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Battery balancing technologies are a crucial mechanism for the safe operation of electrochemical energy storage systems, such as lithium-ion batteries. Moreover, balancing between battery cells is essential for battery systems' life. Without any balancing circuitry, individual cell voltages can reach their maximum/minimum battery voltage limit faster than others, posing safety hazards. Furthermore, battery capacity reduction can occur when overcharging/over-discharging individual cells. So far, many balancing methodologies have been proposed and discussed in available literature. This paper presents a review of different state-of-the-art cell balancing methods suitable for low voltage applications. The required control complexity, switch stress, balancing speed, cost and circuit size are considered as key aspects. Typically, cell bypass techniques, such as passive balancing, have the lowest cost and require no complex control strategies. In contrast, cell-to-cell balancing techniques can significantly increase the energy efficiency compared to cell bypass balancers, but these come with higher system costs and control complexity.