In 2023, the import value of electric motors and generators to South Korea stood at 2.3277 billion USD. Over the past two years, the year-on-year variation was 2.82% in 2022 and 2.69% in 2023. The compound annual growth rate (CAGR) over the last five years from 2019 to 2023 was 3.45%. These figures show a consistent growth pattern with mild fluctuations, except for a significant drop in 2020 followed by a strong recovery in 2021.
Looking ahead, a continuous growth trend is anticipated based on forecast data from 2024 to 2028. The projected five-year compound annual growth rate (CAGR) is 2.02%, indicating moderate yet steady growth, with an expected overall increase of 10.5% in value by 2028.
Future trends to watch for:
- Advancements in electric vehicle technology driving increased demand.
- Global supply chain dynamics and their impact on import costs.
- Government policies and incentives for clean energy adoption.
- Technological innovations in manufacturing efficiency and capabilities.
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