Electric Commercial Vehicle Traction Motor Market by Vehicle Type, Motor Type, Power Rating, Design

Description

List of Tables

[190 Pages Report] The Electric Commercial Vehicle Traction Motor Market size was estimated at USD 1.90 billion in 2023 and expected to reach USD 2.30 billion in 2024, at a CAGR 21.44% to reach USD 7.43 billion by 2030.

An electric commercial vehicle traction motor is a specialized component used in electric commercial vehicles to convert electrical energy into mechanical energy, which further propels the vehicle forward. This type of motor plays a critical role in the functioning of electric trucks, buses, and vans, which are employed for various commercial purposes such as transporting goods, passengers, or both. Unlike traditional internal combustion engines that burn fuel to generate power, electric traction motors use electricity from rechargeable batteries, fuel cells, or external sources like overhead lines. As global awareness and regulations to reduce carbon emissions increase, there is a significant shift towards eco-friendly transportation solutions. Electric commercial vehicles (ECVs), such as electric buses, trucks, and vans, are gaining traction as they offer a cleaner alternative to traditional fossil-fuel vehicles. This shift is driven by the urgent need to decrease air pollution in urban areas and mitigate climate change effects. However, the high cost associated with electric commercial vehicle traction motors is a significant challenge faced by manufacturers and end users. Advancements in traction motors' energy efficiency and torque handling capabilities present pivotal growth opportunities in the electric commercial vehicle sector. These advancements enable the manufacture of more robust, reliable, and energy-efficient electric vehicles better suited to commercial usage, ranging from delivery trucks to public transportation buses.

KEY MARKET STATISTICS
Base Year [2023]	USD 1.90 billion
Estimated Year [2024]	USD 2.30 billion
Forecast Year [2030]	USD 7.43 billion
CAGR (%)	21.44%

Regional Insights

In the Americas, particularly in the United States and Canada, the growth of electric commercial vehicles (ECVs) is driven by stringent government regulations on emissions, corporate sustainability targets, and consumer preferences for greener transportation solutions. Investments in ECV infrastructure, such as charging stations, are expanding. The U.S. Department of Energy continuously supports research and development in electric mobility, including improving traction motors, contributing to a more robust market environment. The EMEA has significantly adopted ECVs, driven by aggressive emission reduction targets and support for green technologies. The European Commission's Green Deal aims to achieve carbon neutrality by 2050, significantly impacting the commercial vehicle sector. High fuel prices in this region also push the market towards electric commercial vehicles with efficient traction motor technologies. The Asia-Pacific region's electric commercial vehicle traction motor market is witnessing substantial growth, driven by the increased adoption of electric vehicles (EVs) in commercial transportation. This is largely influenced by growing environmental concerns, regulatory measures to reduce carbon emissions, and advancements in electric vehicle technologies. Several APAC countries have enacted strict emissions regulations and provide incentives for EV adoption. For instance, China, Japan, and South Korea offer subsidies and tax reductions for electric commercial vehicles (ECVs), propelling market growth.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Electric Commercial Vehicle Traction Motor Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Increasing number of EV sales and manufacturing worldwide and the need for sustainable motor solutions
- Favorable government initiatives for EV adoption and expanding investments in EV infrastructure

Market Restraints
- High cost associated with the electric commercial vehicle traction motor

Market Opportunities
- Technological advancements in efficiency, power output, and durability of EVC traction motor
- Expansion of electric vehicle charging networks and advancements in battery technology

Market Challenges
- Concerns over battery life and complexities associated with deployment and integration of EVC traction motor

Market Segmentation Analysis
- Vehicle Type: Increasing adoption of ECV traction motors in heavy duty vehicles offering emission-free transportation
- Motor Type: Utilization of AC and DC motors in commercial vehicles to enhance operational efficiency and specific performance requirements

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Commercial Vehicle Traction Motor Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Commercial Vehicle Traction Motor Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

POSCO International's Advanced Traction Motor Cores Adopted for Hyundai and Kia's European Manufactured EVs

POSCO International has achieved a significant milestone by securing a deal to supply traction motor cores for Hyundai and Kia's first electric vehicles (EVs) produced locally in Europe. These core components, pivotal for EV motor function, are set to be manufactured using POSCO's cutting-edge, non-oriented silicon steel sheets. This strategic move supports Hyundai and Kia in their expansion into the European EV market and strengthens POSCO International's position as a key player in the global automotive supply chain. [Published On: 2024-01-29]

