Electric Commercial Vehicle Traction Motor Market by Vehicle Type, Power Output, Motor Type, Transmission, Design, Axle Architecture, & Region - Global Forecast to 2030
The global electric commercial vehicles 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 ECV traction motor industry is expanding rapidly, driven by a global shift toward sustainability and electrification. With stringent emissions rules and rising environmental awareness, industries are increasingly adopting electric and hybrid vehicles, driving up demand for ECV traction motors. Advances in technology and government incentives have accelerated this growth trajectory, making ECV traction motors an essential component in the transition to a greener future. As the market grows, ECV traction motors will play an increasingly important role in changing the transportation landscape, providing efficient and environmentally friendly solutions across a wide range of sectors.
Scope of the Report
Years Considered for the Study
2019-2030
Base Year
2023
Forecast Period
2024-2030
Units Considered
Value (USD Billion)
Segments
Vehicle type, Power Output, Motor type, Design, Transmission, Axle Architecture and Region
Regions covered
Asia Pacific, Europe, and North America
"Reduced mechanical complexity and power loss to drive growth of single-speed drive transmission."
A single-speed drive in traction motors is a motor arrangement that has a fixed gear ratio. In this design, the motor directly powers the vehicle's wheels, eliminating the need for a complex transmission system. Single-speed drive motors are appropriate for urban driving circumstances commonly found in commercial vehicle applications that require constant speed operation, such as stop-and-go traffic. Single-speed drive motors help to increase the overall efficiency and reliability of electric commercial vehicles. While these motors offer simplicity and economy appropriate for urban driving, they may have limits in specific scenarios, such as high-speed highway driving or applications that require precise control of vehicle speed. Single-speed traction motors are still prevalent in some electric commercial vehicles, such as the Ford e-Transit electric van by Ford Motor Company (US), which features a single-speed transmission electric motor that is powered by a 68 kWh lithium-ion battery pack with a demonstrated range of 126 miles on the Cargo Van low-roof models. American Axle & Manufacturing Holdings, Inc. (US), BorgWarner (US), Robert Bosch GmbH (Germany), and Dana Incorporated (US) also supply drive motors, eAxles, electric powertrain systems, and electric powertrain system parts. Thus, single-speed drive motors remain a practical choice for electric commercial vehicles seeking streamlined and efficient propulsion solutions tailored to urban environments.
"Booming logistics sector to drive growth of Van in ECV traction motor market."
Demand for effective and adaptable logistics solutions has surged as a result of e-commerce's rapid growth. Traction motors power electric trucks used for last-mile delivery, allowing logistics organizations to satisfy the growing demand for fast and dependable parcel delivery services. Electric vans are enclosed wagons or motor truck vehicles that receive power from the power grid and are driven by an electric motor. The growth of the logistics and e-commerce sectors is expected to drive the market for electric vans for various applications, including last-mile delivery and distribution services. In September 2023, FedEx Express Europe, a subsidiary of FedEx Corporation, announced the addition of 23 Mercedes-Benz eSprinter vans to its UK operations. These eSprinter vans use two electric motors to power the vehicle mounted at the rear axle. Electric vans would witness an increasing demand due to lower operating costs, negligible harmful emissions, and government support. With the growing demand for electrification of mass transit transport and developments in battery technologies, pure electric vans were introduced in the market. OEMs such as Schaeffler Group (Germany), Shenzhen Inovance Technology (Chian), and Dana Incorporated (US), among others, offer different motors for electric vans. For instance, Spicer Electrified Zero-6 e-Transmissions, eBeam Axle, and LD34 are some traction motors offered by Dana Incorporated, ZF Friedrichshafen AG, and Shenzhen Inovance Technology, respectively.
"Optimized weight distribution within vehicles to drive Central Drive Axle market during the forecast period."
In the rapidly growing electric commercial vehicle market, the central drive axle emerges as a key component enhancing vehicle propulsion and performance. Positioned between the front and rear axles, the central drive axle optimizes weight distribution, stability, and traction, essential for commercial operations. Its strategic placement allows for efficient power delivery to the wheels, improving vehicle maneuverability, particularly in urban environments where tight spaces and frequent stops are prevalent. Central drive axles are well-suited for articulated buses and heavy-duty trucks with trailers. Placing the motor in the center simplifies drivetrain design for these longer vehicles with complex turning mechanisms. Advancements in electric motor technology are further leading to the development of more compact and powerful central drive motors. This allows for easier integration into the central axle without sacrificing performance or ground clearance. The CeTrax system by ZF Friedrichshafen AG (Germany) is an all-electric central drive used in buses, trucks, and special vehicles, such as terminal tractors and body carriers. CeTrax saves on costs and reduces the workload involved in technical integration and service.
