Top 10 Companies in China's Power Storage Lithium Battery Shipment Volume

According to data, in 2023, the shipment volume of power storage lithium batteries in China reached 167GWh, an increase of 81.5% compared to the same period last year.

With the vigorous development of the industry, the power storage battery market in 2023 is showing several major trends:

As the production technology of power storage batteries continues to mature, the scale effects of leading manufacturers are becoming increasingly prominent. In 2023, the market concentration of the power storage lithium battery industry continued to rise, with the market share of the top 10 companies exceeding 95%.

In March 2023, CATL participated in bidding for the first time as an integrator, marking CATL, BYD, Narada Energy Storage, Farasis Energy, EVE Energy, Lishen Battery, Gotion High-Tech, and Hive Energy, among other battery manufacturers, expanding into the field of system integration.

Power storage battery cells are developing towards large capacity, high safety, and long life. In 2023, the penetration rate of 280Ah square batteries in power storage projects exceeded 80%, and the market has introduced over 30 high-capacity battery cells of 300Ah and above. Battery cell manufacturers such as EVE Energy and Narada Energy Storage have even launched battery cells of 500Ah and above, with plans for mass production in 2024-2025. In the future, the speed of R&D design to mass production of large capacity battery cells will accelerate. With the continuous mass production of battery cells of 300Ah and above, large capacity battery cells will be the first to be applied in the fields of power storage and commercial energy storage. Although the overseas market faces more certification and project application restrictions, the penetration speed of large capacity battery cells will be slightly slower than in the domestic market. Due to factors such as technological maturity and capacity construction, in 2024, 280Ah battery cells will still dominate the large-scale energy storage market.

1. Contemporary Amperex Technology Co. Limited (CATL)

CATL has held the top spot in China's power storage lithium battery shipment volume for several consecutive years.

As the "double champion" in power batteries and energy storage batteries, CATL solidified its position in the energy storage business in 2023.

2. BYD

BYD's ranking rose from TOP 3 in 2022 to TOP 2 in 2023.

As a veteran player in the energy storage industry, since its establishment in 2008, BYD has adhered to an international development path and vigorously expanded its overseas markets. In 2023, BYD's global energy storage battery shipments reached 28.4GWh, surpassing the milestone of 40GWh in cumulative shipments, with business presence in 107 countries and regions.

3. EVE Energy

EVE Energy firmly secured its position as one of the top three lithium battery companies in China for power storage in 2023.

EVE Energy's energy storage batteries mainly consist of square lithium iron phosphate and cylindrical lithium iron batteries, primarily used in fields such as power storage, communication storage, residential storage, and marine power.

4. Narada Energy

Narada Energy proudly claimed its spot as one of the top four lithium battery companies in China for power storage in 2023.

As a super unicorn enterprise established in 2019, Narada Energy achieved mass production within a year and a half after its establishment. In 2022, it achieved a battery shipment volume of 5GWh, leading in shipment volume growth rate and the number of energy storage battery delivery projects in China. In just four years, Narada Energy rapidly ascended to become a top-tier enterprise in the energy storage battery industry.

5. Ruipulan Jun

Ruipulan Jun ranked among the top 5 lithium battery companies in China for power storage shipments in 2023.

Founded by Green Mountain Group in 2017, Ruipulan Jun specializes in power and energy storage batteries, positioning itself as an early adopter of the strategy combining power and energy storage in the industry.

6. Yuanjing Power

Yuanjing Power's ranking rose from TOP 8 in 2022 to TOP 6 in 2023.

As a subsidiary of Yuanjing Technology, Yuanjing Power, before venturing into energy storage, had already accumulated extensive market experience and operational expertise in fields such as wind power and energy management. Furthermore, the company had also developed full-stack technological capabilities in the energy storage sector.

7.China Innovation Aviation (CALB)

China Innovation Aviation's ranking rose from TOP 9 in 2022 to TOP 7 in 2023.

Founded in 2015, China Innovation Aviation, formerly known as China Aviation Lithium Battery, made energy storage one of its main businesses under the "dual-drive" strategy in 2021.

8.Gotion

Gotion's implementation of its "internationalization" and "expanding energy storage" strategies in 2023 has begun to show results, ranking 8th in the 2023 shipment volume of Chinese lithium battery companies in the field of electric power storage.

Regarding overseas production capacity development, Gotion has explicitly stated its goal to achieve a breakthrough of 100GWh in overseas production capacity by 2025 and has already established a presence in three key overseas locations in Europe, North America, and Southeast Asia.

9.Great Power

Great Power Energy ranked 9th in the 2023 shipment volume of Chinese lithium battery companies in the field of electric power storage.

As a veteran in the lithium battery industry, Great Power Energy entered the energy storage field with foresight before 2011, becoming a comprehensive enterprise that took the lead in seizing this track. Currently, the energy storage business has become the largest business segment for Great Power Energy.

10.Qianhang New Energy

Qianhang New Energy is a newly listed company in 2015.

Located in the Anhui province, specializes in providing customized lithium battery solutions for various applications such as electric forklifts, industrial vehicles, robots, electric cars, and electric vehicles. We have a strong focus on research and innovation, collaborating with experts in the field to develop cutting-edge technologies. Our production center has the capacity to produce lithium batteries with an annual output value of 200 million RMB.

With a factory area of 10,000 square meters and a registered capital of 80 million RMB, Qianhang is committed to quality and hold ISO9001:2000 certification for quality management system. QH Lithium Battery aims to become a leading green energy supplier in the domestic lithium-ion battery market, emphasizing integrity, technological advancement, and market consolidation in our approach.