Electric Commercial Vehicle Traction Motor Market

Electric Commercial Vehicle Traction Motor Market by Vehicle Type (Pickups, Medium and Heavy-Duty Trucks, Vans, Buses), Power Output, Motor Type, Transmission, Design, Axle Architecture (Integrated, Central Drive Unit), & Region - Global Forecast to 2030

Report Code: AT 9013 May, 2024, by marketsandmarkets.com

[252 Pages Report] The global electric commercial vehicle traction motor market size was valued at USD 2.1 billion in 2024 and is expected to reach USD 9.8 billion by 2030, at a CAGR of 28.8%, during the forecast period 2024-2030. The traction motor market for Electric Commercial Vehicles (ECVs) has witnessed substantial growth in recent years, driven by several key factors. With the increasing focus on environmental sustainability and stringent emissions regulations, there has been a significant shift towards electrification in the transportation sector, particularly in commercial vehicles. This transition has fueled the demand for traction motors, which are integral components in electric vehicles, powering their propulsion systems. Moreover, advancements in battery technology and the expanding infrastructure for electric vehicle charging have bolstered the adoption of ECVs, further propelling the traction motor market's expansion. Additionally, governments worldwide are incentivizing the adoption of electric vehicles through subsidies, tax credits, and regulatory measures, which has accelerated the market growth. In February 2023, the European Union proposed ambitious CO2 standards for most new trucks and coaches (90% emissions reduction by 2040) and urban buses (100% zero-emission city bus sales by 2030).

Furthermore, the growing interest from automotive manufacturers and suppliers in developing innovative traction motor solutions, including high-efficiency motors with improved power density and thermal management capabilities, has contributed to the market's upward trajectory. For instance, in January 2024, American Axle & Manufacturing launched its next-generation 3-in-1 electric drive units (eDUs), fully integrated e-Beam axles at CES 2024, along with innovative component technologies that are helping define the future of mobility around the globe. Additionally, in October 2023, Allison Transmission, Inc. launched its new eGen Power 85S, a fully electric axle integrated into the Isuzu Novo VOLT electric bus. As a result, the ECV traction motor market is expected to continue its robust growth momentum in the foreseeable future, driven by ongoing technological advancements, supportive government policies, and increasing consumer acceptance of electric commercial vehicles. As a result, the ECV traction motor market is expected to continue its robust growth momentum in the foreseeable future, driven by ongoing technological advancements, supportive government policies, and increasing consumer acceptance of electric commercial vehicles.

Electric Commercial Vehicle Traction Motor Market

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Electric Commercial Vehicle Traction Motor Market Opportunities

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Market Dynamics
:

Driver: Technical innovations in Motor Control and Power Electronics

The development of advanced motor control algorithms, generally based on artificial intelligence (AI), allows for more accurate control of the motor's magnetic field and torque delivery. This results in smoother operation, quicker acceleration, and more sustained power output, all of which increase the performance and drivability of electric commercial vehicles. Furthermore, advancements in power electronics components such as inverters and converters, particularly the adoption of silicon carbide (SiC) MOSFETs, contribute to higher power densities, faster switching speeds, and increased efficiency in electric drivetrains. This results in reduced energy losses during power conversion, ultimately extending the range and improving the overall efficiency of electric commercial vehicles. These technological innovations have significantly enhanced the efficiency, performance, and reliability of electric traction motors. Companies such as Evolito Ltd., EVR Motors, Passionchip, and Petalite are taking initiatives in the development of power electronics for EV traction motors. Modern motor control algorithms enable finer control over motor speed, torque, and efficiency, facilitating smoother acceleration, regenerative braking, and optimized energy management in electric commercial vehicles. The utilization of AI in motor control further enhances precision and adaptability, ensuring optimal performance across varying driving conditions.

Restraint: Limited range of electric commercial vehicle

Range anxiety, or the fear of running out of battery power before reaching a destination or charging station, is a primary concern for fleet operators and businesses considering the adoption of electric commercial vehicles. Unlike traditional gasoline or diesel vehicles that can be refueled quickly at numerous gas stations, electric commercial vehicles require charging infrastructure that may not be as widespread or convenient, especially for long-haul transportation or applications requiring heavy loads.

The restricted range of electric commercial vehicles not only impacts their adoption but also directly affects the demand for traction motors. Fleet operators might hesitate to invest in these vehicles if they anticipate operational disruptions or increased downtime due to the need for frequent recharging. This hesitation translates into lower demand for electric traction motors, hindering market growth and investment in motor technology. Moreover, the limited range of electric commercial vehicles influences the design and specifications of traction motors. Manufacturers must balance factors such as motor efficiency, energy density, and power output to optimize the range and performance of these vehicles. However, achieving an ideal balance between these factors requires compromises and trade-offs, which can result in higher costs or reduced competitiveness compared to traditional vehicles.

Opportunity: Developments in Fuel Cell technology

Fuel cell vehicles, powered by hydrogen fuel cells, offer an alternative zero-emission solution to battery electric vehicles, particularly for heavy-duty applications such as trucks and buses where long-range and rapid refueling are critical. Traction motors play a crucial role in fuel cell vehicles, powering electric drivetrains that propel the vehicles forward. As the demand for fuel cell commercial vehicles increases, traction motor manufacturers have the opportunity to supply high-performance motors tailored to the specific requirements of fuel cell drivetrains. By leveraging their expertise in electric motor technology and adapting their products to suit the unique characteristics of fuel cell vehicles, traction motor manufacturers can capture a growing share of the market for electric drivetrain components. Additionally, collaboration with fuel cell vehicle manufacturers and infrastructure providers can accelerate the adoption of fuel cell commercial vehicles, creating additional opportunities for traction motor suppliers to expand their presence in the evolving market for zero-emission transportation solutions. Various automakers are also showcasing their fuel cell tech-laden commercial vehicles. For instance, GM (US) announced in December 2023 that it had partnered with Autocar, LLC (US) to develop zero-emission commercial vehicles powered by GM’s fuel cell solution, HYDROTEC power cubes.

Challenge: Overheating of motor

The overheating of motor poses a significant challenge to the growth of the electric commercial vehicle traction motor market. Excessive heating can lead to motor failure by weakening the winding insulation in electric motors, resulting in insulation failure. Overheating leads to thermal stress on motor components, causing them to wear out faster and reducing overall efficiency. This results in decreased vehicle performance, slower acceleration, reduced towing capacity and compromised operational reliability. It also affects the vehicle's range, as the battery management system may limit power output to prevent further overheating. This can exacerbate range anxiety among consumers and fleet operators, making them hesitant to adopt electric commercial vehicles, especially for long-distance applications.

Overheating occurs due to various factors, including overload, poor power conditions, highly effective service factors, frequent turning on/off of the motor, lack of air circulation around the motor, and operation in high-temperature environments. Permanent magnet motors, commonly used in electric traction motors, are particularly susceptible to reliability issues caused by overheating. These motors can lose their magnetism if exposed to high temperatures, leading to demagnetization of the permanent magnets and decreased torque performance. Overheating poses safety risks to both the vehicle occupants and the surrounding environment. In extreme cases, overheating can lead to motor failure, electrical shorts, or even fires, presenting a significant liability for manufacturers and discouraging consumer confidence in ECV technology.

