Battery costs have declined by 99% in the last three decades, making electrified transport a reality – OWID
Over 20mn electric cars were sold globally in 2025 — some for as little as $10,000. Even just two decades ago, that would have been impossible.
The reason it's possible now? Batteries have gotten much cheaper.
In 1991, lithium-ion battery cells cost around $9,200 per kilowatt-hour. By 2024, that had fallen to just $78 — a decline of more than 99%. You can see this in the chart.
To put that in perspective: the battery cells in a standard electric car today cost around $5,000. In 1991, those same cells would have cost nearly $600,000.
As Hannah Ritchie explains in a new article, there was no single breakthrough behind this.
Battery technologies have followed a “learning curve”: as cumulative production grows, thousands of small improvements in chemistry, manufacturing, and supply chains drive prices down. This drives greater demand and production, leading to further price reductions.
Since 1998, every time global cumulative battery production doubled, the price dropped by 19%, on average.
Early progress was driven by consumer electronics — phones and laptops — before the technology became viable for cars, buses, and larger energy storage.
Energy density has also more than tripled since the 1990s, meaning batteries can now store far more energy for their volume.
Over 20mn electric cars were sold globally in 2025 — some for as little as $10,000. Even just two decades ago, that would have been impossible.
The reason it's possible now? Batteries have gotten much cheaper.
In 1991, lithium-ion battery cells cost around $9,200 per kilowatt-hour. By 2024, that had fallen to just $78 — a decline of more than 99%. You can see this in the chart.
To put that in perspective: the battery cells in a standard electric car today cost around $5,000. In 1991, those same cells would have cost nearly $600,000.
As Hannah Ritchie explains in a new article, there was no single breakthrough behind this.
Battery technologies have followed a “learning curve”: as cumulative production grows, thousands of small improvements in chemistry, manufacturing, and supply chains drive prices down. This drives greater demand and production, leading to further price reductions.
Since 1998, every time global cumulative battery production doubled, the price dropped by 19%, on average.
Early progress was driven by consumer electronics — phones and laptops — before the technology became viable for cars, buses, and larger energy storage.
Energy density has also more than tripled since the 1990s, meaning batteries can now store far more energy for their volume.
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