Electric Commercial Vehicle Traction Motor Market on Path to Hit $3.89 Billion by 2029 at 20.2% CAGR

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Electric Commercial Vehicle Traction Motor Market Outlook: What Size And CAGR Are Anticipated By 2025?
There has been a remarkable growth in the market size of the electric commercial vehicle traction motor in recent times. The market, standing at $1.54 billion in 2024, is anticipated to expand to $1.86 billion in 2025 with a compound annual growth rate (CAGR) of 20.8%. The considerable growth during the historic period was spurred by government-led incentives towards electrification, rising consciousness about environmental effects, enhancements in charging facilities, and the escalating demand for eco-friendly transportation alternatives.

What Is the Expected CAGR for the Electric Commercial Vehicle Traction Motor Market Growth Through 2029?
There is an anticipated surge in the market size for commercial electric vehicle traction motors in the coming years, with a prediction of it escalating to $3.89 billion by 2029, backed by a compound annual growth rate (CAGR) of 20.2%. The growth, forecasted within this period, can be correlated to the increase of electric vehicle (EV) fleets by commercial logistics firms, the adaptation of self-drive innovations in commercial vehicles, and the inception of fresh business strategies such as battery swapping for commercial EVs. The forecast period also highlights significant trends such as fusion with power electronics, the creation of avant-garde cooling methods, the adoption of stringent design and testing standards, and amalgamation with advanced vehicle systems.

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What Are the Primary Drivers Behind Electric Commercial Vehicle Traction Motor Market Growth?
The electric commercial vehicle traction motor market is anticipated to grow significantly due to the increasing demand for electric heavy commercial vehicles. Electric heavy commercial vehicles are substantial vehicles intended for commercial usage such as trucks and buses, run by electric motors instead of conventional internal combustion engines. The escalating appreciation of electric heavy commercial vehicles is owing to their environmental advantages, economical benefits, and favorable government policies. Traction motors in these vehicles provide the needed power and torque for effective and dependable performance. In July 2023, as per the data from the International Energy Agency (IEA), an independent intergovernmental organization based in France, there were about 54,000 new electric buses and approximately 52,000 electric medium- and heavy-duty trucks sold in China in 2022. This marks an increase from 50,000 and 37,000 respectively in 2021. As such, this surging demand for electric heavy commercial vehicles is propelling the expansion of the electric commercial vehicle traction motor market.

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What Are the Key Segments Driving Electric Commercial Vehicle Traction Motor Market Growth?
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

What Are the Technological Trends Impacting the Electric Commercial Vehicle Traction Motor Market?
Leading firms in the electric commercial vehicle traction motor market are working on pioneering solutions like compact and lightweight traction motors to secure a market advantage. These motors are electrically powered and designed to be both small-sized and lightweight in comparison to their power yield. For example, in July 2022, Mahle GmbH, a German manufacturer of automotive parts, unveiled the SCT E-motor. This traction motor is intended for electric passenger cars, commercial vehicles, construction machinery, and tractors. The SCT E-motor merges a permanently excited motor design with neodymium magnets in a compact format. It has an integrated oil cooling system, which boosts its sturdiness and allows the vehicle's overall system to reuse waste heat. The SCT E-motor stands out in the market for its extraordinarily high continuous output to peak output ratio, which surpasses 90%. This outstanding performance is reached via a creative integrated oil cooling system, which enhances the motor's durability and allows for the recycling of waste heat across the vehicle's entire system.

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Who Are the Major Competitors in the Global 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

Which Region Dominates the Electric Commercial Vehicle Traction Motor Market Share in 2025?
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.

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