Biggest Industries by Revenue in Canada in 2022

1. Commercial Banking in Canada

Revenue for 2022: $221.4B

Despite low interest rates and some hiccups in economic growth, the Commercial Banking industry in Canada has expanded over the five years to 2022. Banks have done an exceptional job of diversifying revenue streams and overcoming limits imposed by low interest rates and increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a variety of services and commissions. Consequently, industry revenue is expected to grow an annualized 1.8% to $211.8 billion over the five years to 2022, including an increase... Learn More

2. Gasoline & Petroleum Bulk Stations in Canada

Revenue for 2022: $147.4B

Companies in the Canadian Gasoline and Petroleum Bulk Stations industry manage bulk storage tanks and terminals for crude oil and petroleum products such as gasoline, diesel fuel, fuel oil and liquid petroleum gases. These bulk stations are often located near major refineries, ports and industrial centres to quickly and efficiently receive product and unload it to customers. These stations play an important role in the supply chain of crude oil and petroleum products. Given that the industry serves as a conduit between petroleum refiners and markets further downstream, the industry's performance is intimately linked to the supply of and demand... Learn More

3. Gasoline & Petroleum Wholesaling in Canada

Revenue for 2022: $127.0B

The Gasoline and Petroleum Wholesaling industry in Canada distributes petroleum products to retail gas stations, manufacturers and other customers. The price of industry products is tied to global crude oil prices, which can cause significant volatility for operators. Crude oil prices rose sharply in the years leading up to the reporting period due to growing global economic activity and rising demand, which prompted strong growth in revenue. In 2020, the world price of crude oil fell significantly as quarantine measures and concerns over the economy reduced downstream demand for oil and gas products. However, strong growth in oil prices is... Learn More

4. Oil Drilling & Gas Extraction in Canada

Revenue for 2022: $126.0B

The Oil Drilling and Gas Extraction industry in Canada is highly dependent on global market prices of crude oil and natural gas. The industry exhibited strong growth in the years leading up to the reporting period, with rising prices leading to significant growth in investment. In turn, industry production of natural gas and oil has risen consistently over the past decade. Further, the prices of both commodities are expected to grow over the five years to 2022, resulting in growth in industry revenue and capital investment. Industry revenue is expected to grow an annualized 4.9% to $133.1 billion over the... Learn More

5. New Car Dealers in Canada

Revenue for 2022: $125.0B

Revenue for the Canadian New Car Dealers industry in Canada is expected to expand, albeit marginally, over the five years to 2022. While demand for automobiles has been driven by healthy economic conditions during most of the period, such as rising consumer confidence and low unemployment, the COVID-19 (coronavirus) pandemic has caused the reversal of many of these trends. However, due to the government's Economic Response Plan regarding the pandemic, disposable income in Canada rose in 2020 following various programs and support payments made to individuals and families, protecting operators from experiencing a more profound revenue decline. Rising disposable income... Learn More

6. Supermarkets & Grocery Stores in Canada

Revenue for 2022: $98.2B

The Supermarkets and Grocery Stores industry in Canada has continued growing over the five years to 2022, despite the COVID-19 (coronavirus) pandemic. While rising levels of consumer spending and per capita disposable income provided an optimal business environment, the spread of supercentres has stifled industry revenue as it increased price competition and provided customers with a one-stop shopping experience. Many consumers sought cost savings at grocery stores, stocking up on promotional items or trading down to private-label brands. In response, retailers expanded their private-label brands to appeal to these consumers. However, while this shift has helped operators maintain sales volumes,... Learn More

7. Life Insurance & Annuities in Canada

Revenue for 2022: $87.1B

The Life Insurance and Annuities industry in Canada has experienced a decline over the five years to 2022 amid the COVID-19 (coronavirus) pandemic. Industry operators accept liability for annuities and life insurance policies, disability income and accidental death and dismemberment insurance policies, while also investing the premiums received by clients into a variety of financial securities. The industry has mainly suffered from the negative economic effects caused by the coronavirus pandemic, such as volatile interest rates and an increase in the morbidity rate. As a result, industry revenue is expected to decline an annualized 0.9% to $87.1 billion over the... Learn More

8. Hospitals in Canada

Revenue for 2022: $69.7B

The Hospitals industry in Canada, which includes medical and surgical hospitals, has exhibited stable growth over the five years to 2022. Canada's healthcare system is predominately public, with nearly three-quarters of funding coming from the public sector and the remainder from the private sector, according to the Canadian Institute for Health Information (CIHI). Therefore, the industry is heavily reliant on both federal and provincial funding, which is mostly allocated via global budgets systems, where a fixed payment amount is allocated to a provider to cover operating expenses for a period of time.

While industry operators initially benefited from increased federal funding,... Learn More

9. Petroleum Refining in Canada

Revenue for 2022: $69.2B

Revenue for the Canadian Petroleum Refining industry has been volatile over the five years to 2021. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. Revenue surged in the years leading up to the reporting period in the wake of rising oil prices, although following their peak, industry revenue began to fall slowly before the world price of oil plummeted in 2016, resulting in significant declines in industry revenue. A subsequent price recovery in 2017 helped the industry rebound by double-digits during the following two-year period. Overall, industry revenue... Learn More

10. IT Consulting in Canada

Revenue for 2022: $67.1B

The IT Consulting industry in Canada is composed of companies that help private businesses and public sector agencies design, implement and manage information technology (IT) systems. Demand for industry services is positively affected by growth in corporate profit and business sentiment. As these drivers strengthen, companies increase expenditure on industry services. Over the five years to 2022, there has been a significant degree of technological change due to the increasing prevalence of cloud-based services, mobile apps and other cutting-edge software. These technological changes have been a significant driver of growth in the industry, while also responsible for declining industry-relevant revenue... Learn More