The global market for lithium-ion batteries exceeded USD 150 billion in 2025, growing by more than 20% year-on-year. Deployment is six times higher than in 2020, with electric vehicles accounting for over 70% of demand and energy storage for more than 15%. Battery prices fell by an average of 8% last year, with LFP cells falling by more than 15%. LFP is more than 40% cheaper than NMC and dominates both storage and half of electric vehicles. China has prices 30-35% lower than the US and Europe. iea.org 🇬🇧