조사회사 : MarketsandMarkets (마켓츠앤마켓츠) 출판년월 : 2024년05월
Electric Commercial Vehicle Traction Motor Market – Global Forecast to 2030
전기 상용차 트랙션 모터 시장 : 차량 유형(픽업, 중형 및 대형 트럭, 밴, 버스), 출력, 모터 유형, 변속기, 설계, 액슬 아키텍처(통합형, 센트럴 드라이브 유닛), 지역별 – 2030년까지의 세계 예측
Electric Commercial Vehicle Traction Motor Market by Vehicle Type (Pickups, Medium and Heavy-Duty Trucks, Vans, Buses), Power Output, Motor Type, Transmission, Design, Axle Architecture (Integrated, Central Drive Unit), & Region – Global Forecast to 2030
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Report Overview
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%.
전세계 전기 상용차 시장은 2024년 21억 달러에서 2030년까지 98억 달러로 성장하여 28.8%의 CAGR을 기록할 것으로 예상됩니다.
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.
“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 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
TABLE 1 MARKET DEFINITION, BY VEHICLE TYPE 26
TABLE 2 MARKET DEFINITION, BY MOTOR TYPE 26
TABLE 3 MARKET DEFINITION, BY POWER OUTPUT 27
TABLE 4 MARKET DEFINITION, BY DESIGN 27
TABLE 5 MARKET DEFINITION, BY TRANSMISSION 28
TABLE 6 MARKET DEFINITION, BY AXLE ARCHITECTURE 28
1.3 INCLUSIONS AND EXCLUSIONS 29
TABLE 7 INCLUSIONS AND EXCLUSIONS 29
1.4 STUDY SCOPE 30
FIGURE 1 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET SEGMENTATION 30
1.4.1 REGIONS COVERED 30
1.4.2 YEARS CONSIDERED 31
1.5 CURRENCY CONSIDERED 31
TABLE 8 USD EXCHANGE RATES 31
1.6 UNITS CONSIDERED 32
1.7 STAKEHOLDERS 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
FIGURE 2 RESEARCH DESIGN 33
FIGURE 3 REPORT WRITING METHOD 34
2.1.1 SECONDARY DATA 35
2.1.1.1 Key data from secondary sources 35
2.1.1.2 List of secondary sources 36
2.1.2 PRIMARY DATA 37
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS 37
2.1.2.1 List of primary interview participants 38
2.2 MARKET SIZE ESTIMATION 39
2.2.1 BOTTOM-UP APPROACH 39
FIGURE 5 BOTTOM-UP APPROACH 40
2.2.2 TOP-DOWN APPROACH 40
FIGURE 6 TOP-DOWN APPROACH 40
FIGURE 7 RESEARCH APPROACH 41
FIGURE 8 MARKET ESTIMATION NOTES 41
2.3 DATA TRIANGULATION 42
FIGURE 9 DATA TRIANGULATION 42
2.4 FACTOR ANALYSIS 43
2.4.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES 44
2.5 RESEARCH ASSUMPTIONS 45
2.6 RESEARCH LIMITATIONS 46
2.7 RECESSION IMPACT ANALYSIS 46
3 EXECUTIVE SUMMARY 47
FIGURE 10 REPORT SUMMARY 47
FIGURE 11 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024 VS. 2030 (USD MILLION) 48
FIGURE 12 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024 VS. 2030 (UNITS) 49
FIGURE 13 KEY PLAYERS IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET 50
4 PREMIUM INSIGHTS 51
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET 51
FIGURE 14 RAPID DEVELOPMENT IN ELECTRIC COMMERCIAL VEHICLES TO DRIVE MARKET 51
4.2 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE 51
FIGURE 15 LIGHT VAN SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 51
4.3 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY AXLE ARCHITECTURE 52
FIGURE 16 INTEGRATED AXLE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 52
4.4 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY DESIGN 52
FIGURE 17 AXIAL FLUX TO HAVE LARGER MARKET SHARE DURING FORECAST PERIOD 52
4.5 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE 53
FIGURE 18 PERMANENT MAGNET SYNCHRONOUS MOTOR SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 53
4.6 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY TRANSMISSION 53
FIGURE 19 MULTI-SPEED DRIVE SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 53
4.7 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY POWER OUTPUT 54
FIGURE 20 LESS THAN 100 KW SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 54
4.8 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION 54
FIGURE 21 ASIA PACIFIC TO ACCOUNT FOR DOMINANT MARKET SHARE IN 2024 54
5 MARKET OVERVIEW 55
5.1 INTRODUCTION 55
5.2 MARKET DYNAMICS 56
FIGURE 22 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 56
5.2.1 DRIVERS 56
5.2.1.1 Technological innovations in motor control and power electronics 56
5.2.1.2 Shift toward sustainable transportation 57
FIGURE 23 GLOBAL ELECTRIC COMMERCIAL VEHICLE SALES 57
