The global low carbon propulsion market accounted for a value of USD XX billion in 2019 and is projected to register growth at a CAGR of 30.5% during forecast period.
COVID-19 has impacted the low carbon propulsion market. The automotive industry is adversely affected due to this ongoing pandemic. The manufacturing of vehicles is on halt due to lockdown and supply chain got disrupted due to travel restriction. The sales of vehicle are immensely declined across the globe. The low carbon propulsion growth is directly dependent on vehicle production. The growth of low carbon propulsion market is likely to decline during COVID-19.
For more details, visit: Global Low Carbon Propulsion Market By Fuel Type (CNG, LNG, Others), By Electric Vehicle (Passenger Car, Bus, Others), By Vehicle Type (Heavy-Duty, Light-Duty, Others), By Mode, By Region, Forecast & Opportunities to 2026
The government is focusing on increasing reducing air pollution by reducing carbon emission. The demand is increasing for fleets in order to fulfill mass transit with less cost of fuel. This increases demand for low carbon propulsion and drives growth in this market during forecast period.
On the basis of electric vehicle, the low carbon propulsion market is segmented into electric bus, electric passenger car, electric two-wheeler and electric off-highway. The electric passenger car segment is estimated to dominate the market during forecast period. The governments in many regions are adopting stringent emission norms which increase the demand for electric passenger car. Europe is planning to have 1 million electric cars by the end of 2020. The US and China are estimated to dominate the market for electric passenger cars. The demand and adoption of electric passenger car is increasing around the world and this drives growth in electric passenger car during forecast period.
On the basis of fuel type, the low carbon propulsion market is segmented into compressed natural gas, liquefied natural gas, ethanol, hydrogen and electric. The hydrogen segment is estimated to be fastest growing market during forecast period. The hydrogen is an emission free fuel which is obtained from various sources such as water, natural gas and fossil fuel. It can be produced from various techniques such as biological process, thermochemical process, electrolyte process and direct solar water splitting process. Hydrogen is produced using heat and chemical reactions in a thermochemical process. Hydrogen can be also produced using various resources such as biomass, coal and natural gas. Hydrogen fuel has less impact on environment and is sustainable. This drives growth in hydrogen segment during forecast period.
On the basis of mode, the low carbon propulsion market is segmented into rail and road. The rail segment is estimated to be the fastest growing during forecast period. The income level of people is increasing in the world which increases the demand for personal mobility but this increases road traffic. The increasing road traffic increases the congestion and commute time in urban areas. Local government and urban planners are merging tramways and rapid transit networks with existing infrastructure of cities in order to reduce traffic congestion. The demand for eco-friendly, cost effective and reliable transit option is increasing. This drives growth in rail segment during forecast period.
Europe region is estimated to dominate the market during forecast period. The Europe region is trying constantly to improve fuel efficiency and safety of commercial vehicles. The government is this region is adopting initiatives to support low carbon propulsion which helps in reducing air pollution. This region has announced their plans to replace diesel and gasoline station with LNG, electric, CNG and other biofuels. The demand for low carbon propulsion is increasing in this region and this drives growth in Europe region during forecast period.
The key market players in low carbon propulsion sector are Tesla Inc., BYD, Nissan, Siemens, Alstom, Yutong, Proterra, Toyota, Honda, Hyundai, Man SE, General Electric, Cummins INC., Nikola Motor Company, Volkswagen, AB Volvo, VDL Groep, Diamler AG and Scania.
- What are the expected industry trends over the next three to five years?
- Which of the low carbon propulsion fuel type is likely to lead by 2025?
- Which of the vehicle type segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?