* Efficiency is the most important parameters of the DC-DC converters.
So we have to avoid the lossy elements like resistors. So the best way to convert DC to DC is by using power loss-less elements like Inductors and Capacitors.
* So without capacitor you will sacrifice the efficiency in addition to increasing voltage ripple of the output voltage.
You are claiming that capacitor is a loss less element. In addition, including capacitor will increase the efficiency.
I don't think you ever consider the equivalent series resistance (ESR) of capacitors. ESR of capacitors will only decrease the efficiency of the converter. The same goes with inductors, as they have dc series resistance. I hope it is of some help to you.
I know their are a ESR with the capacitor and a series resistance with the inductor, but they are very small resistances. You are right such a resistance decreases the efficiency. However, the efficiency of the capacitor and inductor based DC-DC converters are still higher than the resistance based DC-DC converter.
For example, when we compare the efficiency of the inductor and capacitor based DC-DC converters Vs the resistance based DC-DC converter. We can get an efficiency up to 95% in case of inductor and capacitor based DC-DC converter, while the maximum efficiency we can get from the resistance based DC-DC converter is 50%.
I just explain the importance of the capacitors in the DC-DC converters in a simple way.