5.2.1.3 Lower operating costs than ICE engines 57
TABLE 9 OPERATIONAL COST COMPARISON: ICE VS. ELECTRIC TRACTION MOTOR 58
5.2.1.4 Government initiatives and subsidiaries 58
TABLE 10 GOVERNMENT INCENTIVES, BY COUNTRY 58
5.2.2 RESTRAINTS 59
5.2.2.1 Vulnerability to supply chain constraints 59
FIGURE 24 MATERIALS USED IN TRACTION MOTORS 59
5.2.2.2 Limited range of electric commercial vehicles 60
TABLE 11 OEM VEHICLE MODELS, BY RANGE 60
5.2.3 OPPORTUNITIES 60
5.2.3.1 Development in fuel cell technology 60
TABLE 12 FUEL CELL ELECTRIC COMMERCIAL VEHICLE LAUNCHES SCHEDULED IN 2024−2026 61
5.2.3.2 Rapid urbanization and fast growth of e-commerce sector 61
TABLE 13 TRANSITION TOWARD ELECTRIFICATION FOR E-COMMERCE AND DELIVERY VEHICLES 61
5.2.4 CHALLENGES 62
5.2.4.1 Overheating of motor 62
5.2.4.2 Absence of standardized norms and regulations 63
5.3 PRICING ANALYSIS 63
FIGURE 25 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2024 63
FIGURE 26 AVERAGE SELLING PRICE TREND, BY REGION, 2021−2030 (USD PER UNIT) 64
5.4 BILL OF MATERIALS 64
FIGURE 27 BILL OF MATERIALS FOR ELECTRIC COMMERCIAL VEHICLE TRACTION MOTORS 64
5.5 SUPPLY CHAIN ANALYSIS 65
FIGURE 28 SUPPLY CHAIN ANALYSIS 65
5.6 ECOSYSTEM ANALYSIS 65
FIGURE 29 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET ECOSYSTEM 66
5.6.1 TIER II SUPPLIERS 66
5.6.2 TIER I SUPPLIERS 66
5.6.3 OEMS 66
TABLE 14 ROLE OF COMPANIES IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET ECOSYSTEM 67
5.7 CASE STUDY ANALYSIS 68
5.7.1 DESIGN OF MODULAR EAXLE FOR ALL-TERRAIN HEAVY-DUTY APPLICATIONS CONSIDERING GRADIENT WEIGHT TRANSFER 68
5.7.2 DESIGN AND PACKAGING OF ALL-IN-ONE AXLE 68
5.7.3 USER EXPERIENCE OF BATTERY-ELECTRIC TRUCKS IN NORWAY 69
5.8 INVESTMENT SCENARIO 70
FIGURE 30 INVESTMENT SCENARIO, 2021−2024 70
TABLE 15 LIST OF FEW FUNDING, 2022–2024 70
5.9 PATENT ANALYSIS 71
5.9.1 INTRODUCTION 71
FIGURE 31 PATENT REGISTRATION TRENDS, 2012–2024 71
5.9.2 LEGAL STATUS OF PATENTS, 2012–2024 72
FIGURE 32 LEGAL STATUS OF PATENTS, 2012–2024 72
5.9.3 TOP PATENT APPLICANTS, 2012–2024 72
FIGURE 33 TOP PATENT APPLICANTS, 2012–2024 72
TABLE 16 PATENT REGISTRATIONS RELATED TO ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, 2022–2024 73
5.10 TECHNOLOGY ANALYSIS 75
5.10.1 KEY TECHNOLOGIES 75
5.10.1.1 Axial Flux Motors 75
5.10.1.2 Switched Reluctance Motors (SRMs) 75
5.10.1.3 Permanent Magnet Synchronous Reluctance Motors 75
5.10.2 ADJACENT TECHNOLOGIES 75
5.10.2.1 IOT in electric vehicles 75
5.10.2.2 Solid-state batteries 76
5.11 HS CODE 76
TABLE 17 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR IMPORT DATA FOR HS CODE 8501, BY COUNTRY, 2020–2022 (USD) 77
TABLE 18 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR EXPORT DATA FOR HS CODE 8501, BY COUNTRY, 2020–2022 (USD) 77
5.12 REGULATORY LANDSCAPE 78
5.12.1 COUNTRY-WISE REGULATIONS 78
5.12.1.1 Netherlands 78
TABLE 19 NETHERLANDS: EV INCENTIVES 78
5.12.1.2 Germany 79
TABLE 20 GERMANY: EV INCENTIVES 79
5.12.1.3 France 79
TABLE 21 FRANCE: EV INCENTIVES 79
5.12.1.4 UK 80
TABLE 22 UK: EV INCENTIVES 80
5.12.1.5 China 80
TABLE 23 CHINA: EV INCENTIVES 80
5.12.1.6 US 81
TABLE 24 US: EV INCENTIVES 81
5.12.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81
TABLE 25 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81
TABLE 26 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
TABLE 27 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 84
5.13 KEY CONFERENCES AND EVENTS 85
TABLE 28 KEY CONFERENCES AND EVENTS, 2024−2025 85
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 86
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 86
TABLE 29 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VEHICLE TYPES 86
5.14.2 BUYING CRITERIA 87
FIGURE 34 KEY BUYING CRITERIA FOR TOP 3 VEHICLE TYPES 87
TABLE 30 KEY BUYING CRITERIA FOR TOP 3 VEHICE TYPE 87
5.15 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 88
FIGURE 35 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET 88
6 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY AXLE ARCHITECTURE 89
6.1 INTRODUCTION 90
FIGURE 36 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY AXLE ARCHITECTURE, 2024 VS. 2030 (UNITS) 90
