Global Low-Carbon Propulsion Market By Fuel Type (Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Ethanol, Hydrogen, Electric), By Mode, By Vehicle Type, By Rail Application (Passenger, Freight), By Electric Vehicle, By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021-2031

Low-carbon propulsion acts as a power source, also known as a power plant, which is the technological equipment that generates force using an engine or motor, wheels, and axles, propellers, or a propulsive nozzle. The expansion of the low-carbon propulsion market is being driven by technological advancements to increase emission standards through conventional vehicle adaptations.

The market for low-carbon propulsions is growing at an exponential rate as the demand for fuel economy in commercial vehicles subsequently increases. One of the primary factors boosting revenue growth prospects for the low-carbon propulsion market is an increase in the demand for energy-efficient transportation, and potentially, one day, emission-free automobiles.

Furthermore, respective support from government various governments for the implementation of zero-emission technologies are also expected to fuel market growth opportunities.

Detailed Segmentation –

Based On Fuel Type:

• Compressed Natural Gas (CNG)
• Liquefied Natural Gas (LNG)
• Ethanol
• Hydrogen
• Electric

Based On Mode:

• Rail
• Road

Based On Vehicle Type:

• Heavy-Duty
• Light-Duty

Based On Rail Application:

• Passenger
• Freight

Based On Electric Vehicle:

• Electric Passenger Vehicles
• Electric Buses
• Electric Two-Wheelers
• Electric Off-Highway Vehicles

Market Dynamics –

Drivers for the Global Low-Carbon Propulsion Market:

The increased demand for emission-free and energy-efficient forms of transportation, as well as growing concerns about the environment as a result of greater fuel emission levels, are some of the reasons augmenting the further expansion of this market. The high cost of technology and components, on the other hand, are expected to stifle industry expansion prospects.

In addition, the availability of alternative options of energy sources for commercial vehicles, as well as respective government backing to successfully create zero-emission technologies, are projected to provide lucrative prospects for this market over the projected timeline.

Restraints for the Global Low-Carbon Propulsion Market:

Electric Vehicles (EVs) have a higher total cost of ownership than regular Internal Combustion Engine (ICE) automobiles. This is due to the us of larger batteries in EVs, as well as the usage of technological components and other design elements that aer contemporary in nature.

Furthermore, due to the underdeveloped of this local market and the lack of EV repair parts, after-sales costs concerning the servicing of various EV components have been subsequently being on the high side. The number of servicing centers for EVs have been found to be lower I number in comparison to the number of well-established facilities meant to cater to conventional ICE vehicles.

Opportunities for the Global Low-Carbon Propulsion Market:

The awareness levels of customers concerning the consumption of petroleum and its impacts on the environment have steadily increased, who have now gradually begun to make the transition to using environmentally friendly automobiles instead.

Furthermore, various governments are urging numerous other countries to take steps to boost sustainable energy sources by enacting stricter emission standards. Owing to alternative fuel-powered vehicles it is expected that they could impose stricter emission requirements, thereby creating immense opportunities for additional revenue growth for the global low-carbon propulsion market.

Trends for the Global Low-Carbon Propulsion Market:

The price of oil is uncertain as it is subject to a flimsy international market. As alternative fuels offer various benefits of being cost-effective, and are capable of running vehicles efficiently, they are gradually being used for both the transportation of passengers as well as freight cargo.

Several cities are implementing new transportation infrastructure projects to reduce pollution levels and to provide an affordable means of transportation at an intercity as well as an intra-city level. Moreover, increasing urbanization levels and the surge in the demand for better connectivity, comfort, reliability, and safety is expected to boost light-duty vehicle transportation solutions within cities, thereby further boosting the low-carbon propulsion market over the forecast period.

Competitive Landscape –

• Tesla
• BYD Company Ltd.
• YUTONG
• Proterra
• Nissan
• Bombardier
• Siemens
• Alstom
• Toyota
• Honda Motor Co. Ltd.
• HYUNDAI MOTOR GROUP
• MAN Energy Solutions SE
• GENERAL ELECTRIC
• NFI Group Inc.
• Cummins Inc.

Recent Developments in the Global Low-Carbon Propulsion Market:

• In April 2019, BYD Co. Ltd. announced the debut of the K12A, the world’s first 27-meter pure electric bus. It is the world’s longest electric bus, with a passenger capacity of 250 individuals, and can reach top speeds of 70 kms/hour.
• Proterra Powered Vehicle Electrification Solutions were released in August 2019, employing its electric vehicle technology and expertise to assist commercial vehicle manufacturers in electrifying their heavy-duty trucks.

For the Low-Carbon Propulsion Market research study, the following years have been considered to estimate the market size: