Electric motors account for 42.9 % (as of 2010) of electricity consumption in the Korean manufacturing sector, which represents 20.9 % of total electric power demand in Korea. Efficient use of motors in the manufacturing sector is therefore essential in controlling electric power demand in Korea. This study analyzes the potential and economic feasibility of reducing electric motor electricity consumption in the Korean manufacturing sector. Presently, Korea only enforces minimum energy performance standards (MEPS) for three-phase induction electric motors rated 200 kW or less, and the industrial electricity price is much lower than the Organization for Economic Co-operation and Development (OECD) average. In addition, load factors of electric motors are generally far below optimal efficiency, and variable-speed drive (VSD) installation rates are lower than in other advanced countries. This study analyzes the amount and cost of reducing electricity consumption under each of the following scenarios, modeled as additional strategies to the current MEPS, for reducing energy consumption: (1) expansion of MEPS enforcement, (2) increasing the industrial electricity price, (3) enhancement of motor load factors, and (4) installation of VSDs. This study found that increasing the industrial electricity price has the largest electricity reduction potential and is economically most beneficial to the society.