TABLE 31 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY AXLE ARCHITECTURE, 2019–2023 (UNITS) 90
TABLE 32 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY AXLE ARCHITECTURE, 2024–2030 (UNITS) 91
6.2 INTEGRATED AXLE 91
6.2.1 LOW MAINTENANCE REQUIREMENTS TO DRIVE GROWTH 91
TABLE 33 INTEGRATED AXLE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 92
TABLE 34 INTEGRATED AXLE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 92
6.3 CENTRAL DRIVE AXLE 92
6.3.1 OPTIMIZED WEIGHT DISTRIBUTION WITHIN VEHICLES TO DRIVE GROWTH 92
TABLE 35 CENTRAL DRIVE AXLE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 93
TABLE 36 CENTRAL DRIVE AXLE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 93
6.4 KEY PRIMARY INSIGHTS 93
7 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY DESIGN 94
7.1 INTRODUCTION 95
FIGURE 37 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY DESIGN, 2024 VS. 2030 (UNITS) 95
TABLE 37 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY DESIGN, 2019–2023 (UNITS) 95
TABLE 38 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY DESIGN, 2024–2030 (UNITS) 96
7.2 RADIAL FLUX 96
7.2.1 HIGH POWER DENSITY AND EFFICIENCY TO DRIVE GROWTH 96
TABLE 39 RADIAL FLUX: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 97
TABLE 40 RADIAL FLUX: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 97
7.3 AXIAL FLUX 97
7.3.1 COMPACT DESIGN AND SCALABILITY TO DRIVE GROWTH 97
TABLE 41 AXIAL FLUX: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 98
TABLE 42 AXIAL FLUX: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 98
7.4 KEY PRIMARY INSIGHTS 98
8 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE 99
8.1 INTRODUCTION 100
FIGURE 38 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE, 2024 VS. 2030 (UNITS) 100
TABLE 43 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE, 2019–2023 (UNITS) 100
TABLE 44 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 101
8.2 PERMANENT MAGNET SYNCHRONOUS MOTOR 101
8.2.1 ADVANCEMENTS IN MOTOR DESIGN TO DRIVE GROWTH 101
TABLE 45 PERMANENT MAGNET SYNCHRONOUS MOTOR: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 102
TABLE 46 PERMANENT MAGNET SYNCHRONOUS MOTOR: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 102
8.3 AC INDUCTION MOTOR 102
8.3.1 LOWER PRODUCTION COSTS TO DRIVE GROWTH 102
TABLE 47 AC INDUCTION MOTOR: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 103
TABLE 48 AC INDUCTION MOTOR: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 103
8.4 DC TRACTION MOTOR 103
8.4.1 LOW EFFICIENCY AND HIGH ENERGY CONSUMPTION TO IMPEDE GROWTH 103
TABLE 49 DC TRACTION MOTOR: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 104
TABLE 50 DC TRACTION MOTOR: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 104
TABLE 51 DC SERIES MOTOR VS. DC BRUSHLESS MOTOR VS. SWITCHED RELUCTANCE MOTOR VS. ELECTRONICALLY EXCITED SYNCHRONOUS MOTOR 104
8.4.2 DC SERIES MOTOR 105
8.4.3 DC BRUSHLESS MOTOR 105
TABLE 52 BRUSHED AND BRUSHLESS MOTORS: ADVANTAGES AND DISADVANTAGES 106
8.4.4 SWITCHED RELUCTANCE MOTOR 106
8.4.5 ELECTRICALLY EXCITED SYNCHRONOUS MOTOR 106
8.5 KEY PRIMARY INSIGHTS 106
9 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY POWER OUTPUT 107
9.1 INTRODUCTION 108
FIGURE 39 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY POWER OUTPUT, 2024 VS. 2030 (UNITS) 108
TABLE 53 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY POWER OUTPUT, 2019–2023 (UNITS) 108
TABLE 54 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY POWER OUTPUT, 2024–2030 (UNITS) 109
9.2 LESS THAN 100 KW 109
9.2.1 RISING ADOPTION OF ELECTRIC VANS FOR DELIVERIES BY LOGISTICS SECTOR TO DRIVE GROWTH 109
TABLE 55 LESS THAN 100 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 109
TABLE 56 LESS THAN 100 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 110
9.3 100–200 KW 110
9.3.1 COMPREHENSIVE OFFERINGS BY MOTOR MANUFACTURERS TO DRIVE GROWTH 110
TABLE 57 100–200 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 110
TABLE 58 100–200 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 111
9.4 200–400 KW 111
9.4.1 WIDE SCOPE OF APPLICATIONS IN ELECTRIC COMMERCIAL VEHICLES TO DRIVE GROWTH 111
TABLE 59 200–400 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 111
TABLE 60 200–400 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 112
9.5 ABOVE 400 KW 112
9.5.1 ESCALATING DEMAND FOR HIGH-POWERED ELECTRIC PICK-UP TRUCKS TO DRIVE GROWTH 112
TABLE 61 ABOVE 400 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 112
TABLE 62 ABOVE 400 KW: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 113
9.6 KEY PRIMARY INSIGHTS 113
10 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY TRANSMISSION 114
10.1 INTRODUCTION 115
FIGURE 40 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY TRANSMISSION, 2024 VS. 2030 (UNITS) 115
TABLE 63 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY TRANSMISSION, 2019–2023 (UNITS) 115
TABLE 64 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY TRANSMISSION, 2024–2030 (UNITS) 115
10.2 SINGLE-SPEED DRIVE 116
10.2.1 REDUCED MECHANICAL COMPLEXITY AND POWER LOSS TO DRIVE GROWTH 116
TABLE 65 SINGLE-SPEED DRIVE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 116
TABLE 66 SINGLE-SPEED DRIVE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 117
10.3 MULTI-SPEED DRIVE 117
10.3.1 IMPROVED ACCELERATION AND RANGE TO DRIVE GROWTH 117
TABLE 67 MULTI-SPEED DRIVE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 117
TABLE 68 MULTI-SPEED DRIVE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 118
10.4 KEY PRIMARY INSIGHTS 118
11 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE 119
11.1 INTRODUCTION 120
FIGURE 41 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024 VS. 2030 (USD MILLION) 120
TABLE 69 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 120
TABLE 70 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 121
TABLE 71 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 121
TABLE 72 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 121
11.2 PICK-UP TRUCKS 122
11.2.1 RISING DEMAND FOR CLEANER TRANSPORTATION SOLUTIONS TO DRIVE GROWTH 122
TABLE 73 PICK-UP TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 122
TABLE 74 PICK-UP TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 123
TABLE 75 PICK-UP TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 123
TABLE 76 PICK-UP TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 123
11.3 TRUCKS 123
11.3.1 RAPID DEVELOPMENT OF ELECTRIC TRUCKS BY AUTOMOTIVE OEMS TO DRIVE GROWTH 123
TABLE 77 TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 124
TABLE 78 TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 124
TABLE 79 TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 124
TABLE 80 TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 125
11.3.1.1 Medium-duty trucks 125
TABLE 81 MEDIUM-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 125
TABLE 82 MEDIUM-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 126
TABLE 83 MEDIUM-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 126
TABLE 84 MEDIUM-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 126
11.3.1.2 Heavy-duty trucks 126
TABLE 85 HEAVY-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 127
TABLE 86 HEAVY-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 127
TABLE 87 HEAVY-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 127
TABLE 88 HEAVY-DUTY TRUCKS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 128
11.4 VANS 128
11.4.1 BOOMING LOGISTICS SECTOR TO DRIVE GROWTH 128
TABLE 89 VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 128
TABLE 90 VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 129
TABLE 91 VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 129
TABLE 92 VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 129
11.4.1.1 Light vans 129
TABLE 93 LIGHT VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 130
TABLE 94 LIGHT VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 130
TABLE 95 LIGHT VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 130
TABLE 96 LIGHT VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 130
11.4.1.2 Full-size vans 131
TABLE 97 FULL-SIZE VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 131
