May 26, 2017 01:00 AM EDT
Electric Cars Vs. Gas: EVs Will Cost Less Than Internal Combustion By 2030

Buying an electric car will cost less than buying gas-powered cars in 2030. Analysts predict battery-powered cars will eventually have price cuts because more companies today are building factories for electric vehicle (EV) car batteries and its components.

A report published in MIT Technology Review cited how "gigafactories" for electric vehicle parts are changing the auto industry landscape. These factories, which are taking advantage of renewable energy, could increase by 2030 so that EV production could double up as well.

Analysts also predicted electric vehicle battery costs will fall from the current $542 to $139 as early as 2021, as per Car Scoops. In the next 10 to 15 years, however, that price tag could likely dive down further as EV technology improve and enter into large-scale production. Jalopnik likened these developments to the evolution of personal computers from the 1990s to the present day.

With more EVs in the market, the cost of such cars could become more affordable than internal combustion engines. "As battery costs fall and their energy density increases, we could see cheaper battery-electric cars than their fuel-burning equivalents by 2030," analyst Nikolas Soulopoulos told Bloomberg.

The market is already feeling the changes with China selling more EVs than before and even topping consumer demands in the U.S., Quartz reported. For an average budget of $5,000, many locals could own a small but efficient electric vehicle that can travel 40 miles/hour.

Tesla has a battery factory in Nevada for its EVs and a solar panel factory in New York for its solar-paneled car roofing development. Daimler (Mercedes-Benz) recently opened its battery facility to supply the growing EV market in Germany. Analysts said other European carmakers like Volkswagen and Renault are expected to follow the move.

In Asia, tech giants like Samsung, LG and Panasonic are also expected to build its own facilities to support EV production, while nine battery factories have begun construction in China. Learn more about the difference of electric vehicles to cars with internal combustion engines in the video below.

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