Battery Manufacturing in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 33591CARevenue
$356.3m
Past 5-Year Growth
Profit
$XX.Xm
Employees
965
Businesses
62
Wages
$XX.Xm
Battery Manufacturing in Canada industry analysis
Battery manufacturers in Canada have experienced strong growth over the past few years. There’s growing demand for batteries in various applications, including portable electronics, electric vehicles and renewable energy storage. This has created opportunities for providers to expand their operations and increase production. In the midst of strong long-term revenue growth, recent economic conditions have induced some volatility in the industry. COVID-19 hindered demand from many businesses and manufacturers because of a large decline in corporate profit. Despite this, revenue still soared in 2020 as working from home increased spending on laptops and other devices, boosting investment in batteries from the household sector. When the economy recovered from the pandemic, commercial sector spending returned, aiding the industry’s performance. Battery manufacturers have avoided major declines in revenue resulting from current economic challenges related to recessionary fears as long-term faith in the Canadian economy from the industry’s customers has kept demand elevated. Overall, revenue for battery manufacturers in Canada is anticipated to soar at a CAