In its current analysis of battery prices, BloombergNEF has recorded the first increase since the start of the evaluations in 2010. The experts attribute this to the increased prices for raw materials and battery components as well as high inflation.
Over the past 30 years, battery costs have fallen by a dramatic 99 percent; meanwhile, the density of top-tier cells has risen fivefold. As is the case for many modular technologies, the more batteries we deploy, the cheaper they get, which in turn fuels more deployment. For every doubling of deployment, battery costs have fallen by 19 percent.
BloombergNEF’s annual battery price survey finds prices increased by 7% from 2021 to 2022 New York, December 6, 2022 – Rising raw material and battery component prices and soaring inflation have led to the first ever increase in lithium-ion battery pack prices since BloombergNEF (BNEF) began tracking the market in 2010.
As volumes increased, battery costs plummeted and energy density — a key metric of a battery’s quality — rose steadily. Over the past 30 years, battery costs have fallen by a dramatic 99 percent; meanwhile, the density of top-tier cells has risen fivefold.
Nonnamaker added, “The combination of enhanced batteries required to power today’s vehicles and the rising costs to manufacture batteries are why consumers are seeing higher prices for batteries on the shelf.” We have seen the rise in our annual tests, with the average price steadily increasing and now averaging $156.
The price of batteries for electric vehicles looks set to rise in 2022 following a decade of sharp decline as supplies of lithium and other raw materials fail to keep up with ballooning demand.
At the beginning of 2023, lithium prices stood six times above their average over the 2015-2020 period. In contrast to nickel and lithium, manganese prices have been relatively stable. One reason for the increase in prices for lithium, nickel …