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Electric Commercial Vehicle Traction Motor Market Trends, Opportunities Report And Forecast 2033
Electric Commercial Vehicle Traction Motor Market Trends
As per the report, 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 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%.
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Electric Heavy Commercial Vehicles Fuel Growth In Traction Motor Market
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.
Advancements In Electric Commercial Vehicle Traction Motors
Major companies operating in the electric commercial vehicle traction motor market are developing innovative solutions, such as compact and lightweight traction motors, to gain a competitive edge in the market. Compact and lightweight traction motors are electric motors designed to be small in size and low in weight relative to their power output. For instance, in July 2022, Mahle GmbH, a Germany-based automotive parts manufacturer, launched the SCT E-motor. This traction motor is designed for electric passenger vehicles, commercial vehicles, construction equipment, and tractors. The SCT E-motor combines a permanently excited motor design with neodymium magnets in a compact unit. It features integrated oil cooling, enhancing its robustness and allowing waste heat to be utilized within the vehicle's overall system. The SCT E-motor is unique in the market due to its exceptionally high ratio of continuous output to peak output, exceeding 90%. This impressive performance is achieved through an innovative integrated oil cooling system, which enhances the motor's robustness and enables the use of waste heat within the vehicle's entire system.
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
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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
Contents of the report:
1. Executive Summary
2. Electric Commercial Vehicle Traction Motor Market Report Structure
3. Electric Commercial Vehicle Traction Motor Market Trends And Strategies
4. Electric Commercial Vehicle Traction Motor Market - Macro Economic Scenario
5. Electric Commercial Vehicle Traction Motor Market Size And Growth
…..
27. Electric Commercial Vehicle Traction Motor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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