Average lithium battery pack prices, with 2023 forecast and the US$100/kWh threshold forecast to be reached in 2026 on far right hand side. Image: Solar Media with BloombergNEF data.Get more news about Lithium Battery Pack,you can vist our website! Lithium-ion battery pack prices have gone up 7% in 2022, marking the first time that prices have risen since BloombergNEF began its surveys in 2010.

The finding that average pack prices for electric vehicles (EVs) and battery energy storage systems (BESS) have increased globally in real terms to US$151/kWh confirms the consequences of what the industry has been confronted with in recent months. It follows years of consistent declines of close to 10% every 12 months.

Widely reported challenges have come from global battery supply chain constraints causing material and component cost rises, logistics issues caused by COVID-19 and soaring inflation.

It comes just two years after the research group reported finding pack prices at sub-US$100/kWh benchmarks and made a prediction that averaged costs would fall to US$101/kWh by 2023.

In fact, from 2010 to 2021, average costs fell by 89%, to US$137/kWh across the EV and stationary battery storage markets worldwide. Last year, the drop was just 6%, to US$131/kWh.

BloombergNEF (BNEF) pushed back its prediction made in 2020, forecasting instead that pack prices would fall below the US$100/kWh threshold in 2024.

The firm again revised that prediction, and said it now expected cost declines to start to be observed again from 2024, reaching that sub-hundred-dollar mark by 2026.

BNEF noted today that, in EVs at least, cells now comprise a much higher portion of total cost than before. Traditionally, a 70:30 split has been observed between cell and pack costs but the dynamic has been shifting gradually and in 2021 was about 74:26. Cells now represent close to 83% of the average EV battery pack cost, with cell costs particularly sensitive to material and component cost volatility.

“Raw material and component price increases have been the biggest contributors to the higher cell prices observed in 2022,” Evelina Stoikou, the lead author of the report and an energy storage associate at BNEF, said.

As with last year’s edition, the cheapest packs were found in China, at just US$127/kWh, unsurprising given BloombergNEF’s consistent ranking of China first among all countries involved in the lithium battery supply chain. Meanwhile packs in the US cost about 24% more and in Europe about 33% more on average.