Electric Commercial Vehicle Traction Motor Market in terms of revenue was estimated to be worth $2.1 billion in 2024 and is poised to reach $9.8 billion by 2030, growing at a CAGR of 28.8% from 2024 to 2030 according to a new report by MarketsandMarkets.

The traction motor of an electric commercial vehicle (ECV) is the driving force behind a new era of transportation, embodying efficiency, sustainability, and innovation. As the world pivots towards electrification to combat climate change and reduce dependency on fossil fuels, ECV traction motors play a pivotal role in powering electric commercial vehicles, ranging from trucks, vans, pickup trucks to buses. These motors leverage cutting-edge technologies in motor control and power electronics to deliver optimal performance while minimizing energy consumption and emissions. With the growing adoption of electric vehicles across various industries, the ECV traction motor market is experiencing exponential growth, fueled further by supportive government policies, cost competitiveness, and a global commitment to building a greener future.
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Browse in-depth TOC on “Electric Commercial Vehicle Traction Motor Market”251 – Tables63 – Figures252 – Pages
Electric Commercial Vehicle Traction Motor Market Scope:

Report Coverage

Details

Market Revenue in 2024

$2.1 billion

Estimated Value by 2030

$9.8 billion

Growth Rate

Poised to grow at a CAGR of 28.8%

Market Size Available for

2019–2030

Forecast Period

2024–2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Vehicle type, Power Output, Motor type, Design, Transmission, Axle Architecture and Region

Geographies Covered

Asia Pacific, Europe, and North America

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Developments in Fuel Cell technology

