February 11, 2021
As cited by the business intelligence report titled ‘Global Low-Carbon Propulsion Market Size study, by Fuel type ( Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Ethanol, Hydrogen, Electric), by Vehicle type ( Heavy-Duty, Light-Duty), by mode ( Rail, Road), by Rail application ( Passenger, Freight), by Electric vehicle (Electric Passenger Car, Electric Bus, Electric Two-Wheeler, Electric Off-Highway) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global low-carbon propulsion market is anticipated to showcase a y-o-y growth rate of 21% during 2020-2027.
Factors such as extremely unpredictable oil prices, growing environmental concerns, and surging demand for energy-efficient transport as well as emission-free vehicles are fostering the expansion of global low-carbon propulsion market size. Constant vehicle upgradation, mounting cost of fuel, and favorable government initiatives supporting the implementation of zero emission technologies are further stimulating the overall market outlook.
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Additionally, technological advancements, innovative product launches, strategic alliances among market majors, and growing efforts of heavy-duty vehicle manufacturers towards the electrification of their models are positively swaying the global low-carbon propulsion industry dynamics. However, high costs associated with the components and technologies is a major restraining factor for the business development.
Based on fuel type, the industry is split into electric, hydrogen, ethanol, liquefied natural gas (LNG), and compressed natural gas (CNG). With regards to vehicle type, the market is divided into light-duty, and heavy-duty. Different modes considered are rail, and road, while rail applications include passenger, and fright. Moving on electric vehicle type, the report entails electric off-highway, electric two-wheeler, electric bus, and electric passenger car segments.
Speaking of the regional analysis, North America is expected to emerge as a lucrative growth avenue for worldwide low-carbon propulsion industry vertical through 2027, owing to surging air pollution levels, and subsequent efforts to curb them.
On the other hand, Asia-Pacific market is slated to grow at the highest compound annual growth rate over 2020-2027. Rising preference towards CNG and LNG over diesel and gasoline due to comparatively lower costs, along with increasing adoption of hydrogen-driven and electric automobiles are fostering the expansion of the regional market.
Major organizations that influence global low-carbon propulsion market trends include Honda Motor Company Ltd., Toyota Motor Corporation, Alstom SA, Siemens AG, Bombardier Inc., Nissan Motor Co. Ltd., Proterra Inc., Zhengzhou Yutong Group Co. Ltd., Tesla Inc., and BYD Co. Ltd. among others.