Electric Commercial Vehicle Traction Motor Market Research, Trends and Forecast

Electric Commercial Vehicle Traction Motors Market Size and Competitive Landscape

The electric commercial vehicle traction motor market is forecasted to expand from USD 2.76 billion in 2025 to USD 26.97 billion by 2034, growing at a CAGR of 28.84% from 2025 to 2034.

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Introduction

The electric commercial vehicle traction motor market is a prominent segment of the electric vehicle industry. This market deals in manufacturing and distribution of traction motors for commercial EVs. There are different types of traction motors developed in this sector consisting of permanent magnet synchronous motors, AC induction motors, DC traction motors and some others. These motors are designed for various types of vehicles including pickup trucks, trucks, vans, buses and some others. The growing sales of electric trucks in different parts of the world has boosted the market expansion. This market is expected to grow significantly with the rise of the automotive industry around the globe.

• According to the International Energy Agency, around 16500 electric trucks were sold in China during 2020 that increased to 38200 in 2023.

Highlights of the Electric Commercial Vehicle Traction Motor Market

• Asia Pacific held the largest share of the electric commercial vehicle traction motor market due to the rising sales of electric buses in this region.
• North America is expected to grow with a significant CAGR due to the growing emphasis on adoption eco-friendly vehicles in this region.
• The radial flux segment held the highest share of the market due to lower cost and easy installation as compared to other flux.
• The multi-speed drive segment led the industry due to its advantages such as improved performance, enhanced driving range, smooth shifting and some others.

Key Metrics and Overview

Electric Commercial Vehicle Traction Motor: Figures and Stats

• According to the Engineers India Research Institute, the electric vehicle component industry of India is expected to reach US$ 1242.85 billion in 2032.
• According to the Our World in Data, around 93% of the vehicles sold in Norway were electric vehicles.
• According to the International Energy Agency, around 10800 electric trucks were registered in Europe during 2023.
• According to the American Society of Mechanical Engineers, 8755 Tesla Cybertruck were sold in the U.S. during the 2nd quarter of 2024.

Industry Leader Announcement

In October 2024, Michael Briggs, the President at Nidec Motion & Energy announced that,” Our investment strategy and motor technology are well complemented by Ashok Leyland, who understand the precise and specific demands of the commercial vehicle market.”

Geographical Insights

Asia Pacific held the largest share of the electric commercial vehicle traction motor market. The growing investment in the electric vehicle components industry by established companies and startups has driven the market expansion. Also, the presence of numerous automotive brands such as Toyota, BYD, Tata Motors, Mahindra and some others is crucial for the market expansion. Moreover, the integration of advanced technologies such as AI and IoT in automotive sector in countries such as China, India, Japan and some others has boosted the growth of the electric commercial vehicle traction motor market in this region.

Competitive Landscape

The electric commercial vehicle traction motor market is a fragmented industry with the presence of numerous dominating players. Some of the crucial players in this industry consists of Allison Transmission, Inc, BYD, Dana Limited, Mercedes-Benz Group AG, GEM Motors, BorgWarner Inc., Magna International Inc., Robert Bosch GmbH, Traton SE, Flash and some others. These companies are constantly engaged in developing traction motors for commercial EVs and adopting different strategies to maintain their dominance in this industry.

• According to the annual report of Dana, the revenue of the commercial vehicle segment in 2022 was US$ 1979 million that increased to US$ 2092 million in 2023.

Market Segmentations

By Vehicle Type

• Pickup Trucks
• Trucks
• Buses & Coaches
• Vans

By Power Output

• Less than 100 kW
• 100–200 kw
• 200–400 kw
• Above 400 kw

By Motor Type

• Permanent Magnet Synchronous Motor (PMSM)
• AC Induction Motor
• DC Traction Motor 

By Design

• Radial Flux
• Axial Flux

By Transmission

• Single-Speed Drive
• Multi-Speed Drive

By Axle Architecture

• Integrated Axle
• Central Drive Unit

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa