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Lithium-ion battery pack price dropped to 115 U.S. dollars per kilowatt-hour in 2024, down from over 144 dollars per kilowatt-hour a year earlier. Lithium-ion batteries are one of the most efficient energy storage devices worldwide. Over recent years, high-scale production and capital investment into the battery production process made lithium-ion battery packs cheaper and more efficient. This demonstrates a staggering demand for energy storage worldwide and could be attributed to the fact that the world is moving towards a renewable energy-based economy where electric vehicles play an increasingly large role.
Individuals, organizations, and governments aim to reduce their environmental footprint, as the awareness about the consequences of climate change becomes more widespread. To contribute to a greener society, they promote the growth of the electric vehicle market to make transportation more sustainable and less polluting. When it comes to the sales volume of electric vehicles, the trend is staggeringly positive. For instance, global plug-in electric light vehicle (PEV) sales have progressively increased since 2015, surpassing 13.7 million units sold in 2023.
Incorrect disposal of Li-ion batteries can have a devastating environmental impact on the environment, sparking the need for recycling. The global market for lithium-ion battery recycling is expected to reach 13.5 billion U.S. dollars by 2030. This figure compares to around 3.5 billion U.S. dollars in 2023.
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Includes battery cell and pack prices Volume-weighted average price including 343 data points for passenger cars, buses, commercial vehicles, and stationary storage.
Market breakdown of main manufacturers of EV batteries 2023
Leading lithium producing countries worldwide 2023
Global nickel mine production 2023, by country
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1 All prices do not include sales tax. The account requires an annual contract and will renew after one year to the regular list price.
The statistic on this page is a Premium Statistic and is included in this account.
Battery 1 All prices do not include sales tax. The account requires an annual contract and will renew after one year to the regular list price.