Electric Commercial Vehicle Traction Motor Market Size, Share, Trends & Analysis by 2030

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%. 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.

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"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.

"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.

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"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.

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

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This release was published on openPR.