Why will Electric cars cost less in the future? Future of Electric Cars

From an established company to a startup company, most of the automakers have been spending billions of dollars on the electric vehicle inventory and its production worldwide. Recently, the research and production on EVs have increased at a swift pace compared to its pace back, a few years ago.

If you are planning on purchasing a new electric car, then you will find it for an attractive price range. However, for that, you will have to wait until 2023.

According to the recent study and research conducted by Bloomberg, the cost of a battery per kW is estimated to be around $100 until 2023. In the year 2010, the price of the battery with 1kW would cost around $1183 while recently, the product costs around $156 per kW. Well, that’s a huge depreciation on the price. According to the report, the price of the battery has lowered down by 87% just along a 9-year timeline which is, in fact, a great achievement.

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Bloomberg has attributed the major reason behind the depletion in the battery cost to be high demand and high production of electric vehicles. More on, as the demand for EVs in the auto market has also increased at a swift pace in the recent run, most of the automakers have been continuously manufacturing electric vehicles at a high range.

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The research also suggests that the battery cost will further become low in the future run. Most of the companies have considered using the same standardized battery which can further reduce the production cost in the future.

According to the report, the battery demand is estimated to reach up to 2billion kW by 2024. And with the high demand, the cost of the battery will drop below $100 by 2024. The report has also made a quick estimation of the battery market share by 2030. According to it, the battery market is projected to be worth $116 billion annually by the end of the year.

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The battery cost, estimated to be around $100 in the year 2023 will further be projected to fall at $69 per kW by 2030.

And with the swift fluctuation in the battery cost, electric vehicles will also, in turn, come down at lower prices. Currently, 45% of the total cost of an electric vehicle is spent on its powerhouse, i.e. the battery. Therefore, in the upcoming years, this will strengthen the presence of electric vehicles in the global market.

 

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