Three decades of innovation in lithium batteries and a 99% price plunge, in an illuminating graphic

Lithium-ion battery prices have fallen about 99% over 35 years, from $9,210 per kWh in 1991 to $111 in 2023.

An Our World in Data graphic-led article links the decline to strong learning effects and global scale-up in production.

The data suggest each doubling of cumulative output cuts prices by roughly 19%, consistent with Wright’s Law.

Cheaper batteries bring electric vehicles closer to cost parity with combustion cars and make renewable energy storage more viable.