"Advancements in motor design to drive growth of Permanent magnet synchronous motors (PMSMs) during the forecast period."
The growing popularity of PMSMs in electric commercial vehicles is attributed to their performance and an increase in electrification and sustainability in the automotive industry. Major manufacturers such as Tesla (US), BMW (Germany), and Nissan Motor Co. Ltd. (Japan) have adopted this technology in their electric vehicle platforms, leveraging its efficiency and power density to enhance the overall driving experience and appeal to environmentally-conscious consumers. Advancements in motor design and manufacturing processes have made these motors more cost-effective and accessible, further driving their adoption in electric commercial vehicles, including delivery vans, buses, and light-duty trucks. Traction motor manufacturers such as Dana Incorporated (US), American Axle & Manufacturing Inc. (US), and FinDreams Powertrain Co., Ltd. (China) (a subsidiary of BYD) offer a wide range of PMSMs for commercial vehicles. For instance, Dana offers TM4 SUMO LD for light commercial vehicles, medium-duty trucks, medium buses, and heavy-duty trucks when integrated into e-Axles. Similarly, in January 2022, FinDreams Powertrain announced the release of its second-generation 3-in-1 150 kW electric drive system. With a power range of 120 and 180 kW, the system includes a PMSM and provides a maximum wheel torque range between 3,000 and 3,800 Nm.
Electric commercial vehicle manufacturers such as Tesla Ins. (US), BYD (China), Volvo Trucks (Sweden), and Mercedes-Benz Group AG (Germany), among others, also use PMSMs in their electric commercial vehicles. For instance, the Tesla Semi, an all-electric heavy-duty truck, uses a liquid-cooled AC permanent magnet synchronous motor with a variable frequency drive. Meanwhile, the Mercedes-Benz eSprinter electric van utilizes a PMSM for its efficient and powerful electric drive system. Thus, the growing adoption of electric commercial vehicles with PMSM will support the market growth of the electric commercial vehicle traction motor market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
By Company Type: OEMs - 25%, Tier I - 55%, Tier II- 20%,
By Designation: CXOs - 20%, Directors- 30%, Others- 50%
By Region: North America- 20%, Europe - 20%, Asia Pacific- 60%
The electric commercial vehicle traction motor market is dominated by global players such as ZF Friedrichshafen AG (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), Magna International Inc. (Germany), and Allison Transmission, Inc. (US). These companies adopted strategies such as product developments, deals, and others to gain traction in the market.
Research Coverage:
The Market Study Covers the electric commercial vehicle traction motor market By Vehicle Type (Medium-duty Trucks, Heavy-duty Truck, Electric Pickup Trucks, Light Vans, Full-size Vans and Buses & Coaches), Power Output (Less than 100 kW, 100-200 kW, 200-400 kW and Above 400 kW), Motor Type (Permanent Magnet Synchronous Motor (PMSM), AC Induction Motor, and DC Traction Motor), Transmission (Single Speed Drive and Multi-speed Drive), Design (Radial Flux and Axial Flux), Axle Architecture (Integrated Axle and Central Drive Unit) and Region (Asia Pacific, Europe and North America). It also covers the competitive landscape and company profiles of the major players in the electric commercial vehicle traction motor market ecosystem.
Key Benefits of the Report
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall electric commercial vehicle traction motor market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Technical innovations in Motor Control and Power Electronics, The shift toward sustainable transportation is propelling the market, Lower operating costs compared to ICE engines, Government initiatives and subsidiaries), restraints (Vulnerability to supply chain constraints, Limited range of electric commercial vehicle), opportunities (Development in Fuel Cell technology, Rapid urbanization and fast growth of e-commerce sector), and challenges (Overheating of motor, Absence of standardized norms and regulation) influencing the growth of the electric commercial vehicle traction motor market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the electric commercial vehicle traction motor market
Market Development: Comprehensive information about lucrative markets - the report analyses the electric commercial vehicle traction motor market across varied regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the electric commercial vehicle traction motor market
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like ZF Friedrichshafen AG (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), Magna International Inc. (Germany), Allison Transmission, Inc. (US) and among others in the electric commercial vehicle Traction motor market strategies.
