CATL and BYD dominate the global energy storage market with impressive growth rates. Discover how these Chinese EV battery giants are expanding their influence beyond electric vehicles.
China, Bollywood Fever: China’s leading EV battery manufacturers, CATL and BYD, are setting their sights on the rapidly expanding market for stationary energy storage.
CATL’s Dominance in Energy Storage
CATL has held the top spot globally in battery deliveries for energy storage since 2021, boasting over 40% of the global market share, as highlighted in its annual report. Major clients include state-owned power companies such as Huaneng and top energy storage system manufacturers like Sungrow Power Supply. In 2023, CATL’s deliveries for storage surged by 46.8%, reaching 69 gigawatt-hours (GWh), outpacing its 32.6% growth in EV batteries. Energy storage batteries made up 17.6% of CATL’s total battery sales volume, a significant increase from 12.5% in 2021.
CATL is also set to supply battery cells and packs to Tesla’s Megapack storage plant in Shanghai, slated to begin production in early 2025. This plant aims to produce 10,000 Megapacks annually, providing a combined 40 GWh of storage capacity, according to official media reports.
BYD’s Impressive Growth
BYD delivered 22 GWh of batteries for energy storage in 2023, marking a 57% increase from the previous year. This growth rate surpassed its EV battery shipments growth of 15.6%, as reported by SNE Research. In comparison, BYD’s EV battery shipments totaled 135 GWh last year.
Rising Competitors
Smaller competitors such as EVE, REPT, and HITHIUM also experienced substantial growth in their energy storage battery sales in 2023, each seeing over 100% growth. They captured 11%, 8%, and 7% of the 185 GWh global market, respectively.
As the demand for energy storage solutions continues to rise, CATL and BYD are poised to further solidify their positions in this burgeoning sector, showcasing their ability to adapt and lead in the evolving energy landscape.
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