Pawan Goenka, Former CEO at Mahindra and Mahindra (M&M) believes that three-wheelers and two-wheelers will be largely electric by 2030 but when it comes to four-wheeler passenger vehicles (PV) and commercial vehicles (CV), the penetration will take more time.

Goenka doesn’t expect to see more than 25 percent penetration in PV and CV segments by 2030.

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“Three-wheelers probably before 2030 and two-wheelers around that time. I don’t think anybody has doubts in that, almost everybody will agree,” he said.

However, in PVs, the ramp-up is just beginning. “Right now we don’t have too many products. So I would expect to see a much faster ramp-up,” said Goenka.

He was speaking to CNBC-TV18 at the SIAM Convention event.

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