Strategies: The report also helps stakeholders understand the pulse of the ECV traction motor market and provides them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
TABLE 1 MARKET DEFINITION, BY VEHICLE TYPE
TABLE 2 MARKET DEFINITION, BY MOTOR TYPE
TABLE 3 MARKET DEFINITION, BY POWER OUTPUT
TABLE 4 MARKET DEFINITION, BY DESIGN
TABLE 5 MARKET DEFINITION, BY TRANSMISSION
TABLE 6 MARKET DEFINITION, BY AXLE ARCHITECTURE
1.3 INCLUSIONS AND EXCLUSIONS
TABLE 7 INCLUSIONS AND EXCLUSIONS
1.4 STUDY SCOPE
FIGURE 1 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET SEGMENTATION
1.4.1 REGIONS COVERED
1.4.2 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
TABLE 8 USD EXCHANGE RATES
1.6 UNITS CONSIDERED
1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 RESEARCH DESIGN
FIGURE 3 REPORT WRITING METHOD
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.1.2 List of secondary sources
2.1.2 PRIMARY DATA
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
2.1.2.1 List of primary interview participants
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 5 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
FIGURE 6 TOP-DOWN APPROACH
FIGURE 7 RESEARCH APPROACH
FIGURE 8 MARKET ESTIMATION NOTES
2.3 DATA TRIANGULATION
FIGURE 9 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.4.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
2.5 RESEARCH ASSUMPTIONS
2.6 RESEARCH LIMITATIONS
2.7 RECESSION IMPACT ANALYSIS
3 EXECUTIVE SUMMARY
FIGURE 10 REPORT SUMMARY
FIGURE 11 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024 VS. 2030 (USD MILLION)
FIGURE 12 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024 VS. 2030 (UNITS)
FIGURE 13 KEY PLAYERS IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET
FIGURE 14 RAPID DEVELOPMENT IN ELECTRIC COMMERCIAL VEHICLES TO DRIVE MARKET
4.2 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE
FIGURE 15 LIGHT VAN SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
4.3 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY AXLE ARCHITECTURE
FIGURE 16 INTEGRATED AXLE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
4.4 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY DESIGN
FIGURE 17 AXIAL FLUX TO HAVE LARGER MARKET SHARE DURING FORECAST PERIOD
4.5 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE
FIGURE 18 PERMANENT MAGNET SYNCHRONOUS MOTOR SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
4.6 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY TRANSMISSION
FIGURE 19 MULTI-SPEED DRIVE SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
4.7 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY POWER OUTPUT
FIGURE 20 LESS THAN 100 KW SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
4.8 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION
FIGURE 21 ASIA PACIFIC TO ACCOUNT FOR DOMINANT MARKET SHARE IN 2024
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 22 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Technological innovations in motor control and power electronics
5.2.1.2 Shift toward sustainable transportation
FIGURE 23 GLOBAL ELECTRIC COMMERCIAL VEHICLE SALES
5.2.1.3 Lower operating costs than ICE engines
TABLE 9 OPERATIONAL COST COMPARISON: ICE VS. ELECTRIC TRACTION MOTOR
5.2.1.4 Government initiatives and subsidiaries
