Global Energy Storage Battery Shipments Surge in 2024

CATL

Global shipments of energy storage batteries experienced a significant increase in 2024, driven by rising demand and reduced manufacturing costs. According to Chinese research institute EV Tank, global shipments totaled 369.8GWh, reflecting a 65% increase from the previous year.

China Leads the Global Energy Storage Market

Chinese manufacturers played a dominant role in this surge, accounting for 93.5% of global shipments with a total of 345.8GWh. The growth can be attributed to China’s favorable incentive policies and the decreasing cost of battery cell production, which has bolstered shipments of energy storage batteries, particularly to the power industry. Energy storage systems in power grids remain the largest downstream market, with an 83.3% share of global demand in 2024.

Strong Growth Expected Through 2030

EV Tank forecasts that global energy storage battery shipments will continue to rise, reaching 1,550GWh by 2030. This growth will be fueled by increased demand from both traditional markets in Europe and the U.S., as well as emerging regional markets. The steady demand from these areas is expected to play a key role in driving the industry forward in the coming years.

Chinese Companies Dominate the Market

In 2024, eight of the top 10 global energy storage battery suppliers were Chinese companies. The market leader, CATL, held a 29.5% share, followed by EVE Energy, Hithium, BYD, and Envision. South Korean companies Samsung SDI and LGES ranked ninth and tenth, respectively. Tesla, a major player in the electric vehicle sector, is also making strides in the energy storage space. The company has started constructing a gigafactory for its energy storage battery, Megapack, in Shanghai. This 40GWh/year plant is expected to begin commercial production in February 2025.