1Q24 Energy-storage cell shipment ranking: CATL retained lead; EVE Energy vaulted to second

The world shipped 38.82 GWh of energy-storage cells in the first quarter this year, with utility-scale and C&I projects accounting for 34.75 GWh and small-scale (including telecom projects, hereafter as small-scale) projects 4.07 GWh, according to Global Lithium-Ion Battery Supply Chain Database of InfoLink.

The overall performance of the energy storage market in the first quarter was relatively sluggish, with a year-on-year decrease of 2.2%.

Manufacturers shipping the most in the first quarter were CATL, EVE Energy, REPT BATTERO, BYD, and Hithium. With bulk orders from major clients, EVE Energy topped REPT BATTERO and BYD, which secured third and fourth place, respectively. CATL continued its lead. Hithium ranked fifth with steady performance.

As price wars heated up, leading manufacturer still exhibited great advantages in the first quarter of 2024. The strong was still getting stronger. CR10 remained high at 90.9% in the first quarter, a slight decrease from 92% in 2023. The rivalry among the top 10 was also intense. CR5 reached 71.4% in the first quarter, a 5.3% decrease from 76.7% in 2023, while the top six secured a combined market share of 19.6%, an increase from 15.3%, with CALB and AESC posting significant growths. Samsung SDI and LG experienced slight declines, only amassing 6.3% of market share.
 

For utility-scale and C&I projects, the top five manufacturers shipping the most in the first quarter were CATL, EVE Energy, REPT BATTERO, Hithium, and BYD. CATL shipped more than 13 GWh, while the rest shipped 2-5 GWh. In the first quarter, utility-scale and C&I sectors continued growing by 10.3% year-on-year. 300 Ah+ products, mostly 314 Ah ones, began _ the sectors. The market penetration rate of 300 Ah+ products was 22% in the first quarter and will approach 50% by the fourth quarter. In non-China markets, 300 Ah+ products will popularize in the first quarter in 2025, given them being less sensitive to cell technology transition and their slower product verification time.



For small-scale projects, the ranking shuffled. The top five manufacturers shipping the most in the first quarter were EVE Energy, REPT BATTERO, BYD, Ampace, and Great Power. EVE Energy led with a market share of over 30%, followed closely by REPT BATTERO with a near-20% market share. BYD, Ampace, and Great Power ranked third to fifth, with market shares of 7-10%.

The small-scale sector was in a downturn, experiencing a 51.9% year-on-year decline and a 37.3% month-on-month decrease. CR5 dropped by 7.7% from 85.1% in 2023 to 77.2%. Most small-scale projects are residential. With purchases of residential system integrators not showing significant increases, the small-scale sector is not likely to see a recovery.
 

After the strong growth in late 2023, the market cooled down for adjustments in the first quarter of 2024. In the second quarter, stockpiling for mid-year grid connection in China will boost demand. Given that and the production plans of cell manufacturers, InfoLink expects cell shipments to rise again in the second quarter of 2024.