Electric Commercial Vehicle Traction Motor Market Growth Analysis 2034
Global Electric Commercial Vehicle Traction Motor Market Growth, Size, Trends Analysis – By Vehicle Type, By Power Output, By Motor Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Jul-2025 | Report ID: AMIN2542 | Pages: 1 - 273 | Formats*: |
| Category : Automotive & Transportation | |||
Global Electric Commercial Vehicle Traction Motor Market Introduction and Overview
According to SPER Market Research, the Global Electric Commercial Vehicle Traction Motor Market is estimated to reach USD 8.27 billion by 2034 with a CAGR of 12.93%.
The report includes an in-depth analysis of the Global Electric Commercial Vehicle Traction Motor Market, including market size and trends, product mix, Power Outputs, and supplier analysis. The Global Electric Commercial Vehicle Traction Motor market is expected to be worth USD 2.45 billion in 2024, with a CAGR of 12.93% between 2025 and 2034. The growth of the Electric Commercial Vehicle Traction Motor Market is driven by the increasing demand for high-performance, energy-efficient, and environmentally friendly transportation solutions. The shift toward electrification in commercial fleets—particularly for logistics, public transit, and urban delivery—has accelerated the need for reliable and powerful traction motors. Technological advancements in areas such as power electronics, thermal management, and motor control systems have led to the development of highly efficient, compact, and durable traction motors. Furthermore, integration with digital platforms for real-time performance monitoring and predictive maintenance is enhancing fleet efficiency and reducing downtime.
By Vehicle Type Insights
Truck segment is emerging as a key driver in the electric commercial vehicle traction motor market, primarily because logistics and freight transportation are increasingly becoming electrified. Trucks, particularly medium-duty and long-haul variants, form a significant portion of commercial fleets and often face high fuel and maintenance expenses—making them ideal candidates for electric alternatives. The appeal of lower operational costs, including reduced fuel consumption and simpler maintenance, is accelerating the transition to electric trucks. Advances in battery technology have improved vehicle range, easing concerns around long-distance usability.
By Power Output Insights
100–200kW power segment holds significant importance in the electric commercial vehicle traction motor market due to its versatility across various applications, such as light to medium-duty trucks, delivery vans, and urban buses. This power range offers an optimal balance between performance, energy efficiency, and cost, making it ideal for urban and short-haul operations. Vehicles equipped with motors in this range deliver sufficient power while keeping battery requirements and operational costs manageable. The rising demand for electric vans and smaller trucks, driven by the growth of e-commerce and last-mile delivery, further supports the popularity of this segment.
By Motor Type Insights
Permanent Magnet Synchronous Motor (PMSM) segment plays a vital role in the electric commercial vehicle traction motor market due to its high efficiency, compact design, and excellent power-to-weight ratio. These characteristics make PMSMs well-suited for a wide range of commercial vehicle applications. Continuous advancements in permanent magnet materials and motor design have further improved their efficiency, durability, and performance. PMSMs offer higher torque and faster response times, resulting in better acceleration and smoother operation—key factors for fleet operators focused on performance and reliability.
Regional Insights
The Asia-Pacific Electric Commercial Vehicle Traction Motor market holds a prominent position globally, it is experiencing rapid growth, driven by rising urbanization, government initiatives promoting clean energy, and the expansion of public and goods transportation networks. Countries like China, India, Japan, and South Korea are at the forefront, with strong manufacturing capabilities, supportive policies, and growing investment in electric mobility infrastructure. The demand for electric buses, delivery vans, and light commercial vehicles is accelerating due to increasing environmental concerns and efforts to reduce dependence on fossil fuels. Additionally, the presence of leading traction motor manufacturers and battery producers in the region enhances the supply chain and accelerates technological advancements.
Market Competitive Landscape
The Global Electric Commercial Vehicle Traction Motor industry has major players, including AB Volvo, Allison Transmission, Inc, BorgWarner Inc, BYD, Dana Limited, Flash, GEM Motors, Hyundai Motor Company, Magna International Inc, Mercedes-Benz Group AG, Robert Bosch GmbH, Suzhou Inovance Automotive Co, Ltd and Tata Motors. These companies compete fiercely with each other and local firms that have strong distribution networks and knowledge of suppliers and regulations. AB Volvo, established in 1927 and headquartered in Gothenburg, Sweden, is a global leader in manufacturing trucks, buses, construction equipment, and marine and industrial engines. Volvo has a long history in engineering and transportation and is renowned for its dedication to sustainability, safety, and innovation.
