Several research and consulting firms have recently released their 2024 rankings for global and overseas energy storage battery shipments.
Source: China Energy News
Several research and consulting firms have recently released their 2024 rankings for global and overseas energy storage battery shipments. According to the latest data from industry research firm InfoLink Consulting, global energy storage battery shipments reached 314.7 GWh in 2024, a 60% year-on-year increase. The top five global suppliers—CATL, EVE Energy, BYD, Hithium, and CALB—are all Chinese companies.
China's dominance in the sector is driven by its strong technological capabilities, economies of scale, and an extensive supply chain. The widespread adoption of lithium iron phosphate (LFP) batteries has also contributed to the growing market share of Chinese manufacturers. “As the three major South Korean manufacturers are still preparing for large-scale LFP battery production, they have inevitably ceded market share to Chinese firms,” noted SNE Research. Currently, Chinese companies lead the LFP market due to their cost advantages.
Industry data indicates that the energy storage battery sector remains highly competitive and concentrated. The top ten battery suppliers account for over 90% of total shipments. InfoLink reports that in 2024, shipments of large-scale energy storage batteries reached 283.0 GWh, up 68% year-on-year. The top five suppliers (CR5) now control more than 75% of the market, signaling a high degree of concentration with limited opportunities for new entrants. At the same time, growing demand for higher-performance batteries in large-scale energy storage projects is accelerating the shift toward higher-capacity battery solutions.
With ongoing technological advancements and shifting global market dynamics, competition in the energy storage battery sector is expected to intensify further. InfoLink projects that global shipments will reach 392 GWh in 2025, reflecting a 25% year-on-year increase. In response, more than ten leading Chinese battery manufacturers have announced plans to establish overseas production facilities. Meanwhile, rising demand in regions such as the Middle East is creating new export opportunities, with Chinese companies rapidly expanding into emerging international markets.
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