Overview and Scope
The electric commercial vehicle traction motor market consists of sales of power electronics, control systems, drivetrain integration solutions, and traction motors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The electric commercial vehicle traction motor market size has grown exponentially in recent years. It will grow from $1.27 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to government incentives for electrification, increasing awareness of environmental impact, improvements in charging infrastructure, and growing demand for sustainable transport solutions.
The electric commercial vehicle traction motor market size is expected to see exponential growth in the next few years. It will grow to $3.42 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to the expansion of electric vehicle (EV) fleets by commercial logistics companies, the adoption of autonomous driving technology in commercial vehicles, and the emergence of new business models like battery swapping for commercial EVs. Major trends in the forecast period include integration with power electronics, development of advanced cooling techniques, implementation of robust design and testing standards, and integration with advanced vehicle systems.
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Segmentation & Regional Insights
The electric commercial vehicle traction motor market covered in this report is segmented –
1) By Vehicle Type: Buses, Trucks, Vans
2) By Design: Axial Flux, Radial Flux
3) By Transmission: Single Speed Drive, Multi-Speed Drive
4) By Power Output: Less Than 100 kW, 100-200 kW, 200-400 kW, Above 400 kW
5) By Motor Type: Permanent Magnet Synchronous Motor (PMSM), Alternating Current (AC) Induction Motor, Direct Current (DC) Traction Motor
Asia-Pacific was the largest region in the electric commercial vehicle traction motor market in 2023. The regions covered in the electric commercial vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising demand for electric heavy commercial vehicles is expected to propel the growth of the electric commercial vehicle traction motor market going forward. Electric heavy commercial vehicles are large vehicles designed for commercial use, such as trucks and buses, that are powered by electric motors instead of traditional internal combustion engines. The rise of electric heavy commercial vehicles is driven by their environmental benefits, cost efficiency, and supportive government policies. Traction motors in electric heavy commercial vehicles supply the power and torque needed for efficient and reliable operation. For instance, in July 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2022, 54,000 new electric buses and an estimated 52,000 electric medium- and heavy-duty trucks were sold in China, compared to 50,000 and 37,000, respectively, in 2021. Therefore, rising demand for electric heavy commercial vehicles is driving the growth of the electric commercial vehicle traction motor market.
Key Industry Players
Major companies operating in the electric commercial vehicle traction motor market are Robert Bosch GmbH, Hitachi Ltd., Siemens AG, Posco International, BYD CO.LTD, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Corporation, ASEA Brown Boveri ABB, Toshiba Group, Valeo SA, Nidec Corporation, Parker Hannifin Corporation, BorgWarner Inc., Dana Limited, American Axle & Manufacturing, Allison Transmission Inc., TECO Electric And Machinery Co., Zhongshan Broad-Ocean Motor Co. Ltd., Remy Group, MAHLE GmbH, Kollmorgen, Equipmake
The electric commercial vehicle traction motor market report table of contents includes:
1. Executive Summary
2. Electric Commercial Vehicle Traction Motor Market Characteristics
3. Electric Commercial Vehicle Traction Motor Market Trends And Strategies
4. Electric Commercial Vehicle Traction Motor Market – Macro Economic Scenario
5. Global Electric Commercial Vehicle Traction Motor Market Size and Growth
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32. Global Electric Commercial Vehicle Traction Motor Market Competitive Benchmarking
33. Global Electric Commercial Vehicle Traction Motor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Commercial Vehicle Traction Motor Market
35. Electric Commercial Vehicle Traction Motor Market Future Outlook and Potential Analysis
36. Appendix
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