TABLE 98 FULL-SIZE VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 131
TABLE 99 FULL-SIZE VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 132
TABLE 100 FULL-SIZE VANS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 132
11.5 BUSES & COACHES 132
11.5.1 INCREASING DEMAND FOR EMISSION-FREE PUBLIC TRANSPORT TO DRIVE GROWTH 132
TABLE 101 BUSES & COACHES: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 133
TABLE 102 BUSES & COACHES: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 133
TABLE 103 BUSES & COACHES: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 133
TABLE 104 BUSES & COACHES: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 134
11.6 KEY PRIMARY INSIGHTS 134
12 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION 135
12.1 INTRODUCTION 136
FIGURE 42 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024 VS. 2030 (USD MILLION) 136
TABLE 105 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (UNITS) 137
TABLE 106 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (UNITS) 137
TABLE 107 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2019–2023 (USD MILLION) 137
TABLE 108 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY REGION, 2024–2030 (USD MILLION) 137
12.2 ASIA PACIFIC 138
12.2.1 RECESSION IMPACT 138
FIGURE 43 ASIA PACIFIC: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET SNAPSHOT 139
TABLE 109 ASIA PACIFIC: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2019–2023 (UNITS) 139
TABLE 110 ASIA PACIFIC: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2024–2030 (UNITS) 140
TABLE 111 ASIA PACIFIC: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 140
TABLE 112 ASIA PACIFIC: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2024–2030 (USD MILLION) 140
12.2.2 CHINA 141
12.2.2.1 Presence of leading players to drive market 141
TABLE 113 CHINA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 141
TABLE 114 CHINA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 142
TABLE 115 CHINA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 142
TABLE 116 CHINA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 142
12.2.3 JAPAN 143
12.2.3.1 Increased investments in automotive R&D to drive market 143
TABLE 117 JAPAN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 143
TABLE 118 JAPAN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 144
TABLE 119 JAPAN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 144
TABLE 120 JAPAN ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 144
12.2.4 INDIA 145
12.2.4.1 Major government initiatives to promote EV ecosystem to drive market 145
TABLE 121 INDIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 145
TABLE 122 INDIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 145
TABLE 123 INDIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 146
TABLE 124 INDIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 146
12.2.5 SOUTH KOREA 146
12.2.5.1 Rising demand for electric pick-up trucks to drive market 146
TABLE 125 SOUTH KOREA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 147
TABLE 126 SOUTH KOREA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 147
TABLE 127 SOUTH KOREA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 147
TABLE 128 SOUTH KOREA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 148
12.3 NORTH AMERICA 148
12.3.1 RECESSION IMPACT 149
FIGURE 44 NORTH AMERICA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET SNAPSHOT 149
TABLE 129 NORTH AMERICA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2019–2023 (UNITS) 150
TABLE 130 NORTH AMERICA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2024–2030 (UNITS) 150
TABLE 131 NORTH AMERICA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 150
TABLE 132 NORTH AMERICA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2024–2030 (USD MILLION) 150
12.3.2 US 151
12.3.2.1 Rising adoption of electric vans with traction motors to drive market 151
TABLE 133 US: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 152
TABLE 134 US: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 152
TABLE 135 US: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 152
