Electric Commercial Vehicle Traction Motor Market Sets by 28.84% CAGR till 2034

Electric Commercial Vehicle Traction Motor Market Research, Trends and Forecast

Market insights predict, the electric commercial vehicle traction motor industry is expected to grow from USD 2.14 billion in 2024 to USD 26.97 billion by 2034, driven by a CAGR of 28.84%. Asia Pacific dominates the electric commercial vehicle traction motor market, driven by rising electric bus sales. North America is set for strong growth with increasing eco-friendly vehicle adoption. The radial flux segment leads due to lower cost and easy installation, while the multi-speed drive segment excels with better performance, extended range, and smooth shifting.

Last Updated: 24 March 2025 Category: Electric Vehicle Mobility Insight Code: 1657 Format: PDF / PPT / Excel

Senior Research Analyst

Dr. Arjun Patel

Reviewed By

Aditi Shivarkar

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.

Electric Commercial Vehicle Traction Motor Market Size 2023 -2034

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.

China Electric Truck Sales (2020-23)

  • 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

Metric Details
Market Size in 2024 USD 2.14 Billion
Projected Market Size in 2034 USD 26.97 Billion
CAGR (2025 - 2034) 28.84%
Leading Region  Asia Pacific
Market Segmentation  By Vehicle Type, By Power Output, By Motor Type, By Design, By Transmission, By Axle Architecture and By Region
Top Key Players Allison Transmission, Inc, BYD, Dana Limited, Mercedes-Benz Group AG, GEM Motors, BorgWarner Inc., Magna International Inc., Robert Bosch GmbH
Notable Industry Trends AI & IoT integration in commercial EVs, growing traction motor investments

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

Electric Commercial Vehicle Traction Motor Market Companies

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.

Dana Commercial Vehicle Segment Revenue in USD Million (2022-23)

  • 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
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About The Author

Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.

FAQ's

The electric commercial vehicle traction motor market was valued at USD 2.76 billion in 2025.

Asia Pacific dominated this industry.

The rising government initiatives for adopting EVs along with rapid developments in fuel cell technology has driven the market growth.

Some of the prominent players of this industry consists of Robert Bosch GmbH, Dana Limited, Magna International, Allison Transmission and some others.

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