As we are moving toward electric vehicles and governments across the globe making promoting it, the future is of electric vehicle and it will be used widely. So the question arises for many small industries producing parts of IC engine parts, what they will do?
IC engines are not going to be out of trend, only a their business will be impacted.
Let's see how small industries producing automotive parts will be affected with increase in EVs.
So as the powertrain mechanism of electric vehicles are less complicated, it requires less maintenance.
The main part of the IC engine is it's engine itself containing piston cylinder mechanisms and related components. Automotive industries mostly outsource these parts and components from smaller industries and assemble by themselves.
In near future this industry not going to be impacted but let's assume IC engines become obsolete, even in this case the industrial manufacturing piston-cylinder, piston rings and related components won't be affected as demand of automation processes is increasing and pneumatic and hydraulics are being used majorly these days in industrial automation, piston cylinder manufacturer can fulfill demand in these industries.
Similarly other components can be manufactured and or innovated according to need of the changing industry. Most of the vehicle components in India is imported from China, so here we have the chance of manufacturing new EV components by ourselves and supply it to the car makers of the country and to export it to other countries.
With electric vehicle segment market will provide many opportunities to the innovators and to the entrepreneurs as the demand of battery related technology like battery management system, optimized battery manufacturing technology, electronic component manufacturing, charging stations will increase. Industry is evolving and automotive industry is shifting to produce autonomous vehicles, which is providing opportunities even to IT professionals to innovate.
As it's quoted "change is the rule of nature", change brings lots of opportunities, problem is for those who get stuck on particular thing and don't like the change xD.
So to conclude, we can say industry shifting towards EV will not affect IC engine opportunities as they will remain popular instead it will provide room to manoeuvre skills.