To mitigate these challenges and promote the market of electric commercial vehicle traction motors, manufacturers must invest in R&D to improve thermal management strategies, enhance motor efficiency, and optimize cooling systems. This includes implementing advanced thermal insulation materials, active cooling solutions, intelligent motor control algorithms, and predictive maintenance technologies to prevent overheating and ensure reliable performance in operating conditions. Additionally, robust testing and validation procedures are essential to identify and address potential thermal issues early in the development process, thereby building confidence among consumers and accelerating the adoption of traction motors in electric commercial vehicles.

Market Ecosystem

Top Companies in Electric Commercial Vehicle Traction Motor Market

Improved acceleration and range to drive growth of multi-speed drive during the forecasted period.

A multi-speed drive in traction motors incorporates multiple gear ratios, allowing the motor to operate at different speeds or torque outputs. In this setup, the motor is coupled with a transmission mechanism that can shift between different gear ratios based on the vehicle's speed, load, or driver input. Adjusting the gear ratio allows the motor to operate at different speeds while maintaining optimal efficiency and performance. This enables the vehicle to achieve better acceleration, higher top speeds, improved hill-climbing capabilities, and enhanced energy efficiency compared to single-speed drive systems. Multi-speed drive motors are particularly beneficial in electric commercial vehicles operating in diverse environments, including urban, suburban, and highway driving conditions. By providing multiple gear ratios, these motors optimize power delivery and torque output across various speeds and load demands, resulting in improved overall driving dynamics, efficiency, and range. Additionally, multi-speed drive systems offer flexibility in adapting to different driving scenarios, ensuring optimal performance and drivability in various operating conditions.

OEMs such as AB Volvo (Sweden) offer a two-speed automated manual transmission in their Volvo 7900 electric bus with a power output of 200 kW. Multi-speed drive systems enable manufacturers to tailor the powertrain to specific vehicle applications, maximizing performance and efficiency. It also contributes to a smoother and more responsive driving experience, with seamless gear changes and improved control over vehicle speed. This advantage enhances driver comfort and satisfaction, leading to improved productivity and safety, particularly in demanding commercial vehicle applications.

The comprehensive offerings by motor manufacturers of 100–200 kW power output segment to drive growth of the electric commercial vehicles traction motor market over the forecast period.

The 100–200 kW power output is primarily found in delivery vans, medium-duty trucks, and pick-up trucks, offering versatile regional transport and urban logistics solutions. Some 100–200 kW motors can be designed to accept higher DC fast charging rates. This can significantly reduce charging times, making electric vehicles more convenient for long trips or everyday use. A 100–200 kW motor delivers better passing power and overall responsiveness when passing slower vehicles or maintaining speed on high-speed roads. This is crucial for safety and confidence while driving on highways.

Traction motor manufacturers such as ABB Ltd. (Switzerland) offer 163 kW EV traction motors for heavy electric vehicles with a peak power output of 163 kW and motor speed of 5000 rpm. Similarly, Dana Incorporated (US) offers 170 kW IP6K9K-rated EV traction motors/inverters for light, medium, and heavy electric vehicles with a peak power of 170 kW and speed of 3,250 rpm. Such comprehensive offerings by motor manufacturers support the market growth of the 100–200 kW segment in the electric commercial vehicle traction motor market.

Asia Pacific is the largest market for electric commercial vehicle traction motors during the forecast period.

The Asia Pacific region is projected to be the largest ECV traction motor market by 2030. The Asia Pacific market is dominated by China, which has large sales volumes for Electric Commercial Vehicle Traction Motors, especially electric buses. With favourable government regulations and the increasing adoption of electric buses in public transport fleets, India is expected to be a high potential market for Electric Commercial Vehicle Traction Motors in the future. Automotive manufacturers, technology companies, and startups in India are actively collaborating to develop and deploy electric commercial vehicles. This collaboration fosters innovation and accelerates the adoption of traction motors in the Indian market. In January 2023, American Axle and Manufacturing, Inc. and EKA mobility (India) have collaborated to supply eka e-beam axle for the 2.5 T battery electric commercial vehicle by EKA.  Asia Pacific is home to many traction motor manufacturers and suppliers, such as BYD (China), Shenzhen Inovance Technology (China), Zhejiang Founder Motor Co., Ltd. (China), Kirloskar Electric Company Limited (India), Mitsubishi Electric Corporation (Japan) and among others. The presence of all such manufacturers in the region will drive the market for Electric Commercial Vehicle Traction Motors during the forecast period.

In North America, governments at both the federal and state levels are offering incentives to promote the adoption of electric vehicles, including commercial vehicles. The region is home to renowned OEMs that specialize in producing high-quality and high-performance traction motor for commercial vehicle, driving the growth of the electric commercial vehicle traction motor market. These manufacturers, including BorgWarner (US), Dana Incorporated (US), American Axle & Manufacturing (US) and among others. Thus, having a headquarters in North America allows the traction motor manufacturer to establish local production facilities and supply chains. These aforementioned parameters support the traction motor market for electric commercial vehicles in the region during forecasted period.

Asia Pacific Electric Commercial Vehicle Traction Motor Market Size, and Share

Key Market Players

The Electric Commercial Vehicle Traction Motor market is dominated by established players such as ZF Friedrichshafen AG (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), Magna International Inc. (Germany), Allison Transmission, Inc. (US) and others. These companies manufacture and develop new ECV traction motor as per the market requirement. These companies adopted strategies such as product developments, deals, and others to gain traction in the market.

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Scope of the Report

Report Metric

Details

Market size available for years

2019–2030

Base year considered

2023

Forecast period

2024-2030

Forecast units

Volume (Units) and Value (USD Million)

Segments Covered

Vehicle type, Power Output, Motor type, Design, Transmission, Axle Architecture and Region

Geographies covered

Asia Pacific, Europe, and North America

Companies Covered

ZF Friedrichshafen AG (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), Magna International Inc. (Germany), and Allison Transmission, Inc. (US)
A total of 21 major company profiles were covered and provided.

This research report categorizes the Electric Commercial Vehicle Traction Motor market based on Vehicle type, Power Output, Motor type, Design, Transmission, Axle Architecture and Region.

Based on Vehicle Type:
  • Pickup Trucks
  • Trucks (Medium-duty Trucks and Heavy-duty Trucks)
  • Vans (Light Vans and Full-size Vans)
  • Buses & Coaches
Based on Power Output:
  • Less than 100 kW
  • 100−200 kW
  • 200-400 kW
  • Above 400 kW
Based on Motor Type:
  • Permanent Magnet Synchronous Motor (PMSM)
  • AC Induction Motor
  • DC Traction Motor
Based on Design:
  • Radial Flux
  • Axial Flux
Based on Transmission:
  • Single Speed Drive
  • Multi-speed Drive
Based on Axle Architecture:
  • Integrated Axle
  • Central Drive Unit
Based on the region:
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Austria
    • France
    • Germany
    • Netherlands
    • Norway
    • Spain
    • Sweden
    • Italy
    • UK
    • Others