Key Market Drivers

Technical innovations in Motor Control and Power Electronics

The less than 100 kW segment to show a significant growth rate during the forecast period.
The less than 100 kW market is projected to register a CAGR of 32.5% during the forecast period. The less than 100 kW power output is primarily found in smaller electric vehicles, such as small electric vans, designed for efficiency in short-distance applications, offering an eco-friendly alternative for urban logistics and last-mile deliveries. These vans are becoming increasingly popular among logistics companies for their ability to easily navigate congested city streets, reducing emissions and noise pollution. Their design and electric propulsion make them suitable for quick and efficient deliveries, contributing to the overall evolution of urban logistics toward more sustainable and environmentally conscious practices.
Various leading OEMs offer electric commercial vehicles with power outputs below 100 kW as the demand for sustainable last-mile delivery has significantly increased. For instance, Tata Motors (India) targeted the intra-city cargo transport operators for e-commerce, FMCG, and courier businesses and began the deliveries of the electric Ace in 2023, with a power output of 27 kW, offering a lower total cost of ownership. MAHLE Group (Germany), Schaeffler Group (Germany), BorgWarner (US), and Robert Bosch GmbH (Germany), among others, offer various motors in this segment.
“The radial flux motors of the design segment are to show significant growth during the forecast period.”
Radial flux motors are experiencing a surge in demand within the electric commercial vehicle traction motor market due to several factors. Their robust torque output and high power density make them suitable for heavy-duty commercial vehicles, such as delivery trucks and buses. These vehicles require significant pulling power and acceleration capabilities offered by radial flux motors, ensuring optimal performance in urban environments and on highways. Additionally, these motors provide enhanced efficiency, contributing to extended driving range and reduced energy consumption, which is crucial for commercial fleet operators seeking to minimize operational costs and maximize profitability.
With electric commercial vehicles often needing to accommodate cargo, passengers, and various onboard systems, the compactness of radial flux motors allows for more efficient vehicle packaging and layout optimization. This feature enables manufacturers to design vehicles with larger cargo capacities and enhances overall maneuverability and agility, essential for navigating congested urban areas and making frequent stops during delivery routes. Whether powering delivery vans, buses, or heavy-duty trucks, these motors can be tailored to deliver optimal performance, torque, and efficiency, thereby accommodating the diverse needs of commercial fleet operators. Additionally, their scalability enables the deployment of radial flux motor technology across various vehicle sizes and classes, further expanding their market penetration within the electric commercial vehicle traction motor segment.
“Europe is expected to become second largest growing market for electric commercial vehicle traction motor during the forecast period.”
The European electric commercial vehicle traction motor market is on the rise, with stringent environmental regulations propelling market players to develop advanced e-axles and traction motor. Major ECV traction motor manufacturers, such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Schaeffler AG (Germany), MAHLE GmbH (Germany) and among others, are focusing on developing advanced electric traction motor and integrated axles, leading to a significant rise in demand for electric traction motors for commercial vehicle. In April 2023, Schaeffler AG (Schaeffler) started mass production of its in-wheel motor type electric drives. The company will supply the product to companies that manufacture road sweepers, snowplow vehicles, and compact vans for local governments and other organizations.
The government’s intense focus on imposing stringent environmental regulations encourages market players to develop advanced vehicles and set up facilities wherein various critical vehicle parts are tested, which will further propel the growth of the market for high-power-output traction motors. In February 2023, ZF Commercial Vehicle Technology (Jiaxing) Co., Ltd. (ZF) and Beiqi Foton Motor Co., Ltd. (Foton Motor) planned to jointly build an AMT (automated manual transmission) plant for mid-sized vehicles. The plant will be built in Nanhu District, Jiaxing City, Zhejiang Province. It will house assembly and testing lines for AMTs installed in mid-sized vehicles. The growth of the region’s electric commercial vehicle traction motor market is due to favorable government incentives and emission-free public transportation policies which is increasing the demand for ECVs, which in turn is supporting the market growth of traction motors for ECVs. In February 2023, the European Union proposed ambitious CO2 standards for most new trucks and coaches (90% emissions reduction by 2040) and urban buses (100% zero-emission city bus sales by 2030). Countries in the region have set up regulations to shift to EVs and used supply contracts to increase their EV fleets. In September 2023, FedEx Express Europe, a subsidiary of FedEx Corporation, announced the addition of 23 Mercedes-Benz battery-electric eSprinter vans to its UK operations. These eSprinter vans assist FedEx Express in achieving its objectives for locally emissions-free delivery and pickup. Thus all the aforementioned parameters are increasing the demand of electric commercial vehicle traction motor market in the region during forecasted period.
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Electric Commercial Vehicle Traction Motor Market Dynamics:
Drivers:

Technological innovations in motor control and power electronics
Shift toward sustainable transportation
Lower operating costs than ICE engines
Government initiatives and subsidiaries

Restraints:

Vulnerability to supply chain constraints
Limited range of electric commercial vehicles

Opportunities:

Development in fuel cell technology
Rapid urbanization and fast growth of e-commerce sector

Challenge:

Overheating of motor
Absence of standardized norms and regulations

Key Market Players of Electric Commercial Vehicle Traction Motor Industry:
The electric commercial vehicle traction motor market is dominated by established players such as ZF Friedrichshafen AG (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), Magna International Inc. (Germany), and Allison Transmission, Inc. (US).
The primary interviews conducted for this report can be categorized as follows:

By Company Type: OEMs – 25%, Tier I – 55%, Tier II– 20%,
By Designation: CXOs – 20%, Directors– 30%, Others– 50%
By Region: North America– 20%, Europe – 20%, Asia Pacific– 60%

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Recent Developments of Electric Commercial Vehicle Traction Motor Industry:

In January 2024, Magna International Inc. launched its next-generation 800V eDrive solution with new standards in efficiency, power-to-weight ratio, and torque density. The system delivers 250 kW of power and 5,000 Nm of axle torque, achieving up to 93% efficiency in real-world driving.
In January 2024, American Axle & Manufacturing launched its next-generation 3-in-1 electric drive units (eDUs), fully integrated e-Beam axles at CES 2024, along with innovative component technologies that are helping define the future of mobility around the globe.
In December 2023, BorgWarner Inc. acquired the Electric Hybrid Systems of the business segment of Eldor Corporation. The acquisition is an important complement to the propulsion portfolio as it is related to the expansion of high-voltage power electronics beyond the inverter.