TABLE 136 US: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 153
12.3.3 CANADA 153
12.3.3.1 Government plans to electrify transit to drive market 153
TABLE 137 CANADA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 154
TABLE 138 CANADA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 154
TABLE 139 CANADA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 154
TABLE 140 CANADA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 155
12.4 EUROPE 155
12.4.1 RECESSION IMPACT 156
FIGURE 45 EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2024 VS. 2030 (USD MILLION) 156
TABLE 141 EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2019–2023 (UNITS) 157
TABLE 142 EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2024–2030 (UNITS) 157
TABLE 143 EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 158
TABLE 144 EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY COUNTRY, 2024–2030 (USD MILLION) 158
12.4.2 FRANCE 159
12.4.2.1 Rising adoption of EVs to drive market 159
TABLE 145 FRANCE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 159
TABLE 146 FRANCE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 159
TABLE 147 FRANCE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 160
TABLE 148 FRANCE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 160
12.4.3 GERMANY 160
12.4.3.1 Increasing investment in R&D activities for development of advanced ECV traction motors to drive market 160
TABLE 149 GERMANY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 161
TABLE 150 GERMANY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 161
TABLE 151 GERMANY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 162
TABLE 152 GERMANY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 162
12.4.4 SPAIN 162
12.4.4.1 Government focus on replacing existing ICE buses and vans with EVs to drive market 162
TABLE 153 SPAIN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 163
TABLE 154 SPAIN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 163
TABLE 155 SPAIN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 163
TABLE 156 SPAIN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 164
12.4.5 AUSTRIA 164
12.4.5.1 Government support in electrification of commercial vehicles to drive market 164
TABLE 157 AUSTRIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 164
TABLE 158 AUSTRIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 165
TABLE 159 AUSTRIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 165
TABLE 160 AUSTRIA: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 165
12.4.6 NORWAY 166
12.4.6.1 Rapid adoption of EVs to drive market 166
TABLE 161 NORWAY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 166
TABLE 162 NORWAY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 166
TABLE 163 NORWAY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 167
TABLE 164 NORWAY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 167
12.4.7 SWEDEN 167
12.4.7.1 Growth of EV ecosystem to drive market 167
TABLE 165 SWEDEN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 168
TABLE 166 SWEDEN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 168
TABLE 167 SWEDEN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 168
TABLE 168 SWEDEN: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 169
12.4.8 NETHERLANDS 169
12.4.8.1 Advancement in EV charging infrastructure to drive market 169
TABLE 169 NETHERLANDS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 169
TABLE 170 NETHERLANDS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 170
TABLE 171 NETHERLANDS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 170
TABLE 172 NETHERLANDS: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 170
12.4.9 UK 171
12.4.9.1 Increasing investment in R&D activities for development of advanced electric traction motors to drive market 171
TABLE 173 UK: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 171
TABLE 174 UK: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 171
TABLE 175 UK: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 172
TABLE 176 UK: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 172
12.4.10 ITALY 172
