The electric commercial vehicle traction motor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Commercial Vehicle Traction Motor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electric commercial vehicle traction motor market size has grown exponentially in recent years. It will grow from $1.27 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to government incentives for electrification, increasing awareness of environmental impact, improvements in charging infrastructure, and growing demand for sustainable transport solutions.
The electric commercial vehicle traction motor market size is expected to see exponential growth in the next few years. It will grow to $3.42 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to the expansion of electric vehicle (EV) fleets by commercial logistics companies, the adoption of autonomous driving technology in commercial vehicles, and the emergence of new business models like battery swapping for commercial EVs. Major trends in the forecast period include integration with power electronics, development of advanced cooling techniques, implementation of robust design and testing standards, and integration with advanced vehicle systems.
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Scope Of Electric Commercial Vehicle Traction Motor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Commercial Vehicle Traction Motor Market Overview
Market Drivers –
Rising demand for electric heavy commercial vehicles is expected to propel the growth of the electric commercial vehicle traction motor market going forward. Electric heavy commercial vehicles are large vehicles designed for commercial use, such as trucks and buses, that are powered by electric motors instead of traditional internal combustion engines. The rise of electric heavy commercial vehicles is driven by their environmental benefits, cost efficiency, and supportive government policies. Traction motors in electric heavy commercial vehicles supply the power and torque needed for efficient and reliable operation. For instance, in July 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2022, 54,000 new electric buses and an estimated 52,000 electric medium- and heavy-duty trucks were sold in China, compared to 50,000 and 37,000, respectively, in 2021. Therefore, rising demand for electric heavy commercial vehicles is driving the growth of the electric commercial vehicle traction motor market.
Market Trends –
Major companies operating in the electric commercial vehicle traction motor market are developing innovative solutions, such as compact and lightweight traction motors, to gain a competitive edge in the market. Compact and lightweight traction motors are electric motors designed to be small in size and low in weight relative to their power output. For instance, in July 2022, Mahle GmbH, a Germany-based automotive parts manufacturer, launched the SCT E-motor. This traction motor is designed for electric passenger vehicles, commercial vehicles, construction equipment, and tractors. The SCT E-motor combines a permanently excited motor design with neodymium magnets in a compact unit. It features integrated oil cooling, enhancing its robustness and allowing waste heat to be utilized within the vehicle’s overall system. The SCT E-motor is unique in the market due to its exceptionally high ratio of continuous output to peak output, exceeding 90%. This impressive performance is achieved through an innovative integrated oil cooling system, which enhances the motor’s robustness and enables the use of waste heat within the vehicle’s entire system.
The electric commercial vehicle traction motor market covered in this report is segmented –
1) By Vehicle Type: Buses, Trucks, Vans
2) By Design: Axial Flux, Radial Flux
3) By Transmission: Single Speed Drive, Multi-Speed Drive
4) By Power Output: Less Than 100 kW, 100-200 kW, 200-400 kW, Above 400 kW
5) By Motor Type: Permanent Magnet Synchronous Motor (PMSM), Alternating Current (AC) Induction Motor, Direct Current (DC) Traction Motor
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Regional Insights –
Asia-Pacific was the largest region in the electric commercial vehicle traction motor market in 2023. The regions covered in the electric commercial vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the electric commercial vehicle traction motor market are <b>Robert Bosch GmbH, Hitachi Ltd., Siemens AG, Posco International, BYD CO.LTD, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Corporation, ASEA Brown Boveri ABB, Toshiba Group, Valeo SA, Nidec Corporation, Parker Hannifin Corporation, BorgWarner Inc., Dana Limited, American Axle & Manufacturing, Allison Transmission Inc., TECO Electric And Machinery Co., Zhongshan Broad-Ocean Motor Co. Ltd., Remy Group, MAHLE GmbH, Kollmorgen, Equipmake</b>
Table of Contents
1. Executive Summary
2. Electric Commercial Vehicle Traction Motor Market Report Structure
3. Electric Commercial Vehicle Traction Motor Market Trends And Strategies
4. Electric Commercial Vehicle Traction Motor Market – Macro Economic Scenario
5. Global Electric Commercial Vehicle Traction Motor Market Size and Growth
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32. Global Electric Commercial Vehicle Traction Motor Market Competitive Benchmarking
33. Global Electric Commercial Vehicle Traction Motor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Commercial Vehicle Traction Motor Market
35. Electric Commercial Vehicle Traction Motor Market Future Outlook and Potential Analysis
36. Appendix
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