Electric Commercial Vehicle Traction Motor Market – Key Benefits of Buying the Report:
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall electric commercial vehicle traction motor market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:

Analysis of key drivers (Technical innovations in Motor Control and Power Electronics, The shift toward sustainable transportation is propelling the market, Lower operating costs compared to ICE engines, Government initiatives and subsidiaries), restraints (Vulnerability to supply chain constraints, Limited range of electric commercial vehicle), opportunities (Development in Fuel Cell technology, Rapid urbanization and fast growth of e-commerce sector), and challenges (Overheating of motor, Absence of standardized norms and regulation) influencing the growth of the electric commercial vehicle traction motor market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development
Market Development: Comprehensive information about lucrative markets – the report analyses the electric commercial vehicle traction motor market across varied regions.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the electric commercial vehicle traction motor market.
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like ZF Friedrichshafen AG (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), Magna International Inc. (Germany), Allison Transmission, Inc. (US) and among others in the electric commercial vehicle Traction motor market strategies.
Strategies: The report also helps stakeholders understand the pulse of the ECV traction motor market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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2023 was an excellent year for DEKRA. Global revenue increased significantly to an all-time high of 4.1 billion euros (+8% vs. 2022: 3.8 billion euros) – exceeding the company’s own expectations and demonstrating strong growth compared to its industry peers. Earnings grew substantially to yield adjusted EBITDA of 455.5 million euros (+7.8% vs. 2022) and adjusted EBIT of 255.3 million euros (+12.8% vs. 2022).
On this basis, in 2024, DEKRA plans to fully exploit its early mover advantage in future technologies and newly established regulations. As its ‘Strategy 2025’ gains momentum, revenue growth is expected to be in the mid-single-digit range. By 2025, the year of the company’s 100th anniversary, DEKRA aims to be the partner of choice for cutting-edge TIC (testing, inspection, and certification) services in the growing business areas of Future Mobility, Cyber Security, Sustainability, and Artificial Intelligence (AI).
“In 2023, DEKRA once again improved its business performance – despite a tense economic and geopolitical environment,” said DEKRA CEO Stan Zurkiewicz at the company’s Annual Press Conference. “All six regions and all Service Divisions contributed to our strong sales momentum and our all-time revenue high. Our strong core businesses and our early mover advantage in future topics make us highly confident that we will grow both revenue and margins, and achieve our strategic goals.”
While DEKRA’s Americas (+27%) and Central East Europe & Middle East (+13%) regions delivered the highest growth rates in 2023, the largest revenue in absolute terms was generated in the GSA region (Germany, Switzerland, Austria: 2.6 billion euros).
From a business area perspective, vehicle-related services continued to be the primary source of revenue. DEKRA has, once more, confirmed its role as the global market leader in vehicle testing with 31.6 million tests carried out.
In 2023, DEKRA’s adjusted EBIT margin increased slightly by 0.2 percentage points to 6.2%, despite the negative impact of higher provisions and higher operating expenses due to inflation. The equity ratio remained at a very high level of 39.3% (2022: 41%).
DEKRA’s ‘Strategy 2025’ is proving successful. Over the past year, the company further invested in its service portfolio in the Future Mobility, Cyber Security, Sustainability, and AI focus areas. “In sum, investments reached a record high of 143.5 million euros,” explained DEKRA CFO Wolfgang Linsenmaier. “Additionally, DEKRA optimized its bottom line by streamlining its organizational set-up, for example. We also further expanded our employee base.” At the end of 2023, around 49,000 experts were working for DEKRA in some 60 countries.
“Our investments have been fundamental to successfully launching new services in future technologies,” added Zurkiewicz. “In 2024, we will ramp up our investments to further grow our service portfolio.”
Optimistic outlook for 2024
