Electric Commercial Vehicle Traction Motor Market
Electric Commercial Vehicle Traction Motor Market Forecasts to 2030 - Global Analysis By Design (Radial Flux, Axial Flux and Other Designs), Vehicle Type, Power Output, Motor Type, Transmission, Axle Architecture, Application and By Geography
According to Stratistics MRC, the Global Electric Commercial Vehicle Traction Motor Market is accounted for $2.1 billion in 2024 and is expected to reach $4.10 billion by 2030 growing at a CAGR of 11.8% during the forecast period. An Electric Commercial Vehicle Traction Motor is a type of electric motor specifically designed to drive the wheels of electric commercial vehicles, such as trucks, buses, and vans. These motors convert electrical energy from the vehicle's battery into mechanical power, enabling efficient propulsion and movement. Traction motors are crucial for enhancing performance, torque, and acceleration while minimizing energy consumption and emissions. They play a key role in the transition to sustainable transportation by supporting the electrification of commercial fleets.
Market Dynamics:
Driver:
Cost reduction in battery technology
Lower battery prices reduce the overall cost of electric vehicles, enhancing their competitiveness against traditional internal combustion engine vehicles. As batteries become more efficient, offering longer ranges and faster charging times, consumer confidence increases. This shift not only drives higher adoption rates of electric commercial vehicles but also encourages manufacturers to invest in advanced traction motor technologies, further accelerating market growth.
Restraint:
Limited charging infrastructure
Inadequate access to charging stations makes it challenging for fleet operators to manage routes efficiently and increases operational downtime during recharging. This uncertainty can lead to higher costs and logistical complications compared to traditional vehicles. Additionally, without a robust charging network, companies may hesitate to invest in electric commercial vehicles, slowing market growth and delaying the transition to sustainable transportation solutions.
Opportunity:
Increased focus on sustainability
Companies are seeking to reduce their carbon footprints, leading to greater investments in electric commercial vehicles (ECVs) that utilize traction motors for efficient propulsion. Governments are implementing stricter emission regulations and offering incentives for electric vehicle adoption, further motivating businesses to transition from traditional diesel fleets. This shift not only meets environmental goals but also enhances brand reputation, making electric commercial vehicles more attractive to fleet operators and consumers alike, thereby propels the growth of the market.
Threat:
Fluctuating raw material prices
Fluctuating raw material prices such as lithium, cobalt, and rare earth elements are essential for manufacturing batteries and motors, and their price volatility can lead to unpredictable manufacturing expenses. This uncertainty may deter investment in electric vehicle production and innovation, resulting in higher prices for end consumers. Additionally, manufacturers may face difficulties in long-term planning and supply chain stability, ultimately hindering the growth and adoption of electric commercial vehicles.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the Electric Commercial Vehicle Traction Motor market, causing disruptions in supply chains and manufacturing operations. Lockdowns and restrictions slowed production, leading to delays in vehicle deliveries. However, the crisis also accelerated the shift towards electrification as businesses sought sustainable solutions to reduce emissions and operational costs. Increased demand for electric vehicles in logistics and delivery sectors emerged, driven by changing consumer behaviours.
The buses & coaches segment is expected to be the largest during the forecast period
The buses & coaches segment is estimated to have a lucrative growth, due to the demand for sustainable public transportation solutions. With rising urbanization and environmental concerns, cities are increasingly adopting electric buses to reduce emissions and improve air quality. Additionally, advancements in traction motor technology enhance efficiency, performance, and range, making electric buses more attractive to operators. This segment’s expansion supports infrastructure development, increases charging networks, and fosters innovation in electric vehicle technologies, benefiting the entire market.
The on-highway segment is expected to have the highest CAGR during the forecast period
The on-highway segment is anticipated to witness the highest CAGR growth during the forecast period, due to high demand for electric trucks, buses, and vans used in logistics, public transportation, and freight delivery. Additionally, advancements in battery technology and charging infrastructure enhance the feasibility of electric on-highway vehicles, making them more appealing to fleet operators. As urbanization grows, the need for sustainable transport solutions in on-highway applications continues to rise, further boosting market growth.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to increased urbanization, government initiatives, and rising environmental concerns. Countries like China, Japan, and India are leading the charge, with significant investments in electric vehicle infrastructure and favourable policies promoting electric commercial vehicles. The region is witnessing advancements in traction motor technology, enhancing efficiency and performance. Additionally, the growing logistics and e-commerce sectors are boosting demand for electric trucks and buses, positioning Asia Pacific as a key player in the global electric commercial vehicle market.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to increased investments in electric vehicle technology and supportive government policies promoting sustainability. Major players are focusing on developing high-performance traction motors to enhance vehicle efficiency and range. The region's expanding charging infrastructure and rising consumer awareness of environmental issues further stimulate demand. Additionally, the logistics and transportation sectors are increasingly adopting electric commercial vehicles, bolstered by advancements in battery technology. North America's strong automotive industry landscape positions it as a key player in the global electric commercial vehicle market.
Key players in the market
Some of the key players profiled in the Electric Commercial Vehicle Traction Motor Market include Bosch (Robert Bosch GmbH), Nidec Corporation, Siemens AG, Toshiba Corporation, ZF Friedrichshafen AG, BorgWarner Inc., Danfoss Power Solutions, ABB Ltd., Tesla, Inc., Continental AG, Dana Incorporated, YASA Limited, Magna International Inc., Hitachi Automotive Systems, Ltd., Mitsubishi Electric Corporation, Wolong Electric Group, Wabtec Corporation, AMETEK, Inc., Mahle GmbH and Valeo S.A.
Key Developments:
In July 2024, Toshiba made a significant corporate venture capital investment in Quantonation II, a European quantum technology fund. This collaboration aims to accelerate quantum technology development and support the global quantum ecosystem, driving innovations in quantum internet and secure communications.
In January 2024, ABB extended its partnership with the ABB FIA Formula E World Championship, focusing on sustainability and innovation in electric mobility. The collaboration not only enhances ABB's brand visibility but also contributes to the advancement of electric vehicle technologies and sustainable practices in the transportation sector.
In December 2023, Siemens and Intel signed a Memorandum of Understanding to enhance semiconductor manufacturing efficiency and sustainability. The partnership will focus on advancing digitalization, evolving factory operations, and supporting a resilient global industry ecosystem
Designs Covered:
• Radial Flux
• Axial Flux
• Other Designs
Vehicle Types Covered:
• Pickup Trucks
• Trucks
• Vans
• Buses & Coaches
• Other Vehicle Types
Power Outputs Covered:
• Less than 100 kW
• 100−200 kW
• 200-400 kW
• Above 400 kW
Motor Types Covered:
• Permanent Magnet Synchronous Motor (PMSM)
• AC Induction Motor
• DC Traction Motor
• Other Motor Types
Transmissions Covered:
• Single Speed Drive
• Multi-speed Drive
Axle Architectures Covered:
• Integrated Axle
• Central Drive Unit
• Other Axle Architectures
Applications Covered:
• On-Highway
• Off-Highway
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electric Commercial Vehicle Traction Motor Market, By Design
5.1 Introduction
5.2 Radial Flux
5.3 Axial Flux
5.4 Other Designs
6 Global Electric Commercial Vehicle Traction Motor Market, By Vehicle Type
6.1 Introduction
6.2 Trucks
6.3 Vans
6.4 Buses & Coaches
6.5 Other Vehicle Types
7 Global Electric Commercial Vehicle Traction Motor Market, By Power Output
7.1 Introduction
7.2 Less than 100 kW
7.3 100−200 kW
7.4 200-400 kW
7.5 Above 400 kW
8 Global Electric Commercial Vehicle Traction Motor Market, By Motor Type
8.1 Introduction
8.2 Permanent Magnet Synchronous Motor (PMSM)
8.3 AC Induction Motor
8.4 DC Traction Motor
8.5 Other Motor Types
9 Global Electric Commercial Vehicle Traction Motor Market, By Transmission
9.1 Introduction
9.2 Single Speed Drive
9.3 Multi-speed Drive
10 Global Electric Commercial Vehicle Traction Motor Market, By Axle Architecture
10.1 Introduction
10.2 Integrated Axle
10.3 Central Drive Unit
10.4 Other Axle Architectures
11 Global Electric Commercial Vehicle Traction Motor Market, By Application
11.1 Introduction
11.2 On-Highway
11.2.1 Urban Delivery
11.2.2 Long Haul Transport
11.3 Off-Highway
11.3.1 Construction
11.3.2 Mining
11.3.3 Agriculture
11.4 Other Applications
12 Global Electric Commercial Vehicle Traction Motor Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Bosch (Robert Bosch GmbH)
