Electric cars are slowing becoming a part of the mainstream auto industry. You now have major car companies looking into the technology and promising to deliver their own electric cars in the near future. The cost of ownership can be high though when compared to a gas car but analysts expect that electric cars will actually be cheaper than their gas-powered counterpart by 2022.

Batteries are the most expensive component in an electric car since they’re instrumental in keeping the car on the road. Declining cost of batteries is going to play a major part in bringing the cost down and would make electric cars a truly mass market option.

Range anxiety is real when it comes to electric cars. Drivers do fear running out of charge when they’re out in the road, particularly if they’ve not planned their journey well enough, or are caught up someplace where they can’t find a place to charge their car.

So to make electric cars a viable mass market alternative to gas-powered cars the batteries not only need to be big enough to provide a significant amount of range while being cheap enough to ensure that the car’s cost doesn’t put it outside the reach of average consumers.

The analysts at Bloomberg New Energy Finance are of the view that this will happen by 2022 when electric cars finally become cheaper to buy than their gas-powered counterparts.

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