Goldman Sachs Research now expects battery prices to fall to $99 per kilowatt hour (kWh) of storage capacity by 2025 — a 40% decrease from 2022 (the previous forecast was for a 33% decline). Our analysts estimate that almost half of the decline will come from declining prices of EV raw materials such as lithium, nickel, and cobalt.
That’s subsiding as prices cool for battery metals, which could help make EVs more competitive with traditional cars more quickly. Goldman Sachs Research now expects battery prices to fall to $99 per kilowatt hour (kWh) of storage capacity by 2025 — a 40% decrease from 2022 (the previous forecast was for a 33% decline).
In 2022, the country spent around USD 700 million on importing lithium-ion cells and batteries. Hence, owing to the above points, South Africa is expected to see significant growth in the African battery market during the forecast period.
Global average battery prices declined from $153 per kilowatt-hour (kWh) in 2022 to $149 in 2023, and they’re projected by Goldman Sachs Research to fall to $111 by the close of this year.
The price fell continuously over the past few years, and it decreased by more than 85% in 2022 compared to 2010. The decline in average lithium-ion battery prices is expected to continue and reach around USD 74/kWh by 2026, making it much more cost-competitive with other battery types.
The price per kilowatt-hour (kWh) of an automotive cell is likely to fall from its 2021 high of about $160 to $80 by 2030, driving substantial cost reductions for EVs. Lithium ion (Li -ion) is the most critical potential bottleneck in battery production.
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