Electric Vehicle Industry: Fueling a Change: Automakers offer a range of engine and fuel technologies; here’s a preview
The country’s biggest automaker, Maruti Suzuki, says it will be technology neutral and focus on a range of engine options to reduce CO2 emissions. For Tata Motors, electric vehicles make up 7% of their portfolio, which is expected to grow to 25% over the next five years. Mahindra & Mahindra, which is betting big on electric vehicles, will achieve 20% penetration in the electric passenger vehicle space in 2025-27. Automakers like Toyota and Hyundai have started developing FCEVs, which not only produce zero emissions, but are more efficient than gasoline-powered vehicles.
Although epitaphs are being written for the internal combustion engine (ICE), it remains the dominant choice for cars in fiscal year 2022, with over 90% market share, followed by the MHEV at 8.5% and BEVs at 0.7%, according to Jato Dynamics. According to industry estimates, the penetration of electric vehicles in India will be 8-10% by 2030. Electric technologies and alternative fuels will all play a role in the future of mobility in India.