Electrical appliance makers are already seeing a boom in the demand for electric car batteries.
The market for electric cars is also on the rise as consumers flock to cheaper, plug-in vehicles.
But it’s not just the cost of batteries that is driving the demand, it’s also the increasing cost of fuel and a need for electric vehicles to run on clean, renewable energy sources.
A new study from the consulting firm IHS finds that in 2018, the average cost of an electric vehicle battery in the United States was $3,100, which was a 10% increase over the previous year.
That’s an increase of more than $1,500 since 2020.
That means the average electric vehicle is now worth an average of $1.8 million, which is more than twice as much as in 2020.
The study also found that the average amount of fuel needed for an electric car battery was 5.1 gallons per kilowatt-hour of electricity, up from 5.02 gallons per kWh in 2018.
That fuel cost includes the cost for the fuel cell and battery packs and for the charging and discharging of the battery.
The fuel cells also typically cost about 30% less than conventional battery packs.IHS is the research arm of the American Institute of Certified Public Accountants (AICPA), a group of business leaders who help clients prepare for and navigate the complicated financial, regulatory, and tax burdens associated with the financial, business, and government sectors.
The AICPA is a registered trade association of the nation’s accounting firms.