Over the last decade, a surge in lithium battery manufacture has led to a drop in its price. The price witnessed an about 80% decline from 2010-17.
The steep decrease in the prices is due to upgraded technology. Intense competition between the significant producers has also effectively brought down costs.
The batteries were first developed in the 1970s, and in 1991 it was first commercialized by Sony for the company's handheld video recorder. They are now found in everything from iPhones to medical devices to planes to the international space station. Over the last ten years, prices have fallen as production has reached the economy of scale.