Recent Developments

  • In January 2024, Magna International Inc. launched its next-generation 800V eDrive solution with new standards in efficiency, power-to-weight ratio, and torque density. The system delivers 250 kW of power and 5,000 Nm of axle torque, achieving up to 93% efficiency in real-world driving.
  • In January 2024, American Axle & Manufacturing launched its next-generation 3-in-1 electric drive units (eDUs), fully integrated e-Beam axles at CES 2024, along with innovative component technologies that are helping define the future of mobility around the globe.
  • In December 2023, BorgWarner Inc. acquired the Electric Hybrid Systems of the business segment of Eldor Corporation. The acquisition is an important complement to the propulsion portfolio as it is related to the expansion of high-voltage power electronics beyond the inverter.
  • In September 2023, Schaeffler Group (China) announced that it opened a new research and development (R&D) building in Shanghai, China. There are advanced testing benches and equipment focusing on technical research and application testing of future-oriented technologies such as hydrogen energy, electric drives for New Energy Vehicles, innovative chassis, industrial bearings, robots, and products related to Industry 4.0.
  • In September 2023, LG Magna e-Powertrain, the joint venture between LG Electronics (LG) and Magna International Inc., announced a new facility in Miskolc, Hungary. The facility is scheduled to be completed by 2025. It will start production with e-motors and plans to offer a suite of electrified powertrain solutions in the future, including inverters and onboard chargers.
  • In February 2023, ZF Commercial Vehicle Technology (Jiaxing) Co., Ltd. (ZF) and Beiqi Foton Motor Co., Ltd. (Foton Motor) plan to jointly build an AMT (automated manual transmission) plant for mid-sized vehicles. The plant will be built in Nanhu District, Jiaxing City, Zhejiang Province. It will house assembly and testing lines for AMTs installed in mid-sized vehicles.

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 25)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           TABLE 1 MARKET DEFINITION, BY VEHICLE TYPE
           TABLE 2 MARKET DEFINITION, BY MOTOR TYPE
           TABLE 3 MARKET DEFINITION, BY POWER OUTPUT
           TABLE 4 MARKET DEFINITION, BY DESIGN
           TABLE 5 MARKET DEFINITION, BY TRANSMISSION
           TABLE 6 MARKET DEFINITION, BY AXLE ARCHITECTURE
    1.3 INCLUSIONS AND EXCLUSIONS 
           TABLE 7 INCLUSIONS AND EXCLUSIONS
    1.4 STUDY SCOPE 
           FIGURE 1 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET SEGMENTATION
           1.4.1 REGIONS COVERED
           1.4.2 YEARS CONSIDERED
    1.5 CURRENCY CONSIDERED 
           TABLE 8 USD EXCHANGE RATES
    1.6 UNITS CONSIDERED 
    1.7 STAKEHOLDERS 
 
2 RESEARCH METHODOLOGY (Page No. - 33)
    2.1 RESEARCH DATA 
           FIGURE 2 RESEARCH DESIGN
           FIGURE 3 REPORT WRITING METHOD
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
                    2.1.1.2 List of secondary sources
           2.1.2 PRIMARY DATA
                    FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.2.1 List of primary interview participants
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 5 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 6 TOP-DOWN APPROACH
                    FIGURE 7 RESEARCH APPROACH
                    FIGURE 8 MARKET ESTIMATION NOTES
    2.3 DATA TRIANGULATION 
           FIGURE 9 DATA TRIANGULATION
    2.4 FACTOR ANALYSIS 
           2.4.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
    2.5 RESEARCH ASSUMPTIONS 
    2.6 RESEARCH LIMITATIONS 
    2.7 RECESSION IMPACT ANALYSIS 
 
3 EXECUTIVE SUMMARY (Page No. - 47)
    FIGURE 10 REPORT SUMMARY 
    FIGURE 11 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024 VS. 2030 (USD MILLION) 
    FIGURE 12 MARKET, BY VEHICLE TYPE, 2024 VS. 2030 (UNITS) 
    FIGURE 13 KEY PLAYERS IN MARKET 
 
4 PREMIUM INSIGHTS (Page No. - 51)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET 
           FIGURE 14 RAPID DEVELOPMENT IN ELECTRIC COMMERCIAL VEHICLES TO DRIVE MARKET
    4.2 MARKET, BY VEHICLE TYPE 
           FIGURE 15 LIGHT VAN SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
    4.3 MARKET, BY AXLE ARCHITECTURE 
           FIGURE 16 INTEGRATED AXLE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
    4.4 MARKET, BY DESIGN 
           FIGURE 17 AXIAL FLUX TO HAVE LARGER MARKET SHARE DURING FORECAST PERIOD
    4.5 MARKET, BY MOTOR TYPE 
           FIGURE 18 PERMANENT MAGNET SYNCHRONOUS MOTOR SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
    4.6 MARKET, BY TRANSMISSION 
           FIGURE 19 MULTI-SPEED DRIVE SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
    4.7 MARKET, BY POWER OUTPUT 
           FIGURE 20 LESS THAN 100 KW SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
    4.8 MARKET, BY REGION 
           FIGURE 21 ASIA PACIFIC TO ACCOUNT FOR DOMINANT MARKET SHARE IN 2024
 
