Electric vehicles closing the gap

The automotive industry is rapidly moving toward a complete transition to electric vehicles, with the gap between electric and gasoline-powered cars narrowing in terms of diversity and the number of available models. According to data from the International Energy Agency, the number of electric vehicle models increased from 410 in 2020 to approximately 980 in 2025, and is expected to reach 1,250 by 2029. Meanwhile, the number of gasoline car models decreased from 1,380 to around 1,330 during the same period, with a slight projected rise to 1,340 in 2029. Hybrid vehicles, which combine internal combustion engines with electric motors, continue to grow as well, with their models increasing from 110 to 240 by 2029. This trend reflects a strategic shift among automakers to meet emission standards and the rising demand for low-carbon transportation, amid growing Chinese competition and the participation of major companies like Tata Motors in emerging markets.

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