Improvement in Batteries’ Operational Efficiency Strengthening the Commercial Electric Vehicle Sector

The enhancement in the operational efficiency of batteries and the long-term cost benefits of electric vehicles are two of the major factors behind the progress of the commercial electric vehicle sector. Any decline in the price of the battery would result in the cutting down of commercial electric vehicle prices, which is expected to boost their sales during the forecast period.

Furthermore, technological advancements in battery capacity would meet the need for longer driving range. Manufactures are focusing toward reaching higher energy density and lower dependency on expensive material, such as cobalt, which in turn, would improve the operational efficiency of these batteries and reduce their cost. It is forecast that the electric vehicles’ selling price, including that of buses and trucks, would come down owing to the falling cost of batteries. In addition, rising government and environmental agency concerns over greenhouse gas emissions (GHG) are also boosting the sector.

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