5 MARKET OVERVIEW (Page No. - 55)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 22 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Technological innovations in motor control and power electronics
                    5.2.1.2 Shift toward sustainable transportation
                               FIGURE 23 GLOBAL ELECTRIC COMMERCIAL VEHICLE SALES
                    5.2.1.3 Lower operating costs than ICE engines
                               TABLE 9 OPERATIONAL COST COMPARISON: ICE VS. ELECTRIC TRACTION MOTOR
                    5.2.1.4 Government initiatives and subsidiaries
                               TABLE 10 GOVERNMENT INCENTIVES, BY COUNTRY
           5.2.2 RESTRAINTS
                    5.2.2.1 Vulnerability to supply chain constraints
                               FIGURE 24 MATERIALS USED IN TRACTION MOTORS
                    5.2.2.2 Limited range of electric commercial vehicles
                               TABLE 11 OEM VEHICLE MODELS, BY RANGE
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Development in fuel cell technology
                               TABLE 12 FUEL CELL ELECTRIC COMMERCIAL VEHICLE LAUNCHES SCHEDULED IN 2024−2026
                    5.2.3.2 Rapid urbanization and fast growth of e-commerce sector
                               TABLE 13 TRANSITION TOWARD ELECTRIFICATION FOR E-COMMERCE AND DELIVERY VEHICLES
           5.2.4 CHALLENGES
                    5.2.4.1 Overheating of motor
                    5.2.4.2 Absence of standardized norms and regulations
    5.3 PRICING ANALYSIS 
           FIGURE 25 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2024
           FIGURE 26 AVERAGE SELLING PRICE TREND, BY REGION, 2021−2030 (USD PER UNIT)
    5.4 BILL OF MATERIALS 
           FIGURE 27 BILL OF MATERIALS FOR ELECTRIC COMMERCIAL VEHICLE TRACTION MOTORS
    5.5 SUPPLY CHAIN ANALYSIS 
           FIGURE 28 SUPPLY CHAIN ANALYSIS
    5.6 ECOSYSTEM ANALYSIS 
           FIGURE 29 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET ECOSYSTEM
           5.6.1 TIER II SUPPLIERS
           5.6.2 TIER I SUPPLIERS
           5.6.3 OEMS
                    TABLE 14 ROLE OF COMPANIES IN MARKET ECOSYSTEM
    5.7 CASE STUDY ANALYSIS 
           5.7.1 DESIGN OF MODULAR EAXLE FOR ALL-TERRAIN HEAVY-DUTY APPLICATIONS CONSIDERING GRADIENT WEIGHT TRANSFER
           5.7.2 DESIGN AND PACKAGING OF ALL-IN-ONE AXLE
           5.7.3 USER EXPERIENCE OF BATTERY-ELECTRIC TRUCKS IN NORWAY
    5.8 INVESTMENT SCENARIO 
           FIGURE 30 INVESTMENT SCENARIO, 2021−2024
           TABLE 15 LIST OF FEW FUNDING, 2022–2024
    5.9 PATENT ANALYSIS 
           5.9.1 INTRODUCTION
                    FIGURE 31 PATENT REGISTRATION TRENDS, 2012–2024
           5.9.2 LEGAL STATUS OF PATENTS, 2012–2024
                    FIGURE 32 LEGAL STATUS OF PATENTS, 2012–2024
           5.9.3 TOP PATENT APPLICANTS, 2012–2024
                    FIGURE 33 TOP PATENT APPLICANTS, 2012–2024
                    TABLE 16 PATENT REGISTRATIONS RELATED TO ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, 2022–2024
    5.10 TECHNOLOGY ANALYSIS 
           5.10.1 KEY TECHNOLOGIES
                    5.10.1.1 Axial Flux Motors
                    5.10.1.2 Switched Reluctance Motors (SRMs)
                    5.10.1.3 Permanent Magnet Synchronous Reluctance Motors
           5.10.2 ADJACENT TECHNOLOGIES
                    5.10.2.1 IOT in electric vehicles
                    5.10.2.2 Solid-state batteries
    5.11 HS CODE 
                    TABLE 17 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR IMPORT DATA FOR HS CODE 8501, BY COUNTRY, 2020–2022 (USD)
                    TABLE 18 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR EXPORT DATA FOR HS CODE 8501, BY COUNTRY, 2020–2022 (USD)
    5.12 REGULATORY LANDSCAPE 
           5.12.1 COUNTRY-WISE REGULATIONS
                    5.12.1.1 Netherlands
                               TABLE 19 NETHERLANDS: EV INCENTIVES
                    5.12.1.2 Germany
                               TABLE 20 GERMANY: EV INCENTIVES
                    5.12.1.3 France
                               TABLE 21 FRANCE: EV INCENTIVES
                    5.12.1.4 UK
                               TABLE 22 UK: EV INCENTIVES
                    5.12.1.5 China
                               TABLE 23 CHINA: EV INCENTIVES
                    5.12.1.6 US
                               TABLE 24 US: EV INCENTIVES
           5.12.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 25 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 26 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 27 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.13 KEY CONFERENCES AND EVENTS 
                    TABLE 28 KEY CONFERENCES AND EVENTS, 2024−2025
    5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    TABLE 29 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VEHICLE TYPES
           5.14.2 BUYING CRITERIA
                    FIGURE 34 KEY BUYING CRITERIA FOR TOP 3 VEHICLE TYPES
                    TABLE 30 KEY BUYING CRITERIA FOR TOP 3 VEHICE TYPE
    5.15 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
                    FIGURE 35 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN MARKET
 
6 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY AXLE ARCHITECTURE (Page No. - 89)
    6.1 INTRODUCTION 
           FIGURE 36 MARKET, BY AXLE ARCHITECTURE, 2024 VS. 2030 (UNITS)
           TABLE 31 MARKET, BY AXLE ARCHITECTURE, 2019–2023 (UNITS)
           TABLE 32 MARKET, BY AXLE ARCHITECTURE, 2024–2030 (UNITS)
    6.2 INTEGRATED AXLE 
           6.2.1 LOW MAINTENANCE REQUIREMENTS TO DRIVE GROWTH
                    TABLE 33 INTEGRATED AXLE: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 34 INTEGRATED AXLE: MARKET, BY REGION, 2024–2030 (UNITS)
    6.3 CENTRAL DRIVE AXLE 
           6.3.1 OPTIMIZED WEIGHT DISTRIBUTION WITHIN VEHICLES TO DRIVE GROWTH
                    TABLE 35 CENTRAL DRIVE AXLE: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 36 CENTRAL DRIVE AXLE: MARKET, BY REGION, 2024–2030 (UNITS)
    6.4 KEY PRIMARY INSIGHTS 
 
7 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY DESIGN (Page No. - 94)
    7.1 INTRODUCTION 
           FIGURE 37 MARKET, BY DESIGN, 2024 VS. 2030 (UNITS)
           TABLE 37 MARKET, BY DESIGN, 2019–2023 (UNITS)
           TABLE 38 MARKET, BY DESIGN, 2024–2030 (UNITS)
    7.2 RADIAL FLUX 
           7.2.1 HIGH POWER DENSITY AND EFFICIENCY TO DRIVE GROWTH
                    TABLE 39 RADIAL FLUX: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 40 RADIAL FLUX: MARKET, BY REGION, 2024–2030 (UNITS)
    7.3 AXIAL FLUX 
           7.3.1 COMPACT DESIGN AND SCALABILITY TO DRIVE GROWTH
                    TABLE 41 AXIAL FLUX: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 42 AXIAL FLUX: MARKET, BY REGION, 2024–2030 (UNITS)
    7.4 KEY PRIMARY INSIGHTS 
 
8 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE (Page No. - 99)
    8.1 INTRODUCTION 
           FIGURE 38 MARKET, BY MOTOR TYPE, 2024 VS. 2030 (UNITS)
           TABLE 43 MARKET, BY MOTOR TYPE, 2019–2023 (UNITS)
           TABLE 44 MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
    8.2 PERMANENT MAGNET SYNCHRONOUS MOTOR 
           8.2.1 ADVANCEMENTS IN MOTOR DESIGN TO DRIVE GROWTH
                    TABLE 45 PERMANENT MAGNET SYNCHRONOUS MOTOR: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 46 PERMANENT MAGNET SYNCHRONOUS MOTOR: MARKET, BY REGION, 2024–2030 (UNITS)
    8.3 AC INDUCTION MOTOR 
           8.3.1 LOWER PRODUCTION COSTS TO DRIVE GROWTH
                    TABLE 47 AC INDUCTION MOTOR: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 48 AC INDUCTION MOTOR: MARKET, BY REGION, 2024–2030 (UNITS)
    8.4 DC TRACTION MOTOR 
           8.4.1 LOW EFFICIENCY AND HIGH ENERGY CONSUMPTION TO IMPEDE GROWTH
                    TABLE 49 DC TRACTION MOTOR: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 50 DC TRACTION MOTOR: MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 51 DC SERIES MOTOR VS. DC BRUSHLESS MOTOR VS. SWITCHED RELUCTANCE MOTOR VS. ELECTRONICALLY EXCITED SYNCHRONOUS MOTOR
           8.4.2 DC SERIES MOTOR
           8.4.3 DC BRUSHLESS MOTOR
                    TABLE 52 BRUSHED AND BRUSHLESS MOTORS: ADVANTAGES AND DISADVANTAGES
           8.4.4 SWITCHED RELUCTANCE MOTOR
           8.4.5 ELECTRICALLY EXCITED SYNCHRONOUS MOTOR
    8.5 KEY PRIMARY INSIGHTS 
 
9 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY POWER OUTPUT (Page No. - 107)
    9.1 INTRODUCTION 
           FIGURE 39 MARKET, BY POWER OUTPUT, 2024 VS. 2030 (UNITS)
           TABLE 53 MARKET, BY POWER OUTPUT, 2019–2023 (UNITS)
           TABLE 54 MARKET, BY POWER OUTPUT, 2024–2030 (UNITS)
    9.2 LESS THAN 100 KW 
           9.2.1 RISING ADOPTION OF ELECTRIC VANS FOR DELIVERIES BY LOGISTICS SECTOR TO DRIVE GROWTH
                    TABLE 55 LESS THAN 100 KW: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 56 LESS THAN 100 KW: MARKET, BY REGION, 2024–2030 (UNITS)
    9.3 100–200 KW 
           9.3.1 COMPREHENSIVE OFFERINGS BY MOTOR MANUFACTURERS TO DRIVE GROWTH
                    TABLE 57 100–200 KW: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 58 100–200 KW: MARKET, BY REGION, 2024–2030 (UNITS)
    9.4 200–400 KW 
           9.4.1 WIDE SCOPE OF APPLICATIONS IN ELECTRIC COMMERCIAL VEHICLES TO DRIVE GROWTH
                    TABLE 59 200–400 KW: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 60 200–400 KW: MARKET, BY REGION, 2024–2030 (UNITS)
    9.5 ABOVE 400 KW 
           9.5.1 ESCALATING DEMAND FOR HIGH-POWERED ELECTRIC PICK-UP TRUCKS TO DRIVE GROWTH
                    TABLE 61 ABOVE 400 KW: MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 62 ABOVE 400 KW: MARKET, BY REGION, 2024–2030 (UNITS)
    9.6 KEY PRIMARY INSIGHTS 
 
10 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY TRANSMISSION (Page No. - 114)
     10.1 INTRODUCTION 
               FIGURE 40 MARKET, BY TRANSMISSION, 2024 VS. 2030 (UNITS)
               TABLE 63 MARKET, BY TRANSMISSION, 2019–2023 (UNITS)
               TABLE 64 MARKET, BY TRANSMISSION, 2024–2030 (UNITS)
     10.2 SINGLE-SPEED DRIVE 
             10.2.1 REDUCED MECHANICAL COMPLEXITY AND POWER LOSS TO DRIVE GROWTH
                       TABLE 65 SINGLE-SPEED DRIVE: MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 66 SINGLE-SPEED DRIVE: MARKET, BY REGION, 2024–2030 (UNITS)
     10.3 MULTI-SPEED DRIVE 
             10.3.1 IMPROVED ACCELERATION AND RANGE TO DRIVE GROWTH
                       TABLE 67 MULTI-SPEED DRIVE: MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 68 MULTI-SPEED DRIVE: MARKET, BY REGION, 2024–2030 (UNITS)
     10.4 KEY PRIMARY INSIGHTS 
 
11 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE (Page No. - 119)
     11.1 INTRODUCTION 
               FIGURE 41 MARKET, BY VEHICLE TYPE, 2024 VS. 2030 (USD MILLION)
               TABLE 69 MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
               TABLE 70 MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
               TABLE 71 MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
               TABLE 72 MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
     11.2 PICK-UP TRUCKS 
             11.2.1 RISING DEMAND FOR CLEANER TRANSPORTATION SOLUTIONS TO DRIVE GROWTH
                       TABLE 73 PICK-UP TRUCKS: MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 74 PICK-UP TRUCKS: MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 75 PICK-UP TRUCKS: MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 76 PICK-UP TRUCKS: MARKET, BY REGION, 2024–2030 (USD MILLION)
     11.3 TRUCKS 
             11.3.1 RAPID DEVELOPMENT OF ELECTRIC TRUCKS BY AUTOMOTIVE OEMS TO DRIVE GROWTH
                       TABLE 77 TRUCKS: MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 78 TRUCKS: MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 79 TRUCKS: MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 80 TRUCKS: MARKET, BY REGION, 2024–2030 (USD MILLION)
                       11.3.1.1 Medium-duty trucks
                                   TABLE 81 MEDIUM-DUTY TRUCKS: MARKET, BY REGION, 2019–2023 (UNITS)
                                   TABLE 82 MEDIUM-DUTY TRUCKS: MARKET, BY REGION, 2024–2030 (UNITS)
                                   TABLE 83 MEDIUM-DUTY TRUCKS: MARKET, BY REGION, 2019–2023 (USD MILLION)
                                   TABLE 84 MEDIUM-DUTY TRUCKS: MARKET, BY REGION, 2024–2030 (USD MILLION)
                       11.3.1.2 Heavy-duty trucks
                                   TABLE 85 HEAVY-DUTY TRUCKS: MARKET, BY REGION, 2019–2023 (UNITS)
                                   TABLE 86 HEAVY-DUTY TRUCKS: MARKET, BY REGION, 2024–2030 (UNITS)
                                   TABLE 87 HEAVY-DUTY TRUCKS: MARKET, BY REGION, 2019–2023 (USD MILLION)
                                   TABLE 88 HEAVY-DUTY TRUCKS: MARKET, BY REGION, 2024–2030 (USD MILLION)
     11.4 VANS 
             11.4.1 BOOMING LOGISTICS SECTOR TO DRIVE GROWTH
                       TABLE 89 VANS: MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 90 VANS: MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 91 VANS: MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 92 VANS: MARKET, BY REGION, 2024–2030 (USD MILLION)
                       11.4.1.1 Light vans
                                   TABLE 93 LIGHT VANS: MARKET, BY REGION, 2019–2023 (UNITS)
                                   TABLE 94 LIGHT VANS: MARKET, BY REGION, 2024–2030 (UNITS)
                                   TABLE 95 LIGHT VANS: MARKET, BY REGION, 2019–2023 (USD MILLION)
                                   TABLE 96 LIGHT VANS: MARKET, BY REGION, 2024–2030 (USD MILLION)
                       11.4.1.2 Full-size vans
                                   TABLE 97 FULL-SIZE VANS: MARKET, BY REGION, 2019–2023 (UNITS)
                                   TABLE 98 FULL-SIZE VANS: MARKET, BY REGION, 2024–2030 (UNITS)
                                   TABLE 99 FULL-SIZE VANS: MARKET, BY REGION, 2019–2023 (USD MILLION)
                                   TABLE 100 FULL-SIZE VANS:MARKET, BY REGION, 2024–2030 (USD MILLION)
     11.5 BUSES & COACHES 
             11.5.1 INCREASING DEMAND FOR EMISSION-FREE PUBLIC TRANSPORT TO DRIVE GROWTH
                       TABLE 101 BUSES & COACHES: MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 102 BUSES & COACHES: MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 103 BUSES & COACHES: MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 104 BUSES & COACHES: MARKET, BY REGION, 2024–2030 (USD MILLION)
     11.6 KEY PRIMARY INSIGHTS 
 
