Low-carbon Propulsion Market Worth 11,640 Thousand Units by 2027 - Exclusive Report by MarketsandMarkets

CHICAGO, June 1, 2020 /PRNewswire/ --  According to the new market research 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", published by MarketsandMarkets, the global Low-Carbon Propulsion Market 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.

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.

Browse in-depth TOC on "Low-Carbon Propulsion Market"

123 – Tables

71 – Figures

225 – Pages

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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.