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 traction motor of an electric commercial vehicle (ECV) is the driving force behind a new era of transportation, embodying efficiency, sustainability, and innovation. As the world pivots towards electrification to combat climate change and reduce dependency on fossil fuels, ECV traction motors play a pivotal role in powering electric commercial vehicles, ranging from trucks, vans, pickup trucks to buses. These motors leverage cutting-edge technologies in motor control and power electronics to deliver optimal performance while minimizing energy consumption and emissions. With the growing adoption of electric vehicles across various industries, the ECV traction motor market is experiencing exponential growth, fueled further by supportive government policies, cost competitiveness, and a global commitment to building a greener future.
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Market Dynamics:
Driver: Technical innovations in Motor Control and Power Electronics
The development of advanced motor control algorithms, generally based on artificial intelligence (AI), allows for more accurate control of the motor’s magnetic field and torque delivery. This results in smoother operation, quicker acceleration, and more sustained power output, all of which increase the performance and drivability of electric commercial vehicles. Furthermore, advancements in power electronics components such as inverters and converters, particularly the adoption of silicon carbide (SiC) MOSFETs, contribute to higher power densities, faster switching speeds, and increased efficiency in electric drivetrains. This results in reduced energy losses during power conversion, ultimately extending the range and improving the overall efficiency of electric commercial vehicles. These technological innovations have significantly enhanced the efficiency, performance, and reliability of electric traction motors. Companies such as Evolito Ltd., EVR Motors, Passionchip, and Petalite are taking initiatives in the development of power electronics for EV traction motors. Modern motor control algorithms enable finer control over motor speed, torque, and efficiency, facilitating smoother acceleration, regenerative braking, and optimized energy management in electric commercial vehicles. The utilization of AI in motor control further enhances precision and adaptability, ensuring optimal performance across varying driving conditions.
Opportunity: Developments in Fuel Cell technology
Fuel cell vehicles, powered by hydrogen fuel cells, offer an alternative zero-emission solution to battery electric vehicles, particularly for heavy-duty applications such as trucks and buses where long-range and rapid refueling are critical. Traction motors play a crucial role in fuel cell vehicles, powering electric drivetrains that propel the vehicles forward. As the demand for fuel cell commercial vehicles increases, traction motor manufacturers have the opportunity to supply high-performance motors tailored to the specific requirements of fuel cell drivetrains. By leveraging their expertise in electric motor technology and adapting their products to suit the unique characteristics of fuel cell vehicles, traction motor manufacturers can capture a growing share of the market for electric drivetrain components. Additionally, collaboration with fuel cell vehicle manufacturers and infrastructure providers can accelerate the adoption of fuel cell commercial vehicles, creating additional opportunities for traction motor suppliers to expand their presence in the evolving market for zero-emission transportation solutions. Various automakers are also showcasing their fuel cell tech-laden commercial vehicles. For instance, GM (US) announced in December 2023 that it had partnered with Autocar, LLC (US) to develop zero-emission commercial vehicles powered by GM’s fuel cell solution, HYDROTEC power cubes.
“The less than 100 kW segment to show a significant growth rate during the forecast period.”
The less than 100 kW market is projected to register a CAGR of 32.5% during the forecast period. The less than 100 kW power output is primarily found in smaller electric vehicles, such as small electric vans, designed for efficiency in short-distance applications, offering an eco-friendly alternative for urban logistics and last-mile deliveries. These vans are becoming increasingly popular among logistics companies for their ability to easily navigate congested city streets, reducing emissions and noise pollution. Their design and electric propulsion make them suitable for quick and efficient deliveries, contributing to the overall evolution of urban logistics toward more sustainable and environmentally conscious practices.
Various leading OEMs offer electric commercial vehicles with power outputs below 100 kW as the demand for sustainable last-mile delivery has significantly increased. For instance, Tata Motors (India) targeted the intra-city cargo transport operators for e-commerce, FMCG, and courier businesses and began the deliveries of the electric Ace in 2023, with a power output of 27 kW, offering a lower total cost of ownership. MAHLE Group (Germany), Schaeffler Group (Germany), BorgWarner (US), and Robert Bosch GmbH (Germany), among others, offer various motors in this segment.
“The radial flux motors of the design segment are to show significant growth during the forecast period.”
Radial flux motors are experiencing a surge in demand within the electric commercial vehicle traction motor market due to several factors. Their robust torque output and high power density make them suitable for heavy-duty commercial vehicles, such as delivery trucks and buses. These vehicles require significant pulling power and acceleration capabilities offered by radial flux motors, ensuring optimal performance in urban environments and on highways. Additionally, these motors provide enhanced efficiency, contributing to extended driving range and reduced energy consumption, which is crucial for commercial fleet operators seeking to minimize operational costs and maximize profitability.
With electric commercial vehicles often needing to accommodate cargo, passengers, and various onboard systems, the compactness of radial flux motors allows for more efficient vehicle packaging and layout optimization. This feature enables manufacturers to design vehicles with larger cargo capacities and enhances overall maneuverability and agility, essential for navigating congested urban areas and making frequent stops during delivery routes. Whether powering delivery vans, buses, or heavy-duty trucks, these motors can be tailored to deliver optimal performance, torque, and efficiency, thereby accommodating the diverse needs of commercial fleet operators. Additionally, their scalability enables the deployment of radial flux motor technology across various vehicle sizes and classes, further expanding their market penetration within the electric commercial vehicle traction motor segment.
“Europe is expected to become second largest growing market for electric commercial vehicle traction motor during the forecast period.”
The European electric commercial vehicle traction motor market is on the rise, with stringent environmental regulations propelling market players to develop advanced e-axles and traction motor. Major ECV traction motor manufacturers, such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Schaeffler AG (Germany), MAHLE GmbH (Germany) and among others, are focusing on developing advanced electric traction motor and integrated axles, leading to a significant rise in demand for electric traction motors for commercial vehicle. In April 2023, Schaeffler AG (Schaeffler) started mass production of its in-wheel motor type electric drives. The company will supply the product to companies that manufacture road sweepers, snowplow vehicles, and compact vans for local governments and other organizations.
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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