12 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION (Page No. - 135)
     12.1 INTRODUCTION 
               FIGURE 42 MARKET, BY REGION, 2024 VS. 2030 (USD MILLION)
               TABLE 105 MARKET, BY REGION, 2019–2023 (UNITS)
               TABLE 106 MARKET, BY REGION, 2024–2030 (UNITS)
               TABLE 107 MARKET, BY REGION, 2019–2023 (USD MILLION)
               TABLE 108 MARKET, BY REGION, 2024–2030 (USD MILLION)
     12.2 ASIA PACIFIC 
             12.2.1 RECESSION IMPACT
                       FIGURE 43 ASIA PACIFIC: MARKET SNAPSHOT
                       TABLE 109 ASIA PACIFIC: MARKET, BY COUNTRY, 2019–2023 (UNITS)
                       TABLE 110 ASIA PACIFIC: MARKET, BY COUNTRY, 2024–2030 (UNITS)
                       TABLE 111 ASIA PACIFIC: MARKET, BY COUNTRY, 2019–2023 (USD MILLION)
                       TABLE 112 ASIA PACIFIC: MARKET, BY COUNTRY, 2024–2030 (USD MILLION)
             12.2.2 CHINA
                       12.2.2.1 Presence of leading players to drive market
                       TABLE 113 CHINA: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                       TABLE 114 CHINA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                       TABLE 115 CHINA: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                       TABLE 116 CHINA: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.2.3 JAPAN
                       12.2.3.1 Increased investments in automotive R&D to drive market
                                   TABLE 117 JAPAN: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 118 JAPAN: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 119 JAPAN: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 120 JAPAN: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.2.4 INDIA
                       12.2.4.1 Major government initiatives to promote EV ecosystem to drive market
                                   TABLE 121 INDIA: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 122 INDIA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 123 INDIA: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 124 INDIA: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.2.5 SOUTH KOREA
                       12.2.5.1 Rising demand for electric pick-up trucks to drive market
                                   TABLE 125 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 126 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 127 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 128 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
     12.3 NORTH AMERICA 
             12.3.1 RECESSION IMPACT
                       FIGURE 44 NORTH AMERICA: MARKET SNAPSHOT
                       TABLE 129 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2023 (UNITS)
                       TABLE 130 NORTH AMERICA: MARKET, BY COUNTRY, 2024–2030 (UNITS)
                       TABLE 131 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2023 (USD MILLION)
                       TABLE 132 NORTH AMERICA: MARKET, BY COUNTRY, 2024–2030 (USD MILLION)
             12.3.2 US
                       12.3.2.1 Rising adoption of electric vans with traction motors to drive market
                                   TABLE 133 US: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 134 US: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 135 US: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 136 US: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.3.3 CANADA
                       12.3.3.1 Government plans to electrify transit to drive market
                                   TABLE 137 CANADA: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 138 CANADA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 139 CANADA: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 140 CANADA: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
     12.4 EUROPE 
             12.4.1 RECESSION IMPACT
                       FIGURE 45 EUROPE: MARKET, BY COUNTRY, 2024 VS. 2030 (USD MILLION)
                       TABLE 141 EUROPE: MARKET, BY COUNTRY, 2019–2023 (UNITS)
                       TABLE 142 EUROPE: MARKET, BY COUNTRY, 2024–2030 (UNITS)
                       TABLE 143 EUROPE: MARKET, BY COUNTRY, 2019–2023 (USD MILLION)
                       TABLE 144 EUROPE: MARKET, BY COUNTRY, 2024–2030 (USD MILLION)
             12.4.2 FRANCE
                       12.4.2.1 Rising adoption of EVs to drive market
                                   TABLE 145 FRANCE: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 146 FRANCE: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 147 FRANCE: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 148 FRANCE: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.3 GERMANY
                       12.4.3.1 Increasing investment in R&D activities for development of advanced ECV traction motors to drive market
                                   TABLE 149 GERMANY: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 150 GERMANY: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 151 GERMANY: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 152 GERMANY: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.4 SPAIN
                       12.4.4.1 Government focus on replacing existing ICE buses and vans with EVs to drive market
                                   TABLE 153 SPAIN: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 154 SPAIN: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 155 SPAIN: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 156 SPAIN: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.5 AUSTRIA
                       12.4.5.1 Government support in electrification of commercial vehicles to drive market
                                   TABLE 157 AUSTRIA: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 158 AUSTRIA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 159 AUSTRIA: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 160 AUSTRIA: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.6 NORWAY
                       12.4.6.1 Rapid adoption of EVs to drive market
                                   TABLE 161 NORWAY: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 162 NORWAY: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 163 NORWAY: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 164 NORWAY: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.7 SWEDEN
                       12.4.7.1 Growth of EV ecosystem to drive market
                                   TABLE 165 SWEDEN: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 166 SWEDEN: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 167 SWEDEN: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 168 SWEDEN: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.8 NETHERLANDS
                       12.4.8.1 Advancement in EV charging infrastructure to drive market
                                   TABLE 169 NETHERLANDS: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 170 NETHERLANDS: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 171 NETHERLANDS: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 172 NETHERLANDS: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.9 UK
                       12.4.9.1 Increasing investment in R&D activities for development of advanced electric traction motors to drive market
                                   TABLE 173 UK: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 174 UK: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 175 UK: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 176 UK: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.10 ITALY
                      12.4.10.1 Strong focus on utilization of renewable energy sources to drive market
                                   TABLE 177 ITALY: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 178 ITALY: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 179 ITALY: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 180 ITALY: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             12.4.11 REST OF EUROPE
                                   TABLE 181 REST OF EUROPE: MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 182 REST OF EUROPE: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 183 REST OF EUROPE: MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 184 REST OF EUROPE: MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
 
13 COMPETITIVE LANDSCAPE (Page No. - 176)
     13.1 OVERVIEW 
     13.2 MARKET RANKING ANALYSIS 
               FIGURE 46 RANKING OF KEY ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET PLAYERS
     13.3 REVENUE ANALYSIS 
               FIGURE 47 REVENUE ANALYSIS OF KEY PLAYERS, 2018–2022
     13.4 COMPANY EVALUATION MATRIX 
             13.4.1 STARS
             13.4.2 EMERGING LEADERS
             13.4.3 PERVASIVE PLAYERS
             13.4.4 PARTICIPANTS
                       FIGURE 48 MARKET: COMPANY EVALUATION MATRIX, 2023
             13.4.5 COMPANY FOOTPRINT
                       FIGURE 49 MARKET: COMPANY FOOTPRINT
                       TABLE 185 MARKET: REGION FOOTPRINT
                       TABLE 186 MARKET: VEHICLE TYPE FOOTPRINT
     13.5 STARTUP/SME EVALUATION MATRIX 
             13.5.1 PROGRESSIVE COMPANIES
             13.5.2 RESPONSIVE COMPANIES
             13.5.3 DYNAMIC COMPANIES
             13.5.4 STARTING BLOCKS
                       FIGURE 50 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: STARTUP/SME EVALUATION MATRIX, 2023
             13.5.5 COMPETITIVE BENCHMARKING
                       TABLE 187 LIST OF KEY STARTUPS/SMES
                       TABLE 188 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
     13.6 COMPETITIVE SCENARIOS AND TRENDS 
             13.6.1 PRODUCT LAUNCHES
                       TABLE 189 MARKET: PRODUCT LAUNCHES, SEPTEMBER 2021–JANUARY 2024
             13.6.2 DEALS
                       TABLE 190 MARKET: DEALS, MARCH 2021–JANUARY 2024
             13.6.3 EXPANSIONS
                       TABLE 191 MARKET: EXPANSIONS, APRIL 2022–SEPTEMBER 2023
     13.7 COMPANY VALUATION AND FINANCIAL METRICS 
             13.7.1 COMPANY VALUATION
                       FIGURE 51 COMPANY VALUATION, 2023 (USD BILLION)
             13.7.2 FINANCIAL METRICS
                       FIGURE 52 FINANCIAL METRICS OF KEY PLAYERS, 2024
     13.8 PRODUCT COMPARISON 
               TABLE 192 ELECTRIC MOTOR COMPARISON
 