Against the backdrop of geopolitical and economic crises, DEKRA expects global growth in 2024 to remain subdued. However, the company had a solid start to fiscal year 2024 with revenue of just over one billion euros in Q1 2024 (+2.5% vs. Q1 2023). Based on its strong position in current and future markets, DEKRA anticipates continuing its upward trend. Revenue is expected to increase in the mid-single-digit range in fiscal year 2024, primarily as the result of organic growth supplemented by strategic acquisitions. Additionally, DEKRA expects a further increase in EBIT.
Beyond 2024, DEKRA also aims to strengthen its profitability by developing a cutting-edge service portfolio and applying digitalization and AI in both internal processes and customer solutions. Accordingly, in the second half of this decade, DEKRA plans to achieve a margin in the range of 8 to 9%.
Strategic growth areas: Revenue from Future Mobility to triple by 2025
DEKRA already reaped benefits in its strategic growth areas in 2023.
In Future Mobility, DEKRA successfully launched a wide range of new services. One example is its patented battery test that addresses a key obstacle in the used electric vehicle market: the uncertainty about the remaining lifespan and performance of car batteries. Within minutes, the test provides clarity with highly accurate measurements, facilitating transparent price negotiations. DEKRA’s test currently covers 12 European countries and over 100 vehicle models, including Tesla, with forecasts to significantly increase testing volume.
DEKRA is also focusing on growth opportunities in automated and connected driving. One distinct service is the offering of highly complex test scenarios for advanced driver assistance systems and automated driving functions, using digital twins to align real-world testing with the digital realm. DEKRA conducts these tests at its site in Klettwitz, Germany, which is poised to become the world’s most comprehensive independent automated and connected driving testing facility. In terms of connected vehicle functions, the test site in Malaga, Spain, also plays a key role.
By 2025, DEKRA expects its Future Mobility business to grow by around 200% compared with 2022. This will solidify its position as the clear leader in the global automotive TIC market, which is expected to be worth 18 billion euros annually by 2025.
“Vehicle safety has been our mission since our founding almost a century ago. As technology evolution accelerates and AI plays an increasingly central role in new generations of vehicles, we are continuously expanding our services,” said Zurkiewicz.
Cyber Security & AI: New innovative services to grow revenues by 2025
Over the past seven years already, DEKRA has successfully built its Cyber Security business with a strong global presence spanning over Asia, Europe, and the Americas. Its renowned customer base includes leading technology companies such as Amazon, Apple, Google, BYD, BMW, and Continental. In the past year, DEKRA has doubled its workforce and tripled its revenue in this area, achieving double-digit margins.
“The threat of cyberattacks keeps growing. In Germany, BITKOM assumes damage amounting to 206 billion euros each year. Our clients choose DEKRA for our ability to identify vulnerabilities in their future products early in the development stage and define reliable test scenarios,” explained Zurkiewicz.
One example is DEKRA’s Cyber Security Certification Program for drones. This makes it possible to address the critical risks associated with wireless and networked technologies. A second example is DEKRA’s unique certification of the safety and reliability of digital car keys, with endorsement from over 330 industry partners including BMW, Toyota, Ford, Apple, and Samsung. With four accredited laboratories worldwide, DEKRA is primed to serve industry leaders with rigorous testing procedures and unparalleled cybersecurity expertise.
The rapid adoption of AI will require additional cybersecurity measures in the future. Consequently, DEKRA pioneered a first wave of AI training and testing services in 2023, with the focus on the high-risk AI applications that are prevalent in aircraft, vehicles, medical devices, and other products covered by EU safety regulations.
In light of its current strategic emphasis on safeguarding AI, DEKRA introduced comprehensive services for its customers to train them in navigating EU regulations effectively. In a pilot project for Migros Bank and Gowago, Switzerland’s largest online car leasing company, DEKRA, together with its partner LatticeFlow, successfully ensured the accuracy and reliability of an underlying AI model by assessing data quality, model robustness, and compliance with forthcoming EU regulations.
Building on its strong market position in the field of cybersecurity and its early mover advantage in AI, DEKRA plans to increase revenue from AI fivefold and to more than double revenue from Cyber Security by 2025.
Sustainability Services: Ambition to reach 40% revenue share by 2025
Sustainability remained a clear strategic priority in 2023. DEKRA has more than 500 sustainability services in place, making up one third of its service portfolio. As well as ESG, this portfolio covers circular economy and product sustainability as well as decarbonization and energy transition topics.
With regards to the latter, hydrogen has emerged as an important focus topic. “Today, DEKRA is one of the pioneering organizations accredited to provide comprehensive hydrogen testing,” said Zurkiewicz, “and we expect to become one of the first TIC companies recognized by the EU Commission to certify green hydrogen.”
With a growing number of complex regulatory frameworks, such as the Corporate Sustainability Due Diligence Directive, DEKRA is increasingly assisting companies in navigating these frameworks and developing matching ESG strategies.
By 2025, DEKRA’s ambition is to reach a revenue share of 40% sustainability related services in this growth area.
Further progress in sustainability performance confirmed by CDP B score
Consequently, DEKRA remains highly committed to sustainability and to transparency about its own activities. The company therefore disclosed through CDP for the second time in 2023. “Our B score attests to our good environmental management. This is of high value to us because CDP has a strong reputation in the market. Going forward, we will implement further measures to incentivise even stronger emission reductions,” said Linsenmaier, who is also responsible for sustainability on the DEKRA Management Board.
DEKRA is also currently preparing for its next evaluation by EcoVadis, the leader in sustainability assessments for global value chains. The company has already received the EcoVadis Platinum Medal three times in a row.
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To drive new growth across its existing and future fund products, Amwal Capital Partners, an independent alternative investment firm based in Dubai, announces it has enhanced its portfolio and trade order management operations with the implementation of investment management technology from global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:BR).
Amwal Capital is now live on Broadridge’s investment management platform, which is providing the firm portfolio, order, and risk management as well as visual analytics, and performance attribution.
“As we expand our product offerings and set our sights on new asset classes, Broadridge’s solutions have provided our business with the agility and scalability we need to make our growth plans possible,” said Samer Sarraf, Senior Executive Officer and Director at Amwal Capital Partners. “The Broadridge platform has helped us to successfully streamline our operations and allow us to continue delivering on each of our clients’ individual requirements. The implementation was quick and the support from the team post-implementation has been exceptional.”
“We are delighted to provide Amwal Capital Partners with the technology they need to drive new efficiencies and automate their key processes, allowing them to make better-informed investment decisions and effectively manage their overall risk,” said Mike Sleightholme, President of Broadridge International and Head of Asset Management Solutions. “Broadridge is committed to providing world-class operational infrastructure for investment management firms to help them optimize and scale their investment operations so they can focus on improving returns, servicing clients and attracting new capital.”
Broadridge’s investment management platform includes multi-asset trading, advanced automation capabilities and robust workflow functionality. It automates critical processes across the front, middle and back offices and is catered to an investment firm’s wide range of trading needs. The Visual Analytics module is a comprehensive reporting portal and mobile dashboard, offering customizable reporting features and instant insights into trading, portfolios, and operations data. By reducing the time spent on data gathering and manipulation, the platform enables a clearer understanding of portfolio management performance, risk, and historical portfolio construction decisions, and facilitates improved decision-making processes.
The implementation of Broadridge’s cloud-based performance and attribution module will enhance the investment firm’s analytics capabilities by providing tailored daily performance analytics and calculations. This will elevate performance reporting, increase efficiency, and reduce risk.
The post Dubai-based Amwal Capital Partners Updates Tech to Drive Growth with Broadridge’s Investment Management Solutions appeared first on HIPTHER Alerts.