New winds blow towards land in Korea
While the South Korean marine and offshore sector continues to be marked by economic downturn, new opportunities are emerging in the industry. An increased openness towards foreign products is now making it possible to compete with Korean brands.
It is no longer necessary for ‘Made in Korea’ to be stamped on the motor when South Korean industrial firms decide to purchase a product. After a long period in which only very few foreign brands had a chance of competing with Korean manufacturers, a new era of openness is underway, and this is certainly something Hoyer has noticed.
“The traditional Korean motor brands have long been the favourites in the industrial sector. Lately, though, a focus on motor prices has helped pave the way for foreign motor manufacturers. Customers are no longer so dismissive when it comes to choosing motors that aren’t manufactured in Korea,” says Dong-min Lee, Hoyer Motors’ Country Manager in South Korea.
Growth on the way in the industry
Unlike the Korean marine and offshore sector, which has been struggling for some time, the country’s land-based industry is in a period of stable development and is expected to grow next year. And there is a wealth of great opportunities for foreign companies with a focus on quality, documentation and service.
“Foreign manufacturers are helping to break the Korean dominance of the market, but most of them then lag when it comes to areas such as branding and service. In our line of business customer demand is quite high for suppliers that can not only sell motors, but also have the necessary insight into applications such as compressors, ventilation and pumps to be able to deliver complete solutions that fit the customer’s exact needs,” Mr. Lee explains.
Hoyer wins over customers on land
Many of Hoyer’s customers manufacture applications for both the marine and industrial sectors, and this has opened some important doors for Hoyer on the mainland. Hoyer also recently hired a key account manager to oversee the company’s dealings with the industrial sector. With extensive experience in the Korean industrial sector, he has a large portion of the important knowledge that customers demand.
“Hoyer has a strong brand in the Korean marine industry, and it’s clear that it’s also helping to drive demand back on land. Furthermore, we’ve invested in having our industrial motors tested and certified by a third party. This has allowed us to quickly build up solid documentation proving that we meet energy, efficiency and other requirements. Along with our sales team’s extensive experience and focus on service, it’s helping to lure more industrial clients to Hoyer,” says Mr. Lee.