14 COMPANY PROFILES (Page No. - 194)
(Business overview, Products/Solutions/Services offered, Recent developments & MnM View)*
     14.1 KEY PLAYERS 
             14.1.1 DANA LIMITED
                       TABLE 193 DANA LIMITED: COMPANY OVERVIEW
                       FIGURE 53 DANA LIMITED: COMPANY SNAPSHOT
                       TABLE 194 DANA LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 195 DANA LIMITED: PRODUCT LAUNCHES/DEVELOPMENTS
                       TABLE 196 DANA LIMITED: DEALS
             14.1.2 ZF FRIEDRICHSHAFEN AG
                       TABLE 197 ZF FRIEDRICHSHAFEN AG: COMPANY OVERVIEW
                       FIGURE 54 ZR FRIEDRICHSHAFEN AG: COMPANY SNAPSHOT
                       TABLE 198 ZF FRIEDRICHSHAFEN AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 199 ZF FRIEDRICHSHAFEN AG: PRODUCT LAUNCHES/DEVELOPMENTS
                       TABLE 200 ZF FRIEDRICHSHAFEN AG: DEALS
                       TABLE 201 ZF FRIEDRICHSHAFEN AG: OTHER DEVELOPMENTS
             14.1.3 ROBERT BOSCH GMBH
                       TABLE 202 ROBERT BOSCH GMBH: COMPANY OVERVIEW
                       FIGURE 55 ROBERT BOSCH GMBH: COMPANY SNAPSHOT
                       TABLE 203 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 204 ROBERT BOSCH GMBH: PRODUCT LAUNCHES
                       TABLE 205 ROBERT BOSCH GMBH: DEALS
             14.1.4 MAGNA INTERNATIONAL INC.
                       TABLE 206 MAGNA INTERNATIONAL INC.: COMPANY OVERVIEW
                       FIGURE 56 MAGNA INTERNATIONAL INC.: COMPANY SNAPSHOT
                       TABLE 207 MAGNA INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 208 MAGNA INTERNATIONAL INC.: PRODUCT LAUNCHES/DEVELOPMENTS
                       TABLE 209 MAGNA INTERNATIONAL INC.: EXPANSIONS
             14.1.5 BORGWARNER INC.
                       TABLE 210 BORGWARNER INC.: COMPANY OVERVIEW
                       FIGURE 57 BORGWARNER INC.: COMPANY SNAPSHOT
                       TABLE 211 BORGWARNER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 212 BORGWARNER INC.: PRODUCT DEVELOPMENTS
                       TABLE 213 BORGWARNER INC.: DEALS
                       TABLE 214 BORGWARNER INC.: OTHER DEVELOPMENTS
             14.1.6 AMERICAN AXLE & MANUFACTURING, INC.
                       TABLE 215 AMERICAN AXLE & MANUFACTURING, INC.: COMPANY OVERVIEW
                       FIGURE 58 AMERICAN AXLE & MANUFACTURING, INC.: COMPANY SNAPSHOT
                       TABLE 216 AMERICAN AXLE & MANUFACTURING, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 217 AMERICAN AXLE & MANUFACTURING, INC.: PRODUCT LAUNCHES
                       TABLE 218 AMERICAN AXLE & MANUFACTURING, INC.: DEALS
                       TABLE 219 AMERICAN AXLE & MANUFACTURING, INC.: OTHER DEVELOPMENTS
             14.1.7 ALLISON TRANSMISSION, INC.
                       TABLE 220 ALLISON TRANSMISSION, INC.: COMPANY OVERVIEW
                       FIGURE 59 ALLISON TRANSMISSION, INC.: COMPANY SNAPSHOT
                       TABLE 221 ALLISON TRANSMISSION, INC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 222 ALLISON TRANSMISSION, INC: PRODUCT LAUNCHES
                       TABLE 223 ALLISON TRANSMISSION, INC: DEALS
                       TABLE 224 ALLISON TRANSMISSION, INC: OTHER DEVELOPMENTS
             14.1.8 BYD
                       TABLE 225 BYD: COMPANY OVERVIEW
                       FIGURE 60 BYD: COMPANY SNAPSHOT
                       TABLE 226 BYD: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 227 BYD: PRODUCT LAUNCHES
                       TABLE 228 BYD: DEALS
             14.1.9 SCHAEFFLER AG
                       TABLE 229 SCHAEFFLER AG: COMPANY OVERVIEW
                       FIGURE 61 SCHAEFFLER AG: COMPANY SNAPSHOT
                       TABLE 230 SCHAEFFLER AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 231 SCHAEFFLER AG: PRODUCT DEVELOPMENTS/LAUNCHES
                       TABLE 232 SCHAEFFLER AG: DEALS
                       TABLE 233 SCHAEFFLER AG: EXPANSIONS
             14.1.10 MAHLE GMBH
                                   TABLE 234 MAHLE GMBH: COMPANY OVERVIEW
                                   FIGURE 62 MAHLE GMBH: COMPANY SNAPSHOT
                                   TABLE 235 MAHLE GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                                   TABLE 236 MAHLE GMBH: PRODUCT DEVELOPMENTS
                                   TABLE 237 MAHLE GMBH: DEALS
                                   TABLE 238 MAHLE GMBH: OTHER DEVELOPMENTS
             14.1.11 SHENZHEN INOVANCE TECHNOLOGY
                                   TABLE 239 SHENZHEN INOVANCE TECHNOLOGY: COMPANY OVERVIEW
                                   FIGURE 63 SHENZHEN INOVANCE TECHNOLOGY: COMPANY SNAPSHOT
                                   TABLE 240 SHENZHEN INOVANCE TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                                   TABLE 241 SHENZHEN INOVANCE TECHNOLOGY: DEALS
*Details on Business overview, Products/Solutions/Services offered, Recent developments & MnM View might not be captured in case of unlisted companies.
     14.2 OTHER PLAYERS 
             14.2.1 CUMMINS INC.
                       TABLE 242 CUMMINS INC.: COMPANY OVERVIEW
             14.2.2 SKODA TRANSPORTATION A.S.
                       TABLE 243 SKODA TRANSPORTATION A.S.: COMPANY OVERVIEW
             14.2.3 KIRLOSKAR ELECTRIC COMPANY LIMITED
                       TABLE 244 KIRLOSKAR ELECTRIC COMPANY LIMITED: COMPANY OVERVIEW
             14.2.4 TRAKTIONSSYSTEME AUSTRIA (TSA) GMBH
                       TABLE 245 TRAKTIONSSYSTEME AUSTRIA (TSA) GMBH: COMPANY OVERVIEW
             14.2.5 DELTA ELECTRONICS, INC.
                       TABLE 246 DELTA ELECTRONICS, INC.: COMPANY OVERVIEW
             14.2.6 MITSUBISHI ELECTRIC CORPORATION
                       TABLE 247 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
             14.2.7 HITACHI, LTD.
                       TABLE 248 HITACHI, LTD.: COMPANY OVERVIEW
             14.2.8 VEM GROUP
                       TABLE 249 VEM GROUP: COMPANY OVERVIEW
             14.2.9 WEG
                       TABLE 250 WEG: COMPANY OVERVIEW
             14.2.10 ZHEJIANG FOUNDER MOTOR CO., LTD.
                                   TABLE 251 ZHEJIANG FOUNDER MOTOR CO., LTD.: COMPANY OVERVIEW
 
