In 2024, the global energy storage market continued its rapid growth, bolstered by policy support and increasing market demand. According to SMM statistics, global shipments of energy storage battery cells saw significant year-on-year growth, reaching 334 GWh for the year. Among these, lithium iron phosphate (LFP) energy storage battery cells accounted for 317 GWh. Chinese energy storage battery companies performed exceptionally well, achieving record-breaking global shipments. CATL maintained its leading position for consecutive years, while other companies such as EVE Energy, HiTHIUM, BYD, and AESC followed closely.
TOP 1 CATL
CATL retained its dominant position with a substantial increase in global energy storage battery shipments compared to the previous year. The company’s ongoing innovation in battery technology and deep cooperation with high-profile overseas clients such as Tesla and Nextera further solidified its market share. Additionally, CATL has been actively expanding its production capacity to meet the rapidly growing demand in the energy storage sector.
TOP 2 EVE
EVE Energy demonstrated remarkable achievements in the energy storage sector, ranking second globally in shipments in 2024. Leveraging its technological advantages and product reliability, EVE secured a large number of orders throughout the year, achieving shipment growth of over 70%, far outpacing the industry average. The company also actively expanded its energy storage capacity in Malaysia and signed partnerships with leading overseas customers, further strengthening its competitive edge in the global energy storage market.
TOP 3 HiTHIUM
HiTHIUM demonstrated significant growth in 2024, driven by its strategic focus on energy storage, substantial investment in R&D, and the establishment of key partnerships in the global market. These efforts enhanced its global presence and maintained its position as a Tier 1 BESS supplier in Q1 2025. The company unveiled the first sodium-ion battery, ∞Cell N162Ah, and ∞Power 6.25MWh 2h/4h BESS, a high-capacity solution tailored to meet diverse grid needs.
TOP 4 BYD
In 2024, BYD ranked fourth globally in energy storage battery shipments. The company not only performed strongly in the domestic market but also achieved significant breakthroughs in overseas markets. BYD expanded its collaboration with Spain’s independent power producer Grenergy Renovables in Chile’s Oasis de Atacama project, increasing the total energy storage capacity from 1.1 GWh to 3 GWh. Moreover, in early 2025, BYD secured a major contract with the Saudi Electricity Company for a battery energy storage system project with a total capacity of 2.5 GW/12.5 GWh, setting the stage for further shipment growth in 2025.
TOP 5 REPT BATTERO
In 2024, REPT BATTERO leveraged its technical expertise in lithium-ion energy storage batteries to secure multiple large-scale domestic energy storage project orders and formed partnerships with globally renowned integrators such as Powin. These collaborations further solidified its position in the international market. Additionally, REPT announced its first overseas factory at the beginning of 2025, located in Indonesia. The factory will focus on the R&D, manufacturing, and sales of lithium batteries, components, modules, and battery packs. This facility is expected to enhance REPT’s ability to serve global customers.
TOP 6 CALB
CALB became the first company to achieve large-scale, stable mass production of 314Ah energy storage cells. With its rapid market entry strategy and cost-effective 314Ah products, CALB secured key clients such as Sungrow, CRRC Zhuzhou Institute, XJ Electric, and Goldwind. Shipments saw notable growth, and the company plans to deepen its cooperation with leading integrators to prepare for further shipment increases in 2025.
TOP 7 AESC
Envision AESC stood out in overseas markets thanks to its advanced technology and global industrial layout, ranking among the top players in shipment volume. The company operates 13 manufacturing bases and multiple R&D and engineering centers across China, Japan, the U.S., the UK, France, and Spain. Envision has also established strategic partnerships with leading overseas integrators such as Fluence, Powin, and Nidec. Its market presence spans key and emerging regions, including Asia, North America, Europe, Australia, and Southeast Asia, showcasing strong growth potential and industry influence.
TOP 8 Gotion
In 2024, Gotion High-Tech made significant progress in the energy storage sector, with energy storage becoming a new growth driver for the company. Gotion performed particularly well in overseas markets, securing energy storage project orders from multiple international clients. Notable achievements include a 2 GWh energy storage project order with a U.S. client and a partnership with an Australian renewable energy developer, where the future cooperation scale is expected to exceed 4 GWh.
TOP 9 Great Power
Great Power experienced steady growth in its energy storage business in 2024. The company’s new products, such as the Fengpeng 314Ah cell, Polar low-temperature residential energy storage cell, and Great series for commercial and industrial storage, performed exceptionally well. Great Power maintained close partnerships with leading integrators in both large-scale and residential energy storage. In overseas markets, Great Power achieved breakthroughs in North America, Europe, and Belt and Road regions, securing multiple GWh-level orders. The company expects a surge in project implementations in 2025. Additionally, its commercial and industrial energy storage business grew by nearly 150% in 2024.
TOP 10 SEVB
SEVB achieved significant progress in the energy storage sector in 2024. With its superior product quality and services, the company successfully integrated into the supply chain of leading integrators such as Sungrow and CRRC. SEVB also actively expanded its overseas footprint, successfully entering the Australian market and signing a 1.6 GWh energy storage project agreement with Gryphon Energy. SEVB’s energy storage business saw substantial growth in shipments and market share, ranking among the global top ten for the first time.
Conclusion
Overall, 2024 was a standout year for Chinese energy storage companies, whether industry leaders like CATL or specialized players like HiTHIUM. These companies demonstrated strong global shipment performance, highlighting China’s robust capabilities and global influence in the battery sector. Compared to 2023, CATL maintained its leadership position, while companies like EVE Energy and HiTHIUM climbed the rankings. With the continued growth of the global energy storage market, Chinese energy storage battery companies are expected to maintain their leadership and drive the development of the global energy storage industry.