14.2 Nidec Corporation
14.3 Siemens AG
14.4 Toshiba Corporation
14.5 ZF Friedrichshafen AG
14.6 BorgWarner Inc.
14.7 Danfoss Power Solutions
14.8 ABB Ltd.
14.9 Tesla, Inc.
14.10 Continental AG
14.11 Dana Incorporated
14.12 YASA Limited
14.13 Magna International Inc.
14.14 Hitachi Automotive Systems, Ltd.
14.15 Mitsubishi Electric Corporation
14.16 Wolong Electric Group
14.17 Wabtec Corporation
14.18 AMETEK, Inc.
14.19 Mahle GmbH
14.20 Valeo S.A.
List of Tables
1 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Region (2022-2030) ($MN)
2 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Design (2022-2030) ($MN)
3 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Radial Flux (2022-2030) ($MN)
4 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Axial Flux (2022-2030) ($MN)
5 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Other Designs (2022-2030) ($MN)
6 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Vehicle Type (2022-2030) ($MN)
7 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Trucks (2022-2030) ($MN)
8 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Vans (2022-2030) ($MN)
9 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Buses & Coaches (2022-2030) ($MN)
10 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Other Vehicle Types (2022-2030) ($MN)
11 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Power Output (2022-2030) ($MN)
12 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Less than 100 kW (2022-2030) ($MN)
13 Global Electric Commercial Vehicle Traction Motor Market Outlook, By 100−200 kW (2022-2030) ($MN)
14 Global Electric Commercial Vehicle Traction Motor Market Outlook, By 200-400 kW (2022-2030) ($MN)
15 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Above 400 kW (2022-2030) ($MN)
16 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Motor Type (2022-2030) ($MN)
17 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Permanent Magnet Synchronous Motor (PMSM) (2022-2030) ($MN)
18 Global Electric Commercial Vehicle Traction Motor Market Outlook, By AC Induction Motor (2022-2030) ($MN)
19 Global Electric Commercial Vehicle Traction Motor Market Outlook, By DC Traction Motor (2022-2030) ($MN)
20 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Other Motor Types (2022-2030) ($MN)
21 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Transmission (2022-2030) ($MN)
22 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Single Speed Drive (2022-2030) ($MN)
23 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Multi-speed Drive (2022-2030) ($MN)
24 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Axle Architecture (2022-2030) ($MN)
25 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Integrated Axle (2022-2030) ($MN)
26 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Central Drive Unit (2022-2030) ($MN)
27 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Other Axle Architectures (2022-2030) ($MN)
28 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Application (2022-2030) ($MN)
29 Global Electric Commercial Vehicle Traction Motor Market Outlook, By On-Highway (2022-2030) ($MN)
30 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Urban Delivery (2022-2030) ($MN)
31 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Long Haul Transport (2022-2030) ($MN)
32 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Off-Highway (2022-2030) ($MN)
33 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Construction (2022-2030) ($MN)
34 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Mining (2022-2030) ($MN)
35 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Agriculture (2022-2030) ($MN)
36 Global Electric Commercial Vehicle Traction Motor Market Outlook, By Other Applications (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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