What is the projected growth of the low-carbon propulsion market?
The global low-carbon propulsion market is estimated to grow at a compound annual growth rate (CAGR) of 21.5% from 2023 to 2030, driven by stringent emission regulations and surging demand for electric vehicles.
Which region is expected to have the fastest growth in the low-carbon propulsion market?
Europe is expected to witness the fastest growth due to ambitious plans to replace fossil fuels with electric, CNG, and biofuel alternatives. Cities like London and Paris aim to ban conventional cars by 2030-2035.
Who are the major players in the low-carbon propulsion market?
Tesla, BYD, Nissan, Toyota, Honda, Bombardier, and Alstom are some of the key players dominating the market with a significant share.
What are the challenges facing the low-carbon propulsion market?
The high cost of electric vehicles and limited charging infrastructure are major challenges hindering wider adoption. However, ongoing advancements and government initiatives are addressing these hurdles.