Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Industries with Least Risky Business Environments in Canada in 2024
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View a list of the Top 25 industries with least risky business environmentsBusiness Environment Risk for 2024: 3.52
The Oil Change Services industry in Canada has experienced growth over the five years to 2023. Industry establishments provide motor oil change services for cars, in addition to lubricating car chassis and providing other repair and maintenance services. Typically, demand for oil changes and other vehicle maintenance services is determined by the total number of vehicles on the road. Over the past five years, industry demand has grown with an increasing number of motor vehicle registrations; however, the COVID-19 pandemic and high fuel prices have posed a challenge to many businesses. Overall, industry revenue is forecast to increase at CAGR... Learn More
Business Environment Risk for 2024: 3.64
Auto mechanics in Canada have been providing widely accepted and increasingly diverse automotive repair services to individual and business customers. Revenue growth is determined by demand from consumers, businesses and government agencies, most of which have increasingly sought out industry services due to rising total vehicle-kilometres and motor vehicle registrations. But industry revenue declined at a CAGR of 0.2% to $11.5 billion through the end of 2023, including a 4.5% increase in 2023, when profit reached 7.8%. This increase in 2023 can be mainly attributed to improving economic conditions after the pandemic. As more people get back on the road,... Learn More
Business Environment Risk for 2024: 3.75
Despite broader economic volatility in recent years, auto parts stores have had success growing revenue, which is determined by demand from both household and commercial clients. The COVID-19 pandemic severely eroded revenue in the retail sector over 2020, but due to the essential nature of auto parts stores, they remained open and experienced expansion. This contributed to solid growth for auto parts stores in recent years, as revenue has grown an annualized 2.4% to reach $7.5 billion over the five years to 2023, including 1.1% over 2023 alone. Profit has fallen over the past five years as price-based competition has... Learn More
Business Environment Risk for 2024: 3.85
Despite experiencing intensifying competition from online ophthalmological goods retailers, Canadian optometrists have grown in recent years. Demand has been driven by a burgeoning elderly population and increased awareness of the importance of eye health. Increased advertising has benefited optometry practices as several provincial organizations implemented advertising campaigns to raise public awareness of the potential hazards of purchasing online eyewear products. One potential hazard is the product's incorrect prescription, which could negatively affect eyesight.
In addition to a changing competitive landscape, optometrists have had to adapt to a new regulatory environment. For example, in British Columbia, the deregulation of prescription eyewear permitted... Learn More
Business Environment Risk for 2024: 3.97
The Small Specialty Retail Stores industry in Canada, which relies on discretionary purchases of products, such as tobacco, art supplies, candles and trophies, has experienced strong revenue growth over the five years to 2023. Upon its legalization in 2018, the recreational cannabis market has experienced strong expansion, leading to exceptional industry revenue growth. While the COVID-19 pandemic had posed a considerable challenge to many traditional industry operators due to lower sales and closures, the opening of recreational cannabis shops and their resulting sales volume is expected to offset pandemic-related declines. External competition has limited industry growth among traditional industry retailers,... Learn More
Business Environment Risk for 2024: 3.98
An expanding economy has moderated revenue declines in the car wash industry over the five years to 2023. Businesses have benefited from higher disposable income and increased vehicle registration, which has supported demand for industry services. However, the COVID-19 (coronavirus) pandemic led to a considerable drop in industry performance in 2020 as less travel translated to lower need for industry-relevant services. Recovery following these disruptions has been bogged down by rising consumer prices, which has decreased inflation-adjusted industry revenue. Car wash and auto detailing revenue has been decreasing at a CAGR of 2.1% over the past five years, and is... Learn More
Business Environment Risk for 2024: 4.03
The industry provides care for infants or young children that are typically under the age of five. Additionally, operators may offer prekindergarten programs and care for older children when they are not in school. Over the five years to 2023, increased government consumption and investment and the rising number of women in the workforce have driven industry demand. As the maternal labour participation rate increases, fewer parents are available to take care of infants, toddlers and preschool-aged children. In addition, government subsidies have been critical in enabling families to afford the cost of day care. The COVID-19 pandemic is expected... Learn More
Business Environment Risk for 2024: 4.10
The Eyeglasses and Contact Lens Stores industry in Canada sells eyeglasses, contact lenses, sunglasses, safety eyewear and optical accessories. Over the five years to 2023, the industry has benefited from favourable population demographics. The burgeoning elderly population has boosted the number of optometrist visits to address age-related eyesight issues. Meanwhile, changing fashion trends have hastened many consumers' replacement cycles and have caused a shift toward high margin, designer eyewear. Further, the industry has been relatively insulated from external competitors, such as online retailers that lack brick-and-mortar establishments and deliver directly to the customers via mail. Dispensing prescription glasses is highly... Learn More
Business Environment Risk for 2024: 4.15
Auto parts wholesalers in Canada has contracted over the five years to 2023, stemming from COVID-19, which substantially impacted demand from downstream markets in 2020 and 2021. These wholesalers struggled with cementing its place within the automotive supply chain with auto parts manufacturers expansively solidifying their ties with automakers directly. In 2020, a steep reduction in the production and sales of new vehicles, as well as less driving by consumers, reduced demand for auto parts. Overall, auto parts wholesalers are expected to drop at a CAGR of 1.2% to $18.9 billion through the end of 2023, despite higher downstream demand... Learn More
Business Environment Risk for 2024: 4.16
Over the five years to 2023, the Tire Wholesaling industry's revenue is expected to decline. While business been bolstered by improving economic conditions, the industry has faced several considerable challenges in recent years. Pandemic-related restrictions and closures limited travel, which affected consumers' tire replacement needs, causing a large decline in demand for tires during 2020. A strong economic recovery since 2021 bolstered revenue, as sales volume and tire prices rose. However, inflation-adjusted revenue has fallen due to historically elevated price increases across the economy. As a result, industry revenue has been dropping at a CAGR of 1.7% over the past... Learn More
Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Most Profitable Industries in Canada in 2024
VIEW ARTICLEBased on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Fastest Growing Industries in Canada by Revenue Growth (%) in 2024
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