South Korea Electric Motor Market Overview, 2029

South Korea Electric Motor Market Overview, 2029

With a strong industrial sector, South Korea's electric motor industry is expanding steadily. Electric motors are used extensively in conveyor systems and robotics, among other applications. The need for high-performance electric motors is growing as more businesses automate operations. Energy-efficient solutions are highly valued as worries about sustainability and energy usage grow. Electric motors are essential for increasing efficiency in appliances and businesses alike. Energy-efficient electric motor adoption is further accelerated by government rules and incentives. There is a growing need for electric motors utilized in vehicle propulsion as a result of South Korea's notable advancements in electric mobility. As the EV industry grows, domestic manufacturers are adjusting their products to satisfy changing demands. As part of the worldwide effort to tackle climate change, South Korea is allocating resources towards renewable energy. Systems that use renewable energy, like solar panels and wind turbines, cannot function without electric motors. The country's increasing reliance on renewable energy sources is expected to drive rising demand for electric motors in this industry. The electric motor business is undergoing a swift technical advancement, which encompasses the creation of more intelligent and efficient motor designs. Leading the way in innovation, South Korean businesses invest heavily in R&D to maintain their competitiveness on a worldwide scale. Due to reasons including industrial automation, energy efficiency programs, the rise of electric vehicles (EVs), investments in renewable energy, and technical innovation, the electric motor industry in South Korea is booming.

According to the research report ""South Korea Electric Motor Market Overview, 2029,"" published by Bonafide Research, the South Korea Electric Motor market is expected to reach a market size of more than USD 7.0 Billion by 2029. The South Korean electric motor market is expanding in a number of ways, thanks to a number of variables that support both qualitative and quantitative progress. The market for electric motors is expanding, and this is one facet of its growth. Demand is rising in a number of industries, including manufacturing, automobiles, renewable energy, and appliances. Electric motors are becoming more and more necessary as industries grow and evolve. In terms of money made, units sold, and market share gained by electric motor makers, this growth is measurable. Electric motors are multipurpose tools that find utility in consumer electronics and industrial automation, among other fields. Electric motors find increasing variety in applications as new industries and technological advancements take place. Technological improvement is another factor contributing to the growth of the electric motor market. This covers advancements in control systems, materials, efficiency, and motor design. Electric motor performance, energy economy, and dependability are all increased by innovations including sensor-based monitoring, digital control algorithms, and rare earth magnet motor development. Electric motor producers are able to provide increasingly sophisticated products that satisfy changing industry and customer demands thanks to technological advancements. A further characteristic of the electric motor industry's growth is its rising adoption and market penetration. This entails extending the use of electric motors into untapped markets and geographic areas.

The efficiency, dependability, and adaptability of AC motors make them popular in a variety of sectors. Pumps, fans, compressors, and conveyors are just a few of the frequent uses for them. The robust automotive, electronics, and equipment sectors in South Korea are the main drivers of the country's need for AC motors. The equipment and machinery used in these industries' manufacturing processes are mostly powered by AC motors. Because DC motors have a large torque capacity and accurate speed control, they are a good fit for machines, electric cars, and robotics that need to operate at changing speeds. In South Korea, DC motors are utilized in actuators, propulsion systems, and control mechanisms across a range of industries, including the automotive, aerospace, and defense sectors. Hermetic motors are sealed and made to work in hostile settings or in circumstances where exposure to dust, moisture, or other impurities is a worry. Applications including air conditioning, refrigeration, and pumping systems frequently employ them. Hermetic motors are in high demand in South Korea due to the nation's booming HVAC (Heating, Ventilation, and Air Conditioning) sector, which encompasses both commercial and residential applications. HVAC systems require hermetic motors because they run fans and compressors that provide cooling and air movement.

In a variety of sectors and industries, low to medium power applications are commonly employed for motors that operate at voltages as high as 1 kV. These motors are frequently seen in fans, pumps, tiny machines, and appliances. The South Korean industrial sector, which includes the electronics, automotive, and consumer products sectors, is the main driver of demand for motors in this voltage range. These industries use low-voltage motors for a variety of purposes, such as powering building ventilation systems and assembly line equipment. Large-scale machinery, industrial pumps, compressors, conveyors, and other medium- to high-power applications frequently employ motors running at voltages between 1 kV and 6.6 kV. South Korea's heavy sectors, which include steel, petrochemicals, and manufacturing, are the main sources of demand for motors in this voltage range. In order to run their heavy gear and equipment throughout the production process, these industries need medium-voltage motors. Large-scale industrial operations, utilities, and power production facilities are examples of high-power applications that often require motors running at voltages higher than 6.6 kV. The utility and energy industries of South Korea are the main consumers of motors in this voltage range as they need high-voltage motors for power generation, transmission, and distribution. Pumps, fans, compressors, generators, and other devices use these motors.

In several kinds of vehicles, such as trucks, buses, commercial vehicles, and passenger automobiles, electric motors are essential components. The power auxiliary systems, propel the car, and regulate windows, mirrors, and seats, among other things. South Korea's dedication to electric mobility and lowering transportation-related pollutants is what is driving the market for electric motors in motor vehicles in that nation. Demand for electric motors used in EV drivetrains and auxiliary systems are increasing as a result of government initiatives to encourage the use of electric cars (EVs) through infrastructure development, incentives, and subsidies. A vast array of tools and systems used in building, manufacturing, and other industrial operations are together referred to as industrial machinery. Industrial machinery cannot function properly without electric motors, which power a wide range of devices including machine tools, conveyor systems, compressors, pumps, and conveyor systems. The robust manufacturing sector in South Korea, encompassing industries like automotive, electronics, and machinery manufacture, is the primary driver of demand for electric motors in industrial machinery. Electric motors play a major role in powering machinery and equipment in these sectors throughout production operations. HVAC equipment comprises the systems and gadgets that are used in cars, buildings, and other enclosed places for heating, cooling, and preserving indoor air quality. The electric motors that drive fans, blowers, compressors, and pumps are vital parts of HVAC systems. South Korea's expanding urbanization, infrastructural development, and increased need for pleasant interior conditions are driving demand for electric motors in HVAC equipment. There is an increasing need for HVAC systems with energy-efficient electric motors as cities grow in population. The nation's high living standards, technical advancements, and customer preferences for feature-rich, energy-efficient appliances are what fuel the market for electrical appliances. Electric motors with cutting-edge features and technologies are becoming more and more in demand as people look for appliances that combine performance, convenience, and energy efficiency.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Electric Motor market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Motor Type
• AC Motor
• DC Motor
• Hermetic Motors

By Voltage
• Up to 1 kV
• 1 kV-6.6 kV
• Above 6.6 kV

By Application
• Motor Vehicles
• Industrial Machinery
• HVAC Equipment
• Electrical Appliances
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Electric Motor industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.