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.
OEMs and component manufacturers are exploring ways to manufacture engines for renewable oil and gas resources for fuel-efficiency. Thus, companies like Honda, Yutong, BYD, Toyota, Bombardier, Nissan, Tesla, Proterra bring up road and rail renewable fuel developments. For instance, Hyundai has proposed to commercialize NEXO, an FCEV, in smart cities by 2021. In April 2019, BYD announced the launch of the K12A, the world's first 27-meter pure electric bus. In 2018, Bombardier transportation introduced the new Electro-Hybrid Train Talent 3, which does not generate any exhaust and sets standards for smart mobility with peak values of 90% in the areas of efficiency and recyclability. In February 2017, Toyota delivered the first fuel cell bus to the Tokyo Metropolitan Government.
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New product launches, expansions, are supply contracts are the key strategy adopted by the major players in the low-carbon propulsion market. For instance, Proterra introduced Proterra Powered vehicle electrification solutions, leveraging Proterra’s electric vehicle technology and expertise to help commercial vehicle manufacturers electrify their heavy-duty vehicles in August 2019.
The partnership/collaboration strategy adopted by the key players in the low-carbon propulsion market, which would fuel the market during the forecast period. For instance, in February 2020, Proterra and Freightliner Custom Chassis Corporation (FCCC) announced a collaboration to develop the MT50e, a new all-electric delivery truck chassis. The MT50e will feature a Proterra battery system with 226 kWh of energy capacity and an all-electric, zero-emission drive system. In January 2019, Toyota and Panasonic announced to start a joint venture to make electric vehicle batteries, leveraging the heft of one of the world’s largest automakers and battery makers to expand their electric vehicle push. Toyota will own 51% of the joint venture, and Panasonic the rest.
The key players in the low-carbon propulsion market are Tesla (US), BYD (China), Nissan (Japan), Yutong (China), and Proterra (US).
Tesla is a key player in the low-carbon propulsion market. The company offers a range of electric vehicles. Moreover, Tesla designs and manufactures electric vehicles, electric components, and systems. Vehicle bodies, chassis, interiors, and low voltage electrical systems are produced in house. It is also a developer of lithium-ion battery packs, electric motors, gearboxes, and components, which the company supplies to other OEMs as well.
BYD is another key player in the low-carbon propulsion market. Moreover, BYD designs and assembles a wide range of electric buses. The company has a presence in various regions, including China, the US, Europe, and India. BYD has collaborated with many city transport authorities across the world, providing electric buses of different specifications and sizes. For instance, in February 2019, 25 electric buses developed by BYD were introduced for public transport in Pune, India.
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
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