Climate Change Responsible For Reducing Fossil Fuels Efficiency In Electricity Production
Electric Vehicle Prices Set to Decline in 2024 as Battery Prices Take a Drop
By Shubhendra Anand , 25 January, 2024
Electric vehicle adoption in 2024 is expected to grow throughout the year due to the transition to clean energy. Electric mobility is expected to grow commercially and environmentally in 2024. According to recent surveys, electric vehicle prices are expected to decline and become consumer-friendly as lowering prices will attract more buyers in 2024.
Based on a survey, Tesla, the electric vehicle manufacturer, anticipates lowering the prices of electric vehicles on certain models in 2024. The electric vehicle maker, Tesla, has lowered the prices by 20 percent in 2023. Earlier surveys conducted on the adoption of electric vehicles in the automotive market suggest that EVs can be cheaper by the end of 2027. Electric vehicles are expected to be equal to conventional vehicles in prices in 2024 or before 2027 ends. The consumers' demand for electric vehicles has always been affected by the higher prices in previous years. However, experts believe that demand for electric vehicles is expected to be higher in 2024 due to the transition to clean energy. Electrification in transportation accelerates the process of transitioning to clean energy by reducing the use of conventional vehicles. Since transformation into green energy is responsible for consumers' awareness regarding fossil fuel management, the electric vehicle stands out as the best alternative.
Electric vehicle sales have slowed down in 2023, and it is expected the same issues will prevail in 2024. Therefore, auto industries should manage the cost prices of electric vehicles in order to make it more consumer-friendly to buy such vehicles in 2024. According to a survey, 65 percent of buyers resist buying electric vehicles due to their high prices in the market. Thus, electric vehicle makers need better pricing strategies to cater to the needs of consumers in 2024. The auto industries are focusing again on manufacturing cheaper batteries for electric vehicles with advanced technologies. Batteries play a crucial role in electric vehicles; therefore, a shift to cheaper batteries will lead to greater production with less cost for consumers, which will enhance sales in the market for 2024.
Latest News
Climate Change Responsible For Reducing Fossil Fuels Efficiency In Electricity Production
The climate change issue is necessary since the global clean energy transition has emerged. Green energy transformation requires specific environmental changes strictly followed by the industrial sectors. However, global warming can reduce the…
New Face Of Lithium-Sulfur Batteries For The Low-Cost Batteries In 2024
Solid-state batteries have not been in use for a long time. However, the rising demand for electric vehicles in the automotive market may revamp the sulfur content of solid-state batteries. There are many advantages of sulfur in solid-state…
Microsoft To Invest USD 3.4 Billion On Artificial Intelligence In Germany
Artificial intelligence is enhancing the tech industry nowadays. In the past years, artificial intelligence has played a pivotal role in functioning cloud computing and other tech industry infrastructure. One of the bug techs, Microsoft, is investing…
Solar And Wind Energy Leads to Environmental Waste in 2024
Renewable energy is considered as an alternative to fossil fuels. Nations are replacing fossil fuels with renewables to achieve sustainability in the environment. Renewable energy sources regulate specific sectors like electricity, transportation…
Sustainable Aviation Fuel From Human Waste Can Accelerate Clean Energy Transition
In the industrial applications and production sector, sustainability will play a significant role in 2024. Industries are growing interested in adopting sustainable approaches in light of the clean energy transition. The aviation industry in 2024…
Shubhendra Anand
Head Research
