More and more domestic household energy storage players enter the European market in 2023, and the market competition in Europe will be more intense this year, especially the decline in the price of battery-grade lithium carbonate, a number of low-priced household batteries are entering the European market.

Europe's household energy storage market is affected by the policy, especially the Italian market uncertainty increases, this year the European household storage market as a whole will not be optimistic. Briefly analyze the top two household storage markets in Europe in 2023.

Italian market

In 2022, Italy as Europe's second largest residential energy storage market, installed about 2Gwh, second only to Germany's 2.2Gwh (median), in March 2023 there is news that Italy's super-bonus 110% household / commercial and industrial PV and energy storage system costs of the tax credit (five-year equalization of tax deductions) policy will be canceled, and later extended to September this year, the current and the industry customers exchange, this tax credit will be canceled. Currently, we have talked with customers in the industry, this tax credit policy is affected by the overall economic situation in Italy, the government and banks have basically stopped providing low-interest loans and subsidies to users, and Italian distributors have basically stopped purchasing goods.

YULI is doing innovation in user experience and business model, including product design and business model innovation, and improve the localization service.