Recent Developments:
In June 2024, Uno Minda Limited, a leading global manufacturer of proprietary automotive systems and solutions, has entered into a Technical License Agreement (TLA) with Suzhou Inovance Automotive Co., Ltd., China. This strategic partnership enables Uno Minda to manufacture and distribute select high-voltage electric vehicle (EV) products in India, catering to both passenger and commercial vehicle segments.
In February 2023, Flash, a manufacturer of electronic components, has entered into a strategic partnership with Slovenia-based GEM Motors to enhance the production of hub motors for electric vehicles. This collaboration focuses on the development and manufacturing of hub motors in the power range of 1kW to 15kW, targeting a variety of light electric mobility applications.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Vehicle Type, By Power Output, By Motor Type |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | AB Volvo, Allison Transmission, Inc, BorgWarner Inc, BYD, Dana Limited, Flash, GEM Motors, Hyundai Motor Company, Magna International Inc, Mercedes-Benz Group AG, Robert Bosch GmbH, Suzhou Inovance Automotive Co., Ltd, Tata Motors. |
Key Topics Covered in the Report
- Global Electric Commercial Vehicle Traction Motor Market Size (FY’2021-FY’2034)
- Overview of Global Electric Commercial Vehicle Traction Motor Market
- Segmentation of Global Electric Commercial Vehicle Traction Motor Market by Vehicle Type (Pickup Trucks, Trucks, Buses and Coaches, Vans)
- Segmentation of Global Electric Commercial Vehicle Traction Motor Market by Power Output (Less than 100KW, 100-200KW, 200-400KW, Above 400KW)
- Segmentation of Global Electric Commercial Vehicle Traction Motor Market by Motor Type (Permanent Magnet Synchronous Motor, AC Induction, DC Traction Motor)
- Statistical Snap of Global Electric Commercial Vehicle Traction Motor Market
- Expansion Analysis of Global Electric Commercial Vehicle Traction Motor Market
- Problems and Obstacles in Global Electric Commercial Vehicle Traction Motor Market
- Competitive Landscape in the Global Electric Commercial Vehicle Traction Motor Market
- Details on Current Investment in Global Electric Commercial Vehicle Traction Motor Market
- Competitive Analysis of Global Electric Commercial Vehicle Traction Motor Market
- Prominent Players in the Global Electric Commercial Vehicle Traction Motor Market
- SWOT Analysis of Global Electric Commercial Vehicle Traction Motor Market
- Global Electric Commercial Vehicle Traction Motor Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source
2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPERs internal database2.1.4.Premium insight from KOLs
2.2.Market size estimation
2.2.1.Top-down and Bottom-up approach
2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
5.Market variable and outlook
5.1.SWOT Analysis
5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats
5.2.PESTEL Analysis
5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape
5.3.PORTERs Five Forces
5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry
5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global Electric Commercial Vehicle Traction Motor Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Electric Commercial Vehicle Traction Motor Market
7.Global Electric Commercial Vehicle Traction Motor Market, By Vehicle Type (USD Million) 2021-2034
7.1.Pickup Trucks7.2.Trucks7.3.Buses and Coaches7.4.Vans
8.Global Electric Commercial Vehicle Traction Motor Market, By Power Output (USD Million) 2021-2034
8.1.Less than 100KW8.2.100-200KW8.3.200-400KW8.4.Above 400KW
9.Global Electric Commercial Vehicle Traction Motor Market, By Motor Type (USD Million) 2021-2034
9.1.Permanent Magnet Synchronous Motor9.2.AC Induction Motor9.3.DC Traction Motor
