Low-Carbon Propulsion Market worth 11,640 thousand units by 2027
                     MarketsandMarkets 
Presents
Low-Carbon Propulsion Market 
worth 11,640 thousand units by 
2027
https://www.marketsandmarkets.com/Market-Reports/low-carbon-pr
opulsion-market-13593387.html
 
The report "Low-Carbon Propulsion Market by Fuel Type (CNG, LNG, 
Ethanol, Electric and Hydrogen), Mode (Rail and Road), Vehicle Type 
(Heavy-Duty and Light-Duty), Rail Application (Passenger and 
Freight), Electric Vehicle, and Region - Global Forecast to 2027", size 
is projected to grow at a CAGR of 21.5% during the forecast period, to reach 
11,640 thousand units by 2027 from an estimated 2,980 thousand units in 
2020.
Browse 123 market data Tables and 71 Figures spread through 225 
Pages and in-depth TOC on "Low-Carbon Propulsion Market”
The prices of oils are highly uncertain and subject to international market 
conditions influenced by factors outside of the National Energy Modelling 
System, which is a major driver for the low-carbon propulsion market. The 
High Oil Price and Low Oil Price cases represent international conditions that 
could drive prices to extreme, sustained deviations from the reference case 
price path. For instance, in the High Oil Price case, non-US demand for 
petroleum and other liquids is higher and non-US supply of liquids is lower, 
whereas, in the Low Oil Price case, the situation is opposite. With better 
efficiency and reduction in carbon emissions by CNG, LNG, and electric 
vehicles, manufacturers are now also focusing on the development and 
promotion of hydrogen vehicles. Toyota, Hyundai, Honda, Daimler, Nicola, 
BYD, Tesla, Yutong, and Proterra are the key OEMs in the low-carbon 
propulsion market.
The COVID-19 outbreak has unleashed an unprecedented socio-economic 
global crisis, affecting all industry sectors and citizens worldwide. Shutting 
down of major chunks of fueling stations has added to the crisis. But the 
revival of the situation by reopening production plants gradually is reducing 
the negative impact, and thus, the market is expected to grow in the coming 
years.
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Light-duty is expected to hold the largest share in the low-carbon 
propulsion market during the forecast period.
The light-duty vehicle segment is expected to be the largest market since 
these are used globally for maximum transportation within cities. Last-mile 
delivery vans and trucks are the most demanded vehicles due to the 
emergence of the eCommerce sector. The government organizations are 
keeping a close track of CO2 emissions from these vehicles. For instance, on 
December 17, 2018, the European Commission, the European Parliament, 
and the European Council agreed upon targets aimed to reduce the average 
CO2 emissions from light-duty vehicles by 15% for 2025 and 31% for 2030.
The key players in the low-carbon propulsion market are Tesla (US), BYD 
(China), Nissan (Japan), Yutong (China), and Proterra (US).
Alternative fuels are an excellent choice for pickup trucks, vans, and SUVs 
because they provide the power, performance, and range that fleets require. 
Currently, Fiat Chrysler is the only light-duty OEM with a factory-built natural 
gas vehicle available in the US market—RAM 2500 CNG.
Passenger, in the rail application segment, is estimated to be the 
largest market during the forecast period
Alternative fuel trains offer the benefit of cost-effective and efficient 
transportation of passengers as well as freight. Several cities are 
implementing new rail infrastructure projects to reduce road congestion and 
provide an affordable means of transportation at an intercity as well as an 
intra-city level. Increasing urbanization and growing demand for increased 
connectivity, comfort, reliability, and safety will boost the passenger 
segment.
Since all modes of public transports are suffering heavy losses due to limited 
operations during COVID-19, passenger rails and freight are also hard hit by 
the outbreak. Although transport is ongoing in a controlled way, the scenario 
for full-scale operations will face a downfall for at least a year. Hence, the 
market for low-carbon propulsions in passenger rails and freight will be 
hampered for a while.
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Asia Pacific region is expected to have the largest share in the 
low-carbon propulsion market from 2020 through 2027.
The growth of Asia can be attributed due to the prices for CNG/LNG in 
transport that is comparatively lesser than gasoline and diesel as a fuel. 
Also, the adoption of electric and hydrogen driven transports in the 
region, mainly due to China’s approach towards cleaner technologies, is 
the major contributor to this market. For instance, CRRC Tangshan 
Railway Company has introduced a prototype low-floor LRV, FCveloCity, 
powered by Ballard Power Systems’ hydrogen fuel cell technology, which 
is being tested on a new 14 km light rail line in China. In addition to this, 
the fact that China has resumed industrial operations progressively from 
mid-February—Volkswagen, Nissan, Hyundai, and Honda re-openings 
production plants—would help drive the market recover quickly in China
South Korea targets the number of hydrogen refilling stations (HRS) to 
reach 1,200 by 2040. On the other hand, Japan has been consistent in 
the development of HRS and announced the development of 80 HRS by 
2021 with the help of collaborative efforts from the Japanese 
government and Japan H2 Mobility (JHyM). Moreover, Toyota, Nissan, and 
Honda have formed joint ventures with major gas and energy firms to 
build 80 new hydrogen stations in the next four years to add to the 
existing operational HRSs in Japan.
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