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.

Growth of Commercial Vehicle Accessories Market

The commercial vehicle accessories market is projected to reach USD 179.42 billion by 2034, growing from USD 100.51 billion in 2025, at a CAGR of 6.65% during the forecast period from 2025 to 2034.

The commercial vehicle accessories market is witnessing robust growth, driven by the increasing demand for efficiency, safety, and customization in commercial fleets. With the rise of e-commerce, last-mile delivery, and logistics services, commercial vehicles play a vital role in supporting economic activities worldwide.

The commercial vehicle accessories market is poised for substantial growth, driven by the increasing demand for efficiency, safety, and customization in commercial fleets. With technological advancements, regulatory mandates, and evolving customer preferences shaping the market landscape, commercial vehicle accessory manufacturers and suppliers need to innovate, collaborate, and adapt to changing market dynamics to capitalize on emerging opportunities and maintain a competitive edge in the global marketplace.

The commercial vehicle accessories market is experiencing a period of transformation, driven by factors such as urbanization, digitalization, and sustainability initiatives. Commercial vehicle accessories encompass a wide range of products and solutions designed to enhance vehicle performance, functionality, and aesthetics. From safety equipment and cargo management systems to telematics solutions and aftermarket upgrades, commercial vehicle accessories cater to diverse needs and requirements across different industries.

Growth of Electric Commercial Vehicle MRO Market

The global electric commercial vehicle MRO market size is calculated at USD 0.79 billion in 2024 and is expected to be worth USD 6.73 billion by 2034, expanding at a CAGR of 23.85% from 2024 to 2034.

The Electric Commercial Vehicle Maintenance, Repair, and Overhaul (MRO) market is rapidly evolving as electric mobility gains traction across numerous industries. With the increasing adoption of electric buses, trucks, and vans, the demand for specialized MRO services has increased rapidly. These vehicles offer advantages in sustainability and operating costs along with requiring specific expertise due to their unique powertrains, battery systems, and electrical components.

As fleet operators transition to electric models, MRO providers must adapt their offerings, investing in advanced diagnostic tools, training, and infrastructure tailored for electric vehicles (EVs). Additionally, the MRO market is witnessing growth driven by regulatory mandates for emission reduction and fleet electrification. This market holds promising opportunities as companies innovate to support the long-term viability and efficiency of electric commercial fleets.

Growth of Commercial Vehicles Market

The commercial vehicles market is expected to increase from USD 1.458 trillion in 2025 to USD 2.121 trillion by 2034, growing at a CAGR of 3.75% throughout the forecast period from 2025 to 2034. The growing focus of automotive companies on developing a wide range of commercial vehicles along with rapid adoption of electric trucks by e-commerce brands for operating their daily activities has driven the market expansion.

Additionally, the rising investment by automotive brands for opening new production facilities coupled with numerous government initiatives aimed at developing the public transportation infrastructure is playing a vital role in shaping the industrial landscape. The integration of ADAS and telematics solutions in commercial vehicles is expected to create various growth opportunities for the market players in the future.

The commercial vehicles market is a crucial sector of the automotive industry. This industry deals in manufacturing and distribution of commercial vehicles in different parts of the world. There are several types of vehicles developed in this sector comprising of light commercial vehicles (LCVs), heavy trucks, buses & coaches and some others. It finds application in numerous end-use sectors consisting of industrial, mining and construction, logistics, passenger transportation, and some others. This market is expected to rise significantly with the growth of the EV industry around the globe.

Growth of Light Commercial Vehicles Market

The light commercial vehicles market is forecast to grow from USD 127.17 billion in 2025 to USD 188.02 billion by 2034, driven by a CAGR of 4.44% from 2025 to 2034.

The light commercial vehicles market is a crucial segment of the automotive industry. This industry deals in manufacturing and distribution of light commercial vehicles in different parts of the world. There are various types of vehicles developed in this sector consisting of trucks, vans, buses and some others. These vehicles are powered by numerous propulsion technology comprising of diesel, gasoline, electric and others. The rising demand for light commercial vehicles in the e-commerce sector has contributed significantly to the industrial expansion. This market is expected to rise significantly with the growth of the electric vehicles industry across the globe.

Growth of Commercial Truck Market

The commercial truck market is expected to increase from USD 10.34 billion in 2025 to USD 18.97 billion by 2034, growing at a CAGR of 7.03% throughout the forecast period from 2025 to 2034.

The commercial truck market is a prominent branch of the commercial vehicle industry. This industry deals in manufacturing and distribution of commercial trucks around the world. There are several types of trucks developed in this sector comprising of class 1 trucks, class 2 trucks, class 3 trucks, class 4 trucks, class 5 trucks, class 6 trucks, class 7 trucks, class 8 trucks and some others. These trucks are powered by different types of fuel consisting of diesel, natural gas, hydrogen, electric and some others. It is owned by numerous entities including fleet operator and owner operator. The commercial trucks find applications in various sectors such as freight delivery, utility services, construction & mining and some others. This market is expected to rise significantly with the growth of the automotive sector across the globe.

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