10.Global Electric Commercial Vehicle Traction Motor Market, (USD Million) 2021-2034
10.1.Global Electric Commercial Vehicle Traction Motor Market Size and Market Share
11.Global Electric Commercial Vehicle Traction Motor Market, By Region, (USD Million) 2021-2034
11.1.Asia-Pacific
11.1.1.Australia11.1.2.China11.1.3.India11.1.4.Japan11.1.5.South Korea11.1.6.Rest of Asia-Pacific
11.2.Europe
11.2.1.France11.2.2.Germany11.2.3.Italy11.2.4.Spain11.2.5.United Kingdom11.2.6.Rest of Europe
11.3.Middle East and Africa
11.3.1.Kingdom of Saudi Arabia11.3.2.United Arab Emirates11.3.3.Qatar11.3.4.South Africa11.3.5.Egypt11.3.6.Morocco11.3.7.Nigeria11.3.8.Rest of Middle-East and Africa
11.4.North America
11.4.1.Canada11.4.2.Mexico11.4.3.United States
11.5.Latin America
11.5.1.Argentina11.5.2.Brazil11.5.3.Rest of Latin America
12.Company Profile
12.1.AB Volvo
12.1.1.Company details12.1.2.Financial outlook12.1.3.Product summary12.1.4.Recent developments
12.2.Allison Transmission, Inc
12.2.1.Company details12.2.2.Financial outlook12.2.3.Product summary12.2.4.Recent developments
12.3.BorgWarner Inc
12.3.1.Company details12.3.2.Financial outlook12.3.3.Product summary12.3.4.Recent developments
12.4.BYD
12.4.1.Company details12.4.2.Financial outlook12.4.3.Product summary12.4.4.Recent developments
12.5.Dana Limited
12.5.1.Company details12.5.2.Financial outlook12.5.3.Product summary12.5.4.Recent developments
12.6.Flash
12.6.1.Company details12.6.2.Financial outlook12.6.3.Product summary12.6.4.Recent developments
12.7.GEM Motors
12.7.1.Company details12.7.2.Financial outlook12.7.3.Product summary12.7.4.Recent developments
12.8.Hyundai Motor Company
12.8.1.Company details12.8.2.Financial outlook12.8.3.Product summary12.8.4.Recent developments
12.9.Magna International Inc
12.9.1.Company details12.9.2.Financial outlook12.9.3.Product summary12.9.4.Recent developments
12.10.Mercedes-Benz Group AG
12.10.1.Company details12.10.2.Financial outlook12.10.3.Product summary12.10.4.Recent developments
12.11.Robert Bosch GmbH
12.11.1.Company details12.11.2.Financial outlook12.11.3.Product summary12.11.4.Recent developments
12.12.Suzhou Inovance Automotive Co., Ltd
12.12.1.Company details12.12.2.Financial outlook12.12.3.Product summary12.12.4.Recent developments
12.13.Tata Motors
12.13.1.Company details12.13.2.Financial outlook12.13.3.Product summary12.13.4.Recent developments
12.14.Others
13.Conclusion
14.List of Abbreviations
15.Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Electric Commercial Vehicle Traction Motor Market is projected to reach USD 8.27 billion by 2034, growing at a CAGR of 12.93% during the forecast period.
Electric Commercial Vehicle Traction Motor Market size from 2025. The Market is expected to reach USD 8.27 billion by 2034, at a CAGR of 12.93% during the forecast period.
Electric Commercial Vehicle Traction Motor Market CAGR of 12.93% during the forecast period.
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Electric Commercial Vehicle Traction Motor Market size is USD 8.27 billion from 2025 to 2034.
Electric Commercial Vehicle Traction Motor Market covered By Vehicle Type, By Power Output, By Motor Type
The North America is anticipated to have the highest Market share in the Electric Commercial Vehicle Traction Motor Market.
AB Volvo, Allison Transmission, Inc, BorgWarner Inc, BYD, Dana Limited, Flash, GEM Motors, Hyundai Motor Company, Magna International Inc, Mercedes-Benz Group AG, Robert Bosch GmbH, Suzhou Inovance Automotive Co., Ltd, Tata Motors.
The report includes an in-depth analysis of the Global Electric Commercial Vehicle Traction Motor Market, including market size and trends, product mix, Power Outputs, and supplier analysis.
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