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Low-carbon propulsion act as a power source which is commonly called a power plant, a technical device uses an engine or motor, and wheels and axles, propellers, or a propulsive nozzle to produce the force. Technological progressions to advance the emission standards by conventional conversions of vehicles are driving the growth of the low carbon propulsion market growth. Increase in demand for fuel efficiency in commercial vehicles boosts the market growth for low-carbon propulsions.Surge in demand for energy-efficient transport and emission-free vehicles is one of the major factors that drives the growth of the low carbon propulsion market. Moreover, government support for zero-emission technologies is anticipated to boost the growth of the market.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2020–2027 |
Base year considered | 2019 |
Forecast period | 2021–2027 |
Forecast units | Value (USD) |
Segments covered | Type, Fuel Type and Electric Vehicle |
Regions covered | North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa) |
Companies covered | Tesla, BYD Company Ltd., YUTONG, Nissan, Bombardier, Siemens, Alstom, Toyota, Honda Motor Co. Ltd., andHyundai Motor Group |
COVID-19 scenario analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include increase in demand for emission-free vehicles and energy-efficient transport and rising environmental concerns regarding fuel emissions. However, the high cost involved with technologies and componentsis anticipated to hamper the growth of the market. Furthermore, the availability of alternative fuel engine solutions for commercial vehicles and government support for zero-emission technologiesare expected to offer lucrative opportunities for the marketin the forecast period.
The low-carbon propulsion market trends are as follows:
Increase in demand for emission-free vehicles and energy-efficient transport
The prices of oils are highly uncertain as subjected to the international market. As alternative fuel trains offer the benefit of cost-effective and efficient transportation of passengers as well as freight. Several cities are implementing new transportation infrastructure projects to reduce pollution and provide an affordable means of transportation at an intercity as well as an intra-city level. Moreover, increasing urbanization and growing demand for increased connectivity, comfort, reliability, and safety will boost light-duty vehicle transportation within cities which will further grow the low-carbon propulsion market in the forecast period.
Rise in environmental concerns regarding fuel emissions
The increase in use of fuels has led to rise in carbon dioxide (CO2) and many other gases in the atmosphere which can harm the environment. In addition, the increase in awareness among the costumers regarding the use of fuel and harm to the environment has led them to shift to eco-friendly vehicles. Moreover, the government is encouraging several countries to take initiatives to promote clean sources of energy by implementing stringent emission norms. Hence, alternative fuel-driven vehicles will help meet these stringent emission regulations which will lead to growing the global low-carbon propulsion marketduringthe forecast period.
Key segments covered:
Segments | Sub-segments |
Type |
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Fuel Type |
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Electric Vehicle |
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Key benefits of the report:
Questions answered in the low-carbon propulsion market research report:
Key Market Segments
Key Market Players