Magna Introduces Advanced eDrive Technology at CES 2024 for Enhanced Electric Commercial Vehicle Performance

Magna launched the next-generation eDrive system, the latest innovation in electric vehicle technology. This advanced system is designed specifically for commercial electric vehicles to enhance efficiency and performance significantly. The new eDrive solution by Magna integrates the motor, inverter, and gearbox into a single unit, reducing weight and size and improving overall vehicle efficiency. This development promises to support the automotive industry's shift towards sustainable transportation solutions by providing a more compact, powerful, and energy-efficient propulsion option, thereby addressing environmental concerns and increasing demand for electric commercial vehicles. [Published On: 2024-01-09]

AAM Unveils Advanced Electric Drive Solutions at CES 2024

American Axle & Manufacturing (AAM) introduced next-generation 3-in-1 electric drive units (eDUs), its latest innovations in electric drive technology, highlighting its commitment to enhancing electric vehicle capabilities. These advancements include a range of next-generation electric drive units designed to cater to an array of commercial vehicles, potentially revolutionizing efficiency and performance standards in the sector. AAM's showcase emphasized its role in pushing the transition to electric mobility by unveiling scalable and adaptable solutions, ensuring compatibility with various vehicle architectures. This development represents a significant step towards more sustainable and efficient electric vehicles, aligning with the industry's push towards lower emissions and enhanced electric vehicle adoption. [Published On: 2024-01-09]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Commercial Vehicle Traction Motor Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Electric Commercial Vehicle Traction Motor Market, highlighting leading vendors and their innovative profiles. These include Aisin Corporation, American Axle & Manufacturing, BorgWarner Inc., BYD CO.LTD, Continental AG, Denso Corporation, Electrodrive Powertrain Solutions Pvt Ltd., Equipmake, Hitachi, Ltd., Hyundai Mobis, Magna International Inc., MAHLE GmbH, Nidec Corporation, Parker Hannifin Corporation, Posco International, Robert Bosch GmbH, Siemens AG, Tesla Inc., Toshiba Corporation, and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Electric Commercial Vehicle Traction Motor Market to forecast the revenues and analyze trends in each of the following sub-markets:

Vehicle Type
- Buses
- Trucks
- Vans

Motor Type
- AC Motors
- DC Motors

Power Rating
- 400 KW & Above
- Below 400 KW

Design
- Axial Flux
- Radial Flux

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-CB04E056534F

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing number of EV sales and manufacturing worldwide and the need for sustainable motor solutions
  - 5.1.1.2. Favorable government initiatives for EV adoption and expanding investments in EV infrastructure
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with the electric commercial vehicle traction motor
- 5.1.3. Opportunities
  - 5.1.3.1. Technological advancements in efficiency, power output, and durability of EVC traction motor
  - 5.1.3.2. Expansion of electric vehicle charging networks and advancements in battery technology
- 5.1.4. Challenges
  - 5.1.4.1. Concerns over battery life and complexities associated with deployment and integration of EVC traction motor
5.2. Market Segmentation Analysis
- 5.2.1. Vehicle Type: Increasing adoption of ECV traction motors in heavy duty vehicles offering emission-free transportation
- 5.2.2. Motor Type: Utilization of AC and DC motors in commercial vehicles to enhance operational efficiency and specific performance requirements
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Electric Commercial Vehicle Traction Motor Market, by Vehicle Type

6.1. Introduction
6.2. Buses
6.3. Trucks
6.4. Vans

7. Electric Commercial Vehicle Traction Motor Market, by Motor Type

7.1. Introduction
7.2. AC Motors
7.3. DC Motors

8. Electric Commercial Vehicle Traction Motor Market, by Power Rating

8.1. Introduction
8.2. 400 KW & Above
8.3. Below 400 KW

9. Electric Commercial Vehicle Traction Motor Market, by Design

9.1. Introduction
9.2. Axial Flux
9.3. Radial Flux

10. Americas Electric Commercial Vehicle Traction Motor Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Electric Commercial Vehicle Traction Motor Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Electric Commercial Vehicle Traction Motor Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. POSCO International's Advanced Traction Motor Cores Adopted for Hyundai and Kia's European Manufactured EVs
- 13.3.2. Magna Introduces Advanced eDrive Technology at CES 2024 for Enhanced Electric Commercial Vehicle Performance
- 13.3.3. AAM Unveils Advanced Electric Drive Solutions at CES 2024
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio