In 2024, the average global prices of lithium-ion batteries dropped by 20%, reaching $115 per kWh. For electric vehicle batteries, the price fell below $100 per kWh Why Are Lithium Battery Prices Falling?
IEA analysis based on data from Bloomberg and Bloomberg New Energy Finance Lithium-Ion Price Survey (2024). “Battery pack price” refers to the volume-weighted average pack price of lithium-ion batteries across the electric vehicles and battery storage sectors. 2025 refers to data up to end of March 2025.
Meanwhile, the stationary storage market has surged, with intense competition among cell and system suppliers, particularly in China. Regionally, the average prices of lithium battery packs were lower in China, at $94 per kWh, while prices in the U.S. and Europe were 31% and 48% higher, respectively.
“Battery pack price” refers to the volume-weighted average pack price of lithium-ion batteries across the electric vehicles and battery storage sectors. 2025 refers to data up to end of March 2025. Price of selected battery metals and lithium-ion battery packs, 2015-2025 - Chart and data by the International Energy Agency.
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BNEF: Lithium-ion battery pack prices drop to record low of $115/kWh On a regional basis, average battery pack prices were lowest in China, at $94/kWh. Packs in the US and Europe …
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Lithium-ion battery cell price Average price of battery cells per kilowatt-hour in US dollars, not adjusted for inflation. The data includes an annual average and quarterly average …
New York, December 10, 2024 – Battery prices saw their biggest annual drop since 2017. Lithium-ion battery pack prices dropped 20% from 2023 to a record low of $115 per kilowatt-hour, …
Lithium battery prices fluctuate due to raw material costs (e.g., lithium, cobalt), manufacturing innovations, geopolitical factors, and demand surges from EVs and renewable …
The decline in prices is attributed to several factors, including excess battery cell production capacity, economies of scale, low metal and component prices, and the adoption of …
Sources IEA analysis based on data from Bloomberg and Bloomberg New Energy Finance Lithium-Ion Price Survey (2024). Notes “Battery pack price” refers to the volume …
A second year of dramatic price falls means batteries are now cheap enough to make dispatchable solar economically feasible. With the cost of storing electricity at $65/MWh, …
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