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 are 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, South Korea Electric Motor Market is expected to grow during 2022-2028. 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 infrastructures projects underway in the country are expected to boost the sales of electric vehicles in South Korea in the impending 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 high initial investment cost associated with electric motors are expected to hamper the growth of South Korea Electric Motor Industry in the coming time frame.

Impact of COVID-19 on South Korea Electric Motor Market

The COVID-19 pandemic impacted each industry across the globe. The South Korea Electric Motor Market was adversely affected by the wake of epidemic due to the decrease in global demand for electric motors and disrupted supply chains. In addition, many companies have reduced their investment in research and development (R&D) due to the economic downturn, which is likely to have a long-term impact on novelty in this industry. China is the major supplier of electric motors to South Korea. Thus, the outburst disrupted the supply chain and led to a sharp increase in prices.

Market analysis based on Motor Type

By Motor Type, the Alternate Current (AC) Motor is expected to hold the largest share of the South Korea Electric Motor Market which is a part of Asia Pacific Electric Motor Market during the forecast period backed by increasing consumer preferences.

Market analysis based on Speed

The market is segmented on the basis of speed is bifurcated into 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), and Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)). Among these, the High-Speed Electric Motors (25,001-75,000 RPM) is accounted to dominate the South Korea Electric Motor Market share over the forecast period.

Competitive Landscape

The South Korea Electric Motor Market is highly competitive with a large number of manufacturers competing for market share. These companies have strong brand equity and extensive distribution networks, which give them a significant competitive advantage over other players in the industry. Moreover, the major companies manufacture a wide range of electric motors for a variety of applications.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• 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, 2021
• Forecast of South Korea Electric Motor Market, 2028
• Historical Data and Forecast of South Korea Electric Motor Revenues & Volume for the Period 2018 - 2028
• 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 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Alternate Current (AC) Motor for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Direct Current (DC) Motor for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Hermetic Motor for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Voltage Range for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 9 V & Below for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 10-20 V for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 21-60 V for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By 60 V & Above for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Application for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Industrial machinery for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Motor vehicles for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Heating, ventilating, and cooling (HVAC) equipment for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Aerospace & transportation for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Household appliances for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Other for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Electric Motor Market Revenues & Volume By Speed (RPM) for the Period 2018 - 2028
• 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 2018 - 2028
• 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 2018 - 2028
• 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 2018 - 2028
• 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 2018 - 2028
• 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))

Frequently Asked Questions About the Market Study: FAQs

1. Which factors indicating the upward trend in the market?

The major factors indicating the upward trend in the market are rising demand for energy-efficient motors and the increasing adoption of electric vehicles in the country.

2. How big is the South Korea Electric Motor Market?

The South Korea Electric Motor Market Size was estimated at USD XX million in recent years and expected to reach USD XX million over the forecast period.

3. What factors hinders the industry growth during the forecast period?

Factors hindering the industry growth include the lack of standardization, strict regulations, and high initial investment.

4. Which factors influencing the demand for the market?

Rapidly industrializing economy, the government initiatives, and rising environmental concerns are the factors influencing the market demand.