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The governments of several countries are taking initiatives to promote clean sources of energy by implementing stringent emission norms. Alternative fuel driven vehicles will help meet these stringent emission regulations. Manufacturers are seeking viable solutions to fulfill future demand for ultra-low emissions in urban areas. They are attaining it primarily through the combustion of alternative fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), ethanol, electric, and hydrogen.
The Global Low-Carbon Propulsion Market size is projected to grow from 2,980 thousand units in 2020 to 11,640 thousand units by 2027, at a CAGR of 21.5 % during the forecast period.
The expected growth of the market can be attributed due to increasing demand for emission-free vehicles and energy-efficient transport, government regulations regarding, fluctuations in fuel prices, and vehicle conversions.
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The electric passenger car segment is expected to have the largest market in, by electric vehicle type, during the forecast period.
Countries such as China have a lower waiting period for electric vehicles than ICE vehicles. Due to the growing stringency of emission norms, European countries such as Germany are planning to have 1 million electric vehicles on the road by the end of 2020. China dominates the market for electric passenger cars, followed by the US.
The COVID-19 impact on electric passenger cars can show a positive response as citizens worldwide would prefer private cars over public transportation. For instance, ever since China lifted its lockdown, the number of private cars on roads in Beijing and other cities has almost doubled, and there has been an increase in new car dealerships. In Chinese cities, many residents have shown the intention of new car purchases.
The hydrogen segment is expected to be the fastest-growing market in the low-carbon propulsion market, by fuel type, during the forecast period.
Hydrogen as a fuel is an emission-free alternative that can be obtained from various sources such as fossil fuels, natural gas, and water, among others. It can be produced from various techniques such as the thermochemical process, electrolytic process, direct solar water splitting process, and biological processes. Hydrogen is produced with the help of heat and chemical reactions in a thermochemical process. Resources such as natural gas, coal, or biomass are used for hydrogen production in the thermochemical process. Light energy is used in the direct solar process to split hydrogen and oxygen atoms in water. Currently, the process is in a developing stage but offers long-term benefits of low environmental impact and potential sustainable hydrogen production process.
North America is expected to lead the market since the US is prone to high air pollution levels. Consumption of gasoline is maximum in the region, which leads to the emission of nitrogen oxides (NOx), hydrocarbons (HC), and particulate matter (PM). Hydrogen-powered fuel cell vehicles emit no harmful substances since they release only water and warm air. The environmental and health precautions required in the US are expected to drive hydrogen production to achieve low or zero-emission goals.
Europe is expected to account for the fastest market during the forecast period.
Europe has been at the forefront of improving the safety and fuel efficiency of commercial vehicles, for which the EU institutions have announced their plans to replace gasoline and diesel stations with CNG, LNG, electric, and other biofuels. Though electric vehicles present a clearer path to decarbonization in transport, biomethane as a fuel remains a favored option for heavy-duty vehicles. Thus, CNG and LNG represent a major source of renewable fuels for low-carbon propulsion in Europe.
Europe’s targets for 2021 are the most stringent in the world. The 2021 targets for the European fleet are far tougher to achieve than those in the US, China, or Japan (US: 121g, Japan: 117g, China: 119g). Thus, auto manufacturers, distributors, and fuel providers are taking measures to fulfill the targets.
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Low Carbon Propulsion Market and Key Application/ Technology/ Industry
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