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Electric Heavy Commercial Vehicles Fuel Growth In Traction Motor Market: An Emerging Driver Transforming The Electric Commercial Vehicle Traction Motor Market Landscape
Electric Commercial Vehicle Traction Motor Market
What Is the Projected Growth of the Electric Commercial Vehicle Traction Motor Market?
The electric commercial vehicle traction motor market has experienced robust growth. It is forecasted to grow from $1.54 billion in 2024 to $1.89 billion in 2025, at a CAGR of 22.2%. The growth has been influenced by government incentives, increased environmental awareness, better charging networks, and a rising push for sustainable transportation.
The electric commercial vehicle traction motor market size is expected to grow significantly in the next few years. It will increase to $4.16 billion by 2029 at a compound annual growth rate (CAGR) of 21.9%. The key drivers of growth include the expansion of electric commercial fleets, the rise of autonomous vehicles, and the emergence of battery-swapping business models. Prominent trends include integration with power electronics, improved cooling systems, rigorous design and testing, and compatibility with advanced vehicle technologies.
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What Are the Different Electric Commercial Vehicle Traction Motor Market Segments?
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
Subsegments:
1) By Buses: City Buses, Intercity Buses, Electric School Buses, Shuttle Buses
2) By Trucks: Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks
3) By Vans: Electric Delivery Vans, Electric Passenger Vans, Electric Cargo Vans
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What Are the Primary Drivers Shaping the Electric Commercial Vehicle Traction Motor Market?
The growing demand for electric heavy commercial vehicles is expected to fuel the growth of the electric commercial vehicle traction motor market. These vehicles are powered by electric motors and are used in applications such as trucks and buses, offering environmental benefits and cost savings. For example, in 2022, China sold 54,000 electric buses and 52,000 electric trucks, according to the International Energy Agency (IEA). The growing adoption of electric heavy commercial vehicles is thus driving the traction motor market.
Which Companies Are Leading in the Electric Commercial Vehicle Traction Motor Market?
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
What Are the Major Trends Shaping the Electric Commercial Vehicle Traction Motor Market?
Leading businesses in the electric commercial vehicle traction motor market are capitalizing on cutting-edge solutions like compact and lightweight traction motors to bolster their standing in the marketplace. These motors are designed to be diminutive in stature and light in weight while delivering powerful performance. For example, German automotive parts producer Mahle GmbH debuted the SCT E-motor in July 2022. This traction motor, applicable for electric private vehicles, commercial vehicles, construction machinery, and tractors, merges a constantly excited motor design with neodymium magnets in a compact package. It possesses an integrated oil cooling system which boosts its durability and permits the harnessing of waste heat for the entire vehicle's system. The uniqueness of the SCT E-motor within the market lies in its extraordinarily high continuous to peak output ratio, which surpasses 90%. This remarkable performance stems from its innovative built-in oil cooling system, enhancing the motor's toughness and facilitating the utilization of waste heat throughout the vehicle's system.
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What Are the Top Revenue-Generating Geographies in the Electric Commercial Vehicle Traction Motor Market?
Asia-Pacific was the largest region in the electric commercial vehicle traction motor market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Commercial Vehicle Traction Motor Market?
2. What is the CAGR expected in the Electric Commercial Vehicle Traction Motor Market?
3. What Are the Key Innovations Transforming the Electric Commercial Vehicle Traction Motor Industry?
4. Which Region Is Leading the Electric Commercial Vehicle Traction Motor Market?
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