Falling Prices Of Electric Vehicle Batteries

Electric vehicles are not still in the mainstream for one of the most obvious reasons – its maintenance cost its maintenance cost including the heavy price of batteries. But the good news is the prices of the batteries is falling in the recent past and is predicted to fall further.

Improving Support

The Li-ion battery technology has drastically improved over the years. The manufacturing units have advanced in production quantity and quality. The raw materials and workforce availability have boosted their improvements. There is an increase in battery stores that sell various types of batteries.

Producing clean fuel is being encouraged owing to increasing consciousness of environment-friendliness. The laws are being modified in many countries to support the production and usability of electric vehicles. The transition from specialized fuel to becoming the mainstream fuel to replace the gas vehicles is in progress.

Emerging Technology

New technologies are emerging with new battery types such as solid state batteries, lithium-sulfur batteries, aluminum-ion batteries, and metal-air batteries. There is also a tough competition from the alternate energy sector.

There are also efforts to combine the batteries with renewable resources to produce hybrid fuels which are depicted to be the future technology.

Some Statistics

There has been a significant decline in the price of batteries from 2007 till date. An average cost of thousand dollars per kWh has reduced to about $300 per kWh. Although an estimation predicted was between $230 and $250, 2018 seems to reach these lower rates.

A significant 14% fall in the prices since 2007 has been feasible due to the advancement in battery chemistry and thereby increased production. The cost is expected to fall further by about 8% per year going ahead.

Although the pace has picked up to bring on the electric vehicles on par with the gas-fueled vehicles, it can give a good competition only when the costs reach at least $150 per kWh.

From the consumer perspective, the price fall is a good reason to go for electric vehicles. Stores such as Business Name which sell electric vehicle batteries at best prices instill more confidence in consumers about easy maintenance. For more information visit at website domain. You can also connect them on Facebook for more updates.

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