12.4.10.1 Strong focus on utilization of renewable energy sources to drive market 172
TABLE 177 ITALY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 173
TABLE 178 ITALY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 173
TABLE 179 ITALY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 173
TABLE 180 ITALY: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 174
12.4.11 REST OF EUROPE 174
TABLE 181 REST OF EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS) 174
TABLE 182 REST OF EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS) 175
TABLE 183 REST OF EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION) 175
TABLE 184 REST OF EUROPE: ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION) 175
13 COMPETITIVE LANDSCAPE 176
13.1 OVERVIEW 176
13.2 MARKET RANKING ANALYSIS 176
FIGURE 46 RANKING OF KEY ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET PLAYERS 176
13.3 REVENUE ANALYSIS 178
FIGURE 47 REVENUE ANALYSIS OF KEY PLAYERS, 2018–2022 178
13.4 COMPANY EVALUATION MATRIX 178
13.4.1 STARS 178
13.4.2 EMERGING LEADERS 178
13.4.3 PERVASIVE PLAYERS 179
13.4.4 PARTICIPANTS 179
FIGURE 48 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: COMPANY EVALUATION MATRIX, 2023 179
13.4.5 COMPANY FOOTPRINT 180
FIGURE 49 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: COMPANY FOOTPRINT 180
TABLE 185 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: REGION FOOTPRINT 181
TABLE 186 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: VEHICLE TYPE FOOTPRINT 181
13.5 STARTUP/SME EVALUATION MATRIX 182
13.5.1 PROGRESSIVE COMPANIES 182
13.5.2 RESPONSIVE COMPANIES 182
13.5.3 DYNAMIC COMPANIES 182
13.5.4 STARTING BLOCKS 182
FIGURE 50 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: STARTUP/SME EVALUATION MATRIX, 2023 183
13.5.5 COMPETITIVE BENCHMARKING 184
TABLE 187 LIST OF KEY STARTUPS/SMES 184
TABLE 188 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 185
13.6 COMPETITIVE SCENARIOS AND TRENDS 186
13.6.1 PRODUCT LAUNCHES 186
TABLE 189 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: PRODUCT LAUNCHES, SEPTEMBER 2021–JANUARY 2024 186
13.6.2 DEALS 188
TABLE 190 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: DEALS, MARCH 2021–JANUARY 2024 188
13.6.3 EXPANSIONS 190
TABLE 191 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET: EXPANSIONS, APRIL 2022–SEPTEMBER 2023 190
13.7 COMPANY VALUATION AND FINANCIAL METRICS 192
13.7.1 COMPANY VALUATION 192
FIGURE 51 COMPANY VALUATION, 2023 (USD BILLION) 192
13.7.2 FINANCIAL METRICS 192
FIGURE 52 FINANCIAL METRICS OF KEY PLAYERS, 2024 193
13.8 PRODUCT COMPARISON 193
TABLE 192 ELECTRIC MOTOR COMPARISON 193
14 COMPANY PROFILES 194
(Business overview, Products/Solutions/Services offered, Recent developments & MnM View)*
14.1 KEY PLAYERS 194
14.1.1 DANA LIMITED 194
TABLE 193 DANA LIMITED: COMPANY OVERVIEW 194
FIGURE 53 DANA LIMITED: COMPANY SNAPSHOT 195
TABLE 194 DANA LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 195
TABLE 195 DANA LIMITED: PRODUCT LAUNCHES/DEVELOPMENTS 196
TABLE 196 DANA LIMITED: DEALS 197
14.1.2 ZF FRIEDRICHSHAFEN AG 199
TABLE 197 ZF FRIEDRICHSHAFEN AG: COMPANY OVERVIEW 199
FIGURE 54 ZR FRIEDRICHSHAFEN AG: COMPANY SNAPSHOT 200
TABLE 198 ZF FRIEDRICHSHAFEN AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 200
TABLE 199 ZF FRIEDRICHSHAFEN AG: PRODUCT LAUNCHES/DEVELOPMENTS 201
TABLE 200 ZF FRIEDRICHSHAFEN AG: DEALS 202
TABLE 201 ZF FRIEDRICHSHAFEN AG: OTHER DEVELOPMENTS 203
14.1.3 ROBERT BOSCH GMBH 205
TABLE 202 ROBERT BOSCH GMBH: COMPANY OVERVIEW 205
FIGURE 55 ROBERT BOSCH GMBH: COMPANY SNAPSHOT 205
TABLE 203 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 206
TABLE 204 ROBERT BOSCH GMBH: PRODUCT LAUNCHES 207
TABLE 205 ROBERT BOSCH GMBH: DEALS 207
14.1.4 MAGNA INTERNATIONAL INC. 209
TABLE 206 MAGNA INTERNATIONAL INC.: COMPANY OVERVIEW 209
FIGURE 56 MAGNA INTERNATIONAL INC.: COMPANY SNAPSHOT 209
TABLE 207 MAGNA INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 210
TABLE 208 MAGNA INTERNATIONAL INC.: PRODUCT LAUNCHES/DEVELOPMENTS 210
TABLE 209 MAGNA INTERNATIONAL INC.: EXPANSIONS 211
14.1.5 BORGWARNER INC. 213
TABLE 210 BORGWARNER INC.: COMPANY OVERVIEW 213