TABLE 10 GOVERNMENT INCENTIVES, BY COUNTRY
5.2.2 RESTRAINTS
5.2.2.1 Vulnerability to supply chain constraints
FIGURE 24 MATERIALS USED IN TRACTION MOTORS
5.2.2.2 Limited range of electric commercial vehicles
TABLE 11 OEM VEHICLE MODELS, BY RANGE
5.2.3 OPPORTUNITIES
5.2.3.1 Development in fuel cell technology
TABLE 12 FUEL CELL ELECTRIC COMMERCIAL VEHICLE LAUNCHES SCHEDULED IN 2024-2026
5.2.3.2 Rapid urbanization and fast growth of e-commerce sector
TABLE 13 TRANSITION TOWARD ELECTRIFICATION FOR E-COMMERCE AND DELIVERY VEHICLES
5.2.4 CHALLENGES
5.2.4.1 Overheating of motor
5.2.4.2 Absence of standardized norms and regulations
5.3 PRICING ANALYSIS
FIGURE 25 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2024
FIGURE 26 AVERAGE SELLING PRICE TREND, BY REGION, 2021-2030 (USD PER UNIT)
5.4 BILL OF MATERIALS
FIGURE 27 BILL OF MATERIALS FOR ELECTRIC COMMERCIAL VEHICLE TRACTION MOTORS
5.5 SUPPLY CHAIN ANALYSIS
FIGURE 28 SUPPLY CHAIN ANALYSIS
5.6 ECOSYSTEM ANALYSIS
FIGURE 29 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET ECOSYSTEM
5.6.1 TIER II SUPPLIERS
5.6.2 TIER I SUPPLIERS
5.6.3 OEMS
TABLE 14 ROLE OF COMPANIES IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET ECOSYSTEM
5.7 CASE STUDY ANALYSIS
5.7.1 DESIGN OF MODULAR EAXLE FOR ALL-TERRAIN HEAVY-DUTY APPLICATIONS CONSIDERING GRADIENT WEIGHT TRANSFER
5.7.2 DESIGN AND PACKAGING OF ALL-IN-ONE AXLE
5.7.3 USER EXPERIENCE OF BATTERY-ELECTRIC TRUCKS IN NORWAY
5.8 INVESTMENT SCENARIO
FIGURE 30 INVESTMENT SCENARIO, 2021-2024
TABLE 15 LIST OF FEW FUNDING, 2022-2024
5.9 PATENT ANALYSIS
5.9.1 INTRODUCTION
FIGURE 31 PATENT REGISTRATION TRENDS, 2012-2024
5.9.2 LEGAL STATUS OF PATENTS, 2012-2024
FIGURE 32 LEGAL STATUS OF PATENTS, 2012-2024
5.9.3 TOP PATENT APPLICANTS, 2012-2024
FIGURE 33 TOP PATENT APPLICANTS, 2012-2024
TABLE 16 PATENT REGISTRATIONS RELATED TO ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, 2022-2024
*Details on Business overview, Products/Solutions/Services offered, Recent developments & MnM View might not be captured in case of unlisted companies.
14.2 OTHER PLAYERS
14.2.1 CUMMINS INC.
TABLE 242 CUMMINS INC.: COMPANY OVERVIEW
14.2.2 SKODA TRANSPORTATION A.S.
TABLE 243 SKODA TRANSPORTATION A.S.: COMPANY OVERVIEW
14.2.3 KIRLOSKAR ELECTRIC COMPANY LIMITED
TABLE 244 KIRLOSKAR ELECTRIC COMPANY LIMITED: COMPANY OVERVIEW
14.2.4 TRAKTIONSSYSTEME AUSTRIA (TSA) GMBH
TABLE 245 TRAKTIONSSYSTEME AUSTRIA (TSA) GMBH: COMPANY OVERVIEW
14.2.5 DELTA ELECTRONICS, INC.
TABLE 246 DELTA ELECTRONICS, INC.: COMPANY OVERVIEW
14.2.6 MITSUBISHI ELECTRIC CORPORATION
TABLE 247 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
14.2.7 HITACHI, LTD.
TABLE 248 HITACHI, LTD.: COMPANY OVERVIEW
14.2.8 VEM GROUP
TABLE 249 VEM GROUP: COMPANY OVERVIEW
14.2.9 WEG
TABLE 250 WEG: COMPANY OVERVIEW
14.2.10 ZHEJIANG FOUNDER MOTOR CO., LTD.
TABLE 251 ZHEJIANG FOUNDER MOTOR CO., LTD.: COMPANY OVERVIEW
15 RECOMMENDATIONS BY MARKETSANDMARKETS
15.1 ASIA PACIFIC TO BE SIGNIFICANT MARKET FOR ELECTRIC COMMERCIAL VEHICLE TRACTION MOTORS
15.2 PERMANENT MAGNET SYNCHRONOUS MOTORS TO EMERGE AS LARGEST SEGMENT OF ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET
15.3 LESS THAN 100 KW POWER OUTPUT TO BE PROMISING SEGMENT OF ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET