With a 30% market share across Europe BYD has vindicated its position as the Top brand in residential energy storage and favorite among installers

Shenzhen/Berlin, July 29, 2024 – BYD BatteryBox by BYD Co. Ltd., has again been identified as one of the most popular residential energy storage system across Europe. Earlier this year BYD confirmed that more than 1 million BYD BatteryBox systems had been installed successfully. Market data by EUPD Research now confirms a 30% market share for the BYD BatteryBox systems in the first half of 2024. In addition, the “PV InstallerMonitor 2023/2024 | EES InstallerMonitor 2023/2024” showed that the system was also one of the most popular systems among installers across Europe.

The Electrical Storage Report by EUPD[i] showed significant growth for residential storage systems in 2023 across Europe. Germany was leading the market with +530,000 residential systems installed, followed by Italy with 268,282 and the UK with 103,912. By the end of 2023 Germany and Italy had a combined installed capacity of +7.7GWh.

The residential storage market in Europe is dominated by a small cluster of leading brands. The CR3 (Concentration Ratio) in 2023 reached more than 50%. With 29% overall market share in 2023, BYD has been dominating the market segment, followed by the second and third positioned brands with 13% and 9% market share. H1 2024 the market survey even noted a slight increase by these top players with 30% for BYD and 14% and 10% for the other leading brands.

BYD BatteryBox remains favorite among installers

For the “PV InstallerMonitor 2023/2024 | EES InstallerMonitor 2023/2024” survey EUPD interviewed approximately 1,700 installers across 12 European countries and the UK. The survey examined factors such as “brand awareness”, “distribution (width and depth)” as well as the installers “recommendation” of the solution. BYD was ranked in leading positions for all three factors across the regions for the third consecutive year.

“Over the years BYD has increased its market position and is among the by far strongest storage suppliers in Europe”, said Markus A.W. Hoehner, Founder and CEO of EUPD Research Sustainable Management GmbH. “Based on the “PV InstallerMonitor 2023/2024 | EES InstallerMonitor 2023/2024″, BYD has continued supplying their customers with high-end storage products and an outstanding service relationship. The installers not only offer BYD to their customers but are also willing to recommend the brand to others. Based on this sustainable development, it is our distinct honor to award BYD with the Top Brand PV 2024 Seal for Europe”

The “Top Brand PV Storage Europe 2024” along with the “Top Brand PV Storage 2024” country awards highlight the best-in-class companies out in the eyes of installers on country and regional level. BYD was the storage solution provider this year to receive the industry seal of approval for the European region after having been recognized as “Top Brand” in the requested number of countries across Europe, including Germany, Austria, Belgium, the Netherlands, Spain, Italy, Poland and the UK (additional countries are still being surveyed).

At “The Smarter E” CEO of EUPD Research Sustainable Management GmbH, Markus A.W. Hoehner handed over the certificates for the already surveyed countries to BYD Residential Energy Storage Director Jiang Feng and his team.

“Independent market and installers surveys provide genuine insights and valuable feedback about our solutions and brand and are therefore very valuable for manufacturers like us. We are delighted by the positive results and the feedback the most recent EUPD surveys provided”, said BYD Residential Energy Storage Director Jiang Feng. “We are honored to be the only energy storage brand qualified for the European seal! This award is a great recognition for our reliable and versatile energy storage solutions and our efforts to support our customers on the way to a green future!”

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About BYD
BYD (Build Your Dreams) is a multinational high-tech company devoted to leveraging technological innovations for a better life. Founded in 1995 as a rechargeable battery maker, BYD now boasts a diverse business scope covering automobiles, rail transit, new energy, and electronics, with more than 30 industrial parks in China, the United States, Canada, Japan, Brazil, Hungary, and India. From energy generation and storage to its applications, BYD is dedicated to achieving net-zero emission energy solutions that reduce global reliance on fossil fuels. Its new energy vehicle footprint now covers 6 continents, over 70 countries and regions, and more than 400 cities. Listed in both Hong Kong and Shenzhen Stock Exchanges, the company is known to be a Fortune Global 500 enterprise that furnishes innovations in pursuit of a greener world. For more information, please visit www.byd.com.

 

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[i]https://www.eupd-research.com/en/research/market-analyses/