FIGURE 57 BORGWARNER INC.: COMPANY SNAPSHOT 214
TABLE 211 BORGWARNER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 214
TABLE 212 BORGWARNER INC.: PRODUCT DEVELOPMENTS 215
TABLE 213 BORGWARNER INC.: DEALS 216
TABLE 214 BORGWARNER INC.: OTHER DEVELOPMENTS 217
14.1.6 AMERICAN AXLE & MANUFACTURING, INC. 218
TABLE 215 AMERICAN AXLE & MANUFACTURING, INC.: COMPANY OVERVIEW 218
FIGURE 58 AMERICAN AXLE & MANUFACTURING, INC.: COMPANY SNAPSHOT 219
TABLE 216 AMERICAN AXLE & MANUFACTURING, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 219
TABLE 217 AMERICAN AXLE & MANUFACTURING, INC.: PRODUCT LAUNCHES 220
TABLE 218 AMERICAN AXLE & MANUFACTURING, INC.: DEALS 220
TABLE 219 AMERICAN AXLE & MANUFACTURING, INC.: OTHER DEVELOPMENTS 220
14.1.7 ALLISON TRANSMISSION, INC. 221
TABLE 220 ALLISON TRANSMISSION, INC.: COMPANY OVERVIEW 221
FIGURE 59 ALLISON TRANSMISSION, INC.: COMPANY SNAPSHOT 221
TABLE 221 ALLISON TRANSMISSION, INC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 222
TABLE 222 ALLISON TRANSMISSION, INC: PRODUCT LAUNCHES 222
TABLE 223 ALLISON TRANSMISSION, INC: DEALS 223
TABLE 224 ALLISON TRANSMISSION, INC: OTHER DEVELOPMENTS 223
14.1.8 BYD 224
TABLE 225 BYD: COMPANY OVERVIEW 224
FIGURE 60 BYD: COMPANY SNAPSHOT 225
TABLE 226 BYD: PRODUCTS/SOLUTIONS/SERVICES OFFERED 225
TABLE 227 BYD: PRODUCT LAUNCHES 226
TABLE 228 BYD: DEALS 226
14.1.9 SCHAEFFLER AG 227
TABLE 229 SCHAEFFLER AG: COMPANY OVERVIEW 227
FIGURE 61 SCHAEFFLER AG: COMPANY SNAPSHOT 228
TABLE 230 SCHAEFFLER AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 228
TABLE 231 SCHAEFFLER AG: PRODUCT DEVELOPMENTS/LAUNCHES 229
TABLE 232 SCHAEFFLER AG: DEALS 229
TABLE 233 SCHAEFFLER AG: EXPANSIONS 230
14.1.10 MAHLE GMBH 231
TABLE 234 MAHLE GMBH: COMPANY OVERVIEW 231
FIGURE 62 MAHLE GMBH: COMPANY SNAPSHOT 231
TABLE 235 MAHLE GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 232
TABLE 236 MAHLE GMBH: PRODUCT DEVELOPMENTS 232
TABLE 237 MAHLE GMBH: DEALS 233
TABLE 238 MAHLE GMBH: OTHER DEVELOPMENTS 233
14.1.11 SHENZHEN INOVANCE TECHNOLOGY 234
TABLE 239 SHENZHEN INOVANCE TECHNOLOGY: COMPANY OVERVIEW 234
FIGURE 63 SHENZHEN INOVANCE TECHNOLOGY: COMPANY SNAPSHOT 234
TABLE 240 SHENZHEN INOVANCE TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 235
TABLE 241 SHENZHEN INOVANCE TECHNOLOGY: DEALS 235
*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 236
14.2.1 CUMMINS INC. 236
TABLE 242 CUMMINS INC.: COMPANY OVERVIEW 236
14.2.2 SKODA TRANSPORTATION A.S. 237
TABLE 243 SKODA TRANSPORTATION A.S.: COMPANY OVERVIEW 237
14.2.3 KIRLOSKAR ELECTRIC COMPANY LIMITED 238
TABLE 244 KIRLOSKAR ELECTRIC COMPANY LIMITED: COMPANY OVERVIEW 238
14.2.4 TRAKTIONSSYSTEME AUSTRIA (TSA) GMBH 239
TABLE 245 TRAKTIONSSYSTEME AUSTRIA (TSA) GMBH: COMPANY OVERVIEW 239
14.2.5 DELTA ELECTRONICS, INC. 240
TABLE 246 DELTA ELECTRONICS, INC.: COMPANY OVERVIEW 240
14.2.6 MITSUBISHI ELECTRIC CORPORATION 240
TABLE 247 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW 240
14.2.7 HITACHI, LTD. 241
TABLE 248 HITACHI, LTD.: COMPANY OVERVIEW 241
14.2.8 VEM GROUP 241
TABLE 249 VEM GROUP: COMPANY OVERVIEW 241
14.2.9 WEG 242
TABLE 250 WEG: COMPANY OVERVIEW 242
14.2.10 ZHEJIANG FOUNDER MOTOR CO., LTD. 243
TABLE 251 ZHEJIANG FOUNDER MOTOR CO., LTD.: COMPANY OVERVIEW 243
15 RECOMMENDATIONS BY MARKETSANDMARKETS 244
15.1 ASIA PACIFIC TO BE SIGNIFICANT MARKET FOR ELECTRIC COMMERCIAL VEHICLE TRACTION MOTORS 244
15.2 PERMANENT MAGNET SYNCHRONOUS MOTORS TO EMERGE AS LARGEST SEGMENT OF ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET 244
15.3 LESS THAN 100 KW POWER OUTPUT TO BE PROMISING SEGMENT OF ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET 245
15.4 CONCLUSION 245
16 APPENDIX 246
16.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 246
16.2 DISCUSSION GUIDE 246
16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 249
16.4 CUSTOMIZATION OPTIONS 251
16.4.1 ELECTRIC COMMERCIAL VEHICLE TRACTION MOTOR MARKET, BY MOTOR TYPE, AT COUNTRY LEVEL (FOR COUNTRIES COVERED IN SCOPE OF REPORT) 251
16.4.2 PROFILING OF ADDITIONAL MARKET PLAYERS (UP TO 5) 251
16.5 RELATED REPORTS 251
16.6 AUTHOR DETAILS 252
