The Global Low-Carbon Propulsion Market is expected to grow at a CAGR of 21.5% during the forecasting period (2021 – 2028). The low carbon and air quality regulations in the world are propelling the rapid changes in the propulsion systems. Moreover, the trends towards reducing emissions are creating immense opportunities for companies to change their propulsion technologies.
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Stringent regulations on emissions and fuel efficiency are one of the major drivers of the low carbon propulsion market. besides, increasing demand for emission-free vehicles and energy-efficient transport is also propelling the market growth during the forecast period. The development and adoption of green vehicles are considered to be major solutions to reduce GHG levels in the atmosphere to an acceptable level. These vehicles run on alternative sources of energy such as electricity, hybrid energy, and other power sources such as solar or wind energy or biofuels which are equipped with low carbon systems. Countries worldwide have come up with stringent emission norms to lower GHG emissions, reducing the cause of global warming to an extent. For instance, the European Union regulations, known as Euro norms, set emission standards and fuel consumption levels that new vehicles under the prevailing year must meet. At present, Euro 6 norms are employed effectively from 2014.
In the US, the Tier 3 standards are emission standard for passenger vehicles which was finalized in 2014 and will be in action up to 2025. Countries like China and India follow regulations similar to Euro norms. The current regulation in China known as GB 19578 and GB 27999, which revised and came in 2014, sets the passenger car fuel consumption to be 6.9L/100KM in 2015. The standards target the fuel consumption of passenger cars to be of 5L/100KM by the end of 2020.
The high cost of electric vehicles is hindering the market growth The total cost of ownership of EVs is higher than that of traditional ICE vehicles. This is because of the additional high capacity batteries used in EVs along with the use of advanced electronic components and design considerations. Moreover, after-sales costs such as servicing of EV components are expensive due to the immature local market and non-availability of EV service parts. The servicing facilities for EVs are less in number compared with the well-established centers for normal ICE vehicles.
â€“ By Fuel Type
â€¢ Liquefied Natural Gas (LNG)
â€¢ Compressed Natural Gas (CNG)
â€“ By Mode
Nissan, BYD, and Tesla Motors dominate the global low carbon propulsion market. They account for more than XX% of the market share. The competition between the manufacturers is increasing, owing to promising large volumes of sales in new markets like developing countries worldwide. Hence, manufacturers are increasing their geographical market presence and product portfolios to attract maximum sales.
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