15 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 244)
     15.1 ASIA PACIFIC TO BE SIGNIFICANT MARKET FOR ELECTRIC COMMERCIAL VEHICLE TRACTION MOTORS 
     15.2 PERMANENT MAGNET SYNCHRONOUS MOTORS TO EMERGE AS LARGEST SEGMENT OF ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET 
     15.3 LESS THAN 100 KW POWER OUTPUT TO BE PROMISING SEGMENT OF MARKET 
     15.4 CONCLUSION 
 
16 APPENDIX (Page No. - 246)
     16.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 
     16.2 DISCUSSION GUIDE 
     16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     16.4 CUSTOMIZATION OPTIONS 
             16.4.1 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE, AT COUNTRY LEVEL (FOR COUNTRIES COVERED IN SCOPE OF REPORT)
             16.4.2 PROFILING OF ADDITIONAL MARKET PLAYERS (UP TO 5)
     16.5 RELATED REPORTS 
     16.6 AUTHOR DETAILS 

This research study involved the extensive use of secondary sources, such as company annual reports/presentations, industry association publications, automotive magazine articles, directories, technical handbooks, the World Economic Outlook, trade websites, technical articles, and databases, to identify and collect information on the Electric Commercial Vehicle Traction Motor market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players (ECV traction motor manufacturers and suppliers), and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess market prospects.

Secondary Research

In the secondary research process, various secondary sources have been used to identify and collect information on the electric commercial vehicle traction motor market for this study. Secondary sources include annual reports, press releases, and investor presentations of companies; whitepapers, certified publications, and articles from recognized authors; directories; databases; and articles from recognized associations and government publishing sources.

Primary Research

Extensive primary research has been conducted after understanding the electric commercial vehicle traction motor market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand (OEMs) and supply (electric commercial vehicle traction motor manufacturers and component manufacturers) sides across major regions, namely, North America, Europe, and Asia Pacific. Approximately 30% and 70% of primary interviews have been conducted from the demand and supply sides, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews.

In the canvassing of primaries, various departments within organizations, such as sales, operations, and marketing, have been covered to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions have been conducted with highly experienced independent consultants to reinforce the findings from primaries. This, along with the opinions of in-house subject matter experts, have led to the findings, as described in the remainder of this report.

Electric Commercial Vehicle Traction MotorMarket  Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

A detailed market estimation approach has been followed to estimate and validate the value and volume of the electric commercial vehicle traction motor market and other dependent submarkets, as mentioned below:

  • The market size has been derived by collecting sales of electric commercial vehicles (Pickup trucks, medium-duty and heavy-duty trucks, light and full-size vans, and buses & coaches ) through association and paid databases.
  • The average number of traction motors per electric commercial vehicle type has been considered to gain the market size by value and volume in the market
  • Key players in the market have been identified through secondary research, and their global market share has been determined through primary and secondary research.
  • The research methodology includes the study of annual and quarterly financial reports, regulatory filings of major market players, and interviews with industry experts to gain detailed market insights.
  • All major penetration rates, percentage shares, splits, and breakdowns for the electric commercial vehicles traction motor market have been determined through secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of the market segments and subsegments have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative & qualitative data.

The gathered market data has been consolidated and added with detailed inputs, analyzed, and presented in this report.

Electric Commercial Vehicle Traction MotorMarket  Market Bottom Up Approach

To know about the assumptions considered for the study, Request for Free Sample Report

Electric Commercial Vehicle Traction MotorMarket  Market Top Down Approach

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for this study.

Market Definition

A traction motor is a type of electric motor that is specifically designed for providing propulsion in vehicles such as electric vehicles (EVs). It delivers torque to drive the wheels or axles of the vehicle, providing the necessary traction to power the vehicle's movement. A traction motor is typically designed to operate at high efficiency and with high power density, making it an important component in the powertrain of modern vehicles. ECV traction motor are specifically designed for commercial vehicles such as buses, trucks, vans, and pickup trucks.

List of Key Stakeholders

  • Associations, Forums, and Alliances related to Electric Trucks
  • Automobile Manufacturers
  • Automotive Component Manufacturers
  • Automotive Investors
  • Battery Distributors
  • Battery Manufacturers
  • Companies Operating in Autonomous Vehicle Ecosystem
  • Distributors and Retailers
  • Electric Bus Manufacturers
  • Electric Commercial Vehicle Traction Motor Manufacturers, Dealers and Suppliers
  • Electric Pickup Truck Manufacturers
  • Electric Traction Motor Manufacturers
  • Electric Van Manufacturers
  • End Users
  • Environmental and Industrial Associations
  • EV Component Manufacturers
  • EV Infrastructure Component Manufacturers
  • EV Infrastructure Developers
  • EV Manufacturers, Distributors, and Retailers
  • Electric Medium and Heavy-duty Truck Manufacturers
  • EV Component Manufacturers
  • EV Distributors and Retailers
  • Government Agencies and Policy Makers
  • Manufacturers of Electric Vehicles (EVs)
  • Motor Manufacturing Companies
  • Original Equipment Manufacturers
  • Raw Material Suppliers for traction motor or Components
  • State and National Regulatory Authorities
  • Traders and Distributors of Electric Vehicles
  • Transport Authorities

Report Objectives

  • To segment and forecast the size of the electric commercial vehicle traction motor market in terms of volume (units) and value (USD million) from 2019 to 2030
    • To define, describe, and forecast the market based on vehicle type, motor type, power output, design, transmission, axle architecture and region
    • To segment and forecast the market size by volume and value at the regional level based on vehicle type (pickup trucks, trucks (medium-duty trucks and heavy-duty trucks), vans (light vans and full-size vans), and buses & coaches
    • To segment and forecast the market size by volume based on motor type (permanent magnet synchronous motor, AC induction motor, and DC traction motor)
    • To segment and forecast the market size by volume based on power output (less than 100 kW, 100 – 200 kW, 200 – 400 kW and above 400 kW)
    • To segment and forecast the market size by volume based on design (radial flux and axial flux)
    • To segment and forecast the market size by volume based on transmission (single speed drive and multi-speed drive)
    • To segment and forecast the market size by volume based on axle architecture (integrated axle and central drive unit)
    • To forecast the market size with respect to key regions, namely, Asia Pacific, Europe, and North America
  • To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
  • To strategically analyze markets with respect to individual growth trends, prospects, and contributions to the total market
  • To strategically profile key players and comprehensively analyze their market share and core competencies
  • To analyze opportunities for stakeholders and the competitive landscape for market leaders
  • To track and analyze competitive developments such as product launches, deals, and others undertaken by the key industry participants
  • To study the following with respect to the market:
    • Supply Chain Analysis
    • Ecosystem Analysis
    • Technology Analysis
    • HS Code
    • Case Study Analysis
    • Patent Analysis
    • Regulatory Landscape
    • Conferences and Events
    • Average Selling Price Analysis
    • Buying Criteria
  • To analyze opportunities for stakeholders and the competitive landscape for market leaders
  • To track and analyze competitive developments such as product developments, deals, and others undertaken by the key industry participants

Available Customizations

With the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs.

  • Electric commercial vehicle traction motor market, by motor type, at country level (for countries covered in the scope of the report)
  • Profiling of additional market players (up to 5)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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