Electric Commercial Vehicle Traction Motor Market

Electric Commercial Vehicle Traction Motor Market worth $9.8 billion by 2030

According to a research report "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" published by MarketsandMarkets, the global Electric Commercial Vehicle Traction Motor market is projected to grow from USD 2.1 billion in 2024 to USD 9.8 billion by 2030, registering a CAGR of 28.8%.

Browse 251 market data Tables and 63 Figures spread through 252 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/electric-commercial-vehicle-traction-motor-market-74436467.html

The traction motor of an electric commercial vehicle (ECV) is the driving force behind a new era of transportation, embodying efficiency, sustainability, and innovation. As the world pivots towards electrification to combat climate change and reduce dependency on fossil fuels, ECV traction motors play a pivotal role in powering electric commercial vehicles, ranging from trucks, vans, pickup trucks to buses. These motors leverage cutting-edge technologies in motor control and power electronics to deliver optimal performance while minimizing energy consumption and emissions. With the growing adoption of electric vehicles across various industries, the ECV traction motor market is experiencing exponential growth, fueled further by supportive government policies, cost competitiveness, and a global commitment to building a greener future.

“The less than 100 kW segment to show a significant growth rate during the forecast period.”

The less than 100 kW market is projected to register a CAGR of 32.5% during the forecast period. The less than 100 kW power output is primarily found in smaller electric vehicles, such as small electric vans, designed for efficiency in short-distance applications, offering an eco-friendly alternative for urban logistics and last-mile deliveries. These vans are becoming increasingly popular among logistics companies for their ability to easily navigate congested city streets, reducing emissions and noise pollution. Their design and electric propulsion make them suitable for quick and efficient deliveries, contributing to the overall evolution of urban logistics toward more sustainable and environmentally conscious practices.

Various leading OEMs offer electric commercial vehicles with power outputs below 100 kW as the demand for sustainable last-mile delivery has significantly increased. For instance, Tata Motors (India) targeted the intra-city cargo transport operators for e-commerce, FMCG, and courier businesses and began the deliveries of the electric Ace in 2023, with a power output of 27 kW, offering a lower total cost of ownership. MAHLE Group (Germany), Schaeffler Group (Germany), BorgWarner (US), and Robert Bosch GmbH (Germany), among others, offer various motors in this segment.

The radial flux motors of the design segment are to show significant growth during the forecast period.”

Radial flux motors are experiencing a surge in demand within the electric commercial vehicle traction motor market due to several factors. Their robust torque output and high power density make them suitable for heavy-duty commercial vehicles, such as delivery trucks and buses. These vehicles require significant pulling power and acceleration capabilities offered by radial flux motors, ensuring optimal performance in urban environments and on highways. Additionally, these motors provide enhanced efficiency, contributing to extended driving range and reduced energy consumption, which is crucial for commercial fleet operators seeking to minimize operational costs and maximize profitability.

With electric commercial vehicles often needing to accommodate cargo, passengers, and various onboard systems, the compactness of radial flux motors allows for more efficient vehicle packaging and layout optimization. This feature enables manufacturers to design vehicles with larger cargo capacities and enhances overall maneuverability and agility, essential for navigating congested urban areas and making frequent stops during delivery routes. Whether powering delivery vans, buses, or heavy-duty trucks, these motors can be tailored to deliver optimal performance, torque, and efficiency, thereby accommodating the diverse needs of commercial fleet operators. Additionally, their scalability enables the deployment of radial flux motor technology across various vehicle sizes and classes, further expanding their market penetration within the electric commercial vehicle traction motor segment.

“Europe is expected to become second largest growing market for electric commercial vehicle traction motor during the forecast period.”

The European electric commercial vehicle traction motor market is on the rise, with stringent environmental regulations propelling market players to develop advanced e-axles and traction motor. Major ECV traction motor manufacturers, such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Schaeffler AG (Germany), MAHLE GmbH (Germany) and among others, are focusing on developing advanced electric traction motor and integrated axles, leading to a significant rise in demand for electric traction motors for commercial vehicle. In April 2023, Schaeffler AG (Schaeffler) started mass production of its in-wheel motor type electric drives. The company will supply the product to companies that manufacture road sweepers, snowplow vehicles, and compact vans for local governments and other organizations.

The government's intense focus on imposing stringent environmental regulations encourages market players to develop advanced vehicles and set up facilities wherein various critical vehicle parts are tested, which will further propel the growth of the market for high-power-output traction motors. In February 2023, ZF Commercial Vehicle Technology (Jiaxing) Co., Ltd. (ZF) and Beiqi Foton Motor Co., Ltd. (Foton Motor) planned 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. The growth of the region's electric commercial vehicle traction motor market is due to favorable government incentives and emission-free public transportation policies which is increasing the demand for ECVs, which in turn is supporting the market growth of traction motors for ECVs. 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). Countries in the region have set up regulations to shift to EVs and used supply contracts to increase their EV fleets. In September 2023, FedEx Express Europe, a subsidiary of FedEx Corporation, announced the addition of 23 Mercedes-Benz battery-electric eSprinter vans to its UK operations. These eSprinter vans assist FedEx Express in achieving its objectives for locally emissions-free delivery and pickup. Thus all the aforementioned parameters are increasing the demand of electric commercial vehicle traction motor market in the region during forecasted period.

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), and Allison Transmission, Inc. (US).

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Electric Commercial Vehicle Traction Motor Market Size,  Share & Growth Report
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