Commercial EV traction motor market to surpass US $15B by 2032
The growing emphasis on environmental sustainability and strict regulations on emissions is contributing a lot to the growth of electric vehicle traction motors.
Press Release, 18 November’2024
The electric commercial vehicle traction motor market size was evaluated at USD 1,590.22 million in 2023. The market is expected to grow from USD 2,039.15 million in 2024 to USD 15,032.13 million by 2032, showcasing a CAGR of 28.4% between 2024–2032.
Market Overview:
What are Electric Commercial Vehicle Traction Motors?
An electric vehicle traction motor is a specialized type of motor that is designed specifically to provide propulsion in vehicles such as electric vehicles (EVs), trains, and hybrid electric vehicles (HEVs). It provides the required traction to power the movements of the vehicle by delivering the torque to drive the axles or wheels of the vehicle.
In vehicles such as EVs and HEVs, the traction motor often plays the role of the only source of propulsion, and it acts as an essential part of the powertrain of an electric car and is in charge of providing the torque and power required by the vehicle to be able to move. The traction motor is a crucial part of the propulsion process in modern cars. Hence, it usually has to be manufactured to run efficiently with a high-power density.
Market Report Scope and Attributes:
| Report Attribute | Details |
| Market Value in 2024 | USD 2039.15 million |
| Market value by 2032 | USD 15032.13 million |
| CAGR | 28.4% from 2024 to 2032 |
| Base Year | 2023 |
| Historical Data | 2019–2022 |
| Forecast Period | 2024–2032 |
Top Market Players:
The top key players in the market are investing a significant amount in research and development in order to increase their services, which is going to push electric commercial vehicle traction motor market growth significantly. Also, they are implying numerous strategies, such as launching initiatives, higher investments, and international collaborations, along with mergers and acquisitions, to mark their global footprint.
The key players in the electric vehicle traction motor market are:
- Allison Transmission, Inc.
- BYD
- Dana Limited
- AB Volvo
- Mercedes-Benz Group AG
- GEM Motors
- BorgWarner Inc.
- Magna International Inc.
- Robert Bosch GmbH
- Traton SE
- Flash
- Hyundai Motor Company
- Tata Motors
- ZF Friedrichshafen AG
- Suzhou Inovance Automotive Co., Ltd
- Zhengzhou Yutong Bus Co., Ltd.
Market Drivers and Opportunities
- Increasing Investment by Government in EV Infrastructure: Governments in many countries are investing heavily in the infrastructure of EVs, which are often directed toward the expansion of public and private charging station networks. A vast and majorly available charging infrastructure helps to increase the usefulness of commercial EV operations and minimizes anxiety regarding ranges.
- Global Rise in Fuel Price: The hike in prices of fuel has resulted in a favorable environment for the growth of the EV market as they seem to be economically attractive to the customers as they do not require any fuel and they run on batteries. This is leading to demand for EVs and their traction motors, as they are a key ingredient in the EVs.
- Focus On Environmental Sustainability: The focus on environmental sustainability and stricter laws being introduced regarding emissions is leading more and more consumers towards the adoption of EVs and, hence, propelling the electric commercial vehicle traction motors market growth as it is one of the most important parts of its build.
Regional Overview
- Asia Pacific: Asia Pacific holds the largest share in the market of electrical vehicle traction motors in 2023. This achievement is thanks to significant government incentives, quick industrialization, and being the hub of manufacturing EVs. The supportive environmental policies and extensive network of charging stations have resulted in people adopting commercial electric vehicles, thus giving a boost to the electrical commercial vehicle traction motor market.
- Europe: The newly implied strict rules regarding vehicular emissions in the EU are proving to be a major milestone in the growth of the electrical vehicle traction motor market. Also, the Green Deal by the EU and different national policies allow strong incentives for the electrification of their fleet and the development of charging infrastructure.
Electric Commercial Vehicle Traction Motor Market Segmentation:
By Vehicle Type Outlook (Revenue, USD Million, 2019–2032)
- Pickup Trucks
- Trucks
- Buses & Coaches
- Vans
By Power Output Outlook (Revenue, USD Million, 2019–2032)
- Less than 100 kW
- 100–200 kw
- 200–400 kw
- Above 400 kw
By Motor Type Outlook (Revenue, USD Million, 2019–2032)
- Permanent Magnet Synchronous Motor (PMSM)
- AC Induction Motor
- DC Traction Motor
By Design Outlook (Revenue, USD Million, 2019–2032)
- Radial Flux
- Axial Flux
By Transmission Outlook (Revenue, USD Million, 2019–2032)
- Single-Speed Drive
- Multi-Speed Drive
By Axle Architecture Outlook (Revenue, USD Million, 2019–2032)
- Integrated Axle
- Central Drive Unit
By Regional Outlook (Revenue, USD Million, 2019–2032)
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Browse PMR’s Electric Commercial Vehicle Traction Motor Market Report Coverage from Different Publications:
The global electric commercial vehicle traction motor market size is expected to reach USD 15,032.13 million by 2032, exhibiting a CAGR of 28.4% during 2024–2032.
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