The global electric commercial vehicle traction motor 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 market for ECV traction motors, the engines that propel electric commercial vehicles, is experiencing significant growth. A confluence of factors is driving this surge. The rising popularity of electric commercial vehicles themselves is a major contributor. Consumers are increasingly drawn to ECVs due to their environmental benefits, lower operating costs, and the expanding variety of models available. Government policies that incentivize overall EV adoption, such as tax breaks and subsidies, are further accelerating this trend. This growth in EVs directly translates to a demand for more ECV traction motors. Additionally, advancements in motor technology, with a focus on increasing power density, efficiency, and regenerative braking capabilities, are making electric vehicles even more appealing. This positive feedback loop between technological innovation, government support, and consumer preference is poised to propel the ECV traction motor market during the forecasted period.
As the electric commercial vehicle market continues to grow, integrated axles are increasingly recognized as a critical enabler of sustainable and efficient transportation solutions, driving their adoption across various commercial vehicle segments. Many leading traction motor manufacturers, such as BorgWarner (US), Schaeffler Group (Germany), and Robert Bosch GmbH (Germany), provide integrated axles for electric commercial vehicles. By consolidating essential components such as the motor, gearbox, and differential into a single unit, these axles offer a compact and streamlined solution that maximizes power delivery efficiency and reduces weight and space requirements. This integration simplifies the vehicle’s drivetrain design and enhances overall vehicle dynamics. In May 2023, BorgWarner (US) announced its plan to develop product specifications for next-generation eAxles. The company aims to achieve balanced high output, miniaturization, and cost reduction in eAxles featuring an 800 V drive. BorgWarner has set a mid- and long-term strategy to raise the ratio of electrification product sales to its total sales by 45% by 2030. It plans to enhance its eAxles business’s competitiveness and increase its electrification product sales by next year.
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Axial flux motors are gaining momentum in the electric commercial vehicle traction motor market due to their compact design and high power density. These motors can use simpler manufacturing processes than radial flux motors, lowering production costs. They can also achieve a significantly higher power output for their size and weight, which is crucial for maximizing payload capacity in commercial vehicles. The high power density and improved cooling of axial flux motors make them ideal for powering electric buses, which require high torque for frequent acceleration and deceleration. In July 2023, EV manufacturer Tresa Motors (India) unveiled an eAxle with an axial flux motor for electric truck trials. The Tresa Motor medium and heavy electric truck platform Model V0.1 can carry a load capacity ranging from 18 to 55 tons. DAX-1 is powered by Tresa’s FLUX350 platform motors, which can operate within the range of 150 to 350 kW. Weighing under 25 kg, the motor can deliver up to 350 kW of power. These factors will support the growth of axial flux motors in the electric commercial vehicle traction motor market during the forecast period.
Compared to other motors requiring separate excitation sources or permanent magnets, AC induction motors operate solely on electromagnetic induction, eliminating the need for additional components such as brushes or commutators. This inherent simplicity results in a robust and low-maintenance motor design well-suited for a wide range of applications. Additionally, AC induction motors offer smooth and continuous speed control through the manipulation of the applied frequency of the AC power supply, making them versatile and adaptable to varying operating conditions. These characteristics, as well as their cost-effectiveness and widespread availability, have solidified AC induction motors as a preferred choice in the automotive industry. Several manufacturers produce AC induction motors for electric commercial vehicles, catering to the growing demand for electric propulsion systems in the automotive industry. Shenzhen Inovance Technology (China), MAHLE Group (Germany), and Kirloskar Electric Company Limited (India), among others, offer a range of AC induction motors suitable for electric commercial vehicles. For instance, Voltage Drive Systems by MAHLE Group is equipped with AC induction or permanent magnet motors and drive systems.
The North American electric commercial vehicle traction motor market is experiencing significant growth driven by various factors, including tightening emission regulations, increasing environmental awareness, and advancements in electric vehicle (EV) technology in electric commercial market. With a focus on reducing greenhouse gas emissions and dependence on fossil fuels, North America’s governments, businesses, and consumers are increasingly turning to electric commercial vehicles as a sustainable transportation solution.
In North America, federal and state governments are offering incentives to promote the adoption of electric vehicles, including electric commercial vehicles. These incentives include tax credits, rebates, grants, and infrastructure investments. These incentives lower the upfront cost of buying an electric commercial vehicle, making them more attractive to businesses. As a result, the demand for electric traction motors, which are essential components in EVs, increases. For instance, the US federal government’s investments in charging infrastructure and tax incentives for EV purchases have stimulated growth in the electric commercial vehicle market.
The region is home to renowned OEMs that specialize in producing high-quality and high-performance traction motor for commercial vehicle, driving the growth of the electric commercial vehicle traction motor market. These manufacturers include BorgWarner (US), Dana Incorporated (US), American Axle & Manufacturing (US) and others. The region is also home to top electric medium-duty and heavy-duty truck manufacturers such as Chanje Energy Inc. (US), Mitsubishi (Japan), and Orange EV (US). North American-based traction motor manufacturers can collaborate with local stakeholders, including automotive OEMs, technology companies, research institutions, and government agencies, to accelerate market growth and innovation. These partnerships may involve joint ventures, technology licensing agreements, pilot projects, and industry consortiums to address common challenges, drive market adoption, and expand the traction motor market in North America. For instance, in September 2023, LG Magna e-Powertrain, the joint venture between LG Electronics (LG) and Magna (Magna), announced, at IAA Mobility 2023, a new facility in Miskolc, Hungary. The facility is scheduled to be completed in 2025. It will start production with e-motors, and it plans to offer a suite of electrified powertrain solutions in the future, including inverters and onboard chargers. These parameters support the traction motor market for electric commercial vehicles in the region during the forecasted period.
Key Market Players:
The electric commercial vehicle traction motor market is dominated by established players such as ZF Friedrichshafen AG (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), Magna International Inc. (Germany), and Allison Transmission, Inc. (US).
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