industry

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.

Important Players in the South Korea Electric Motor Market

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.

Market Analysis by Motor Type

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.

Market Analysis by Application

Based on Application, motor vehicles are experiencing significant growth primarily due to government incentives and regulations to promote eco-friendly vehicles.

Market Analysis by Voltage Range

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.

Market Analysis by Speed

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.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• South Korea Electric Motor Market Outlook
• Market Size of South Korea Electric Motor Market, 2023
• Forecast of South Korea Electric Motor Market, 2030
• Historical Data and Forecast of South Korea Electric Motor Revenues & Volume for the Period 2020 - 2030
• South Korea Electric Motor Market Trend Evolution
• South Korea Electric Motor Market Drivers and Challenges
• South Korea Electric Motor Price Trends
• South Korea Electric Motor Porter's Five Forces
• South Korea Electric Motor Industry Life Cycle
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Motor Type for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Alternate Current (AC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Direct Current (DC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Hermetic Motor for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Voltage Range for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 9 V & Below for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 10-20 V for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 21-60 V for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 60 V & Above for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Industrial Machinery for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Motor Vehicles for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Heating, ventilating, and cooling (HVAC) equipment for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Aerospace & transportation for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Household Appliances for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Other for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Speed (RPM) for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Low-Speed Electric Motors (Less Than 1,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Medium-Speed Electric Motors (1,001-25,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By High-Speed Electric Motors (25,001-75,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM) for the Period 2020 - 2030
• South Korea Electric Motor Import Export Trade Statistics
• Market Opportunity Assessment By Motor Type
• Market Opportunity Assessment By Voltage Range
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Speed (RPM)
• South Korea Electric Motor Top Companies Market Share
• South Korea Electric Motor Competitive Benchmarking By Technical and Operational Parameters
• South Korea Electric Motor Company Profiles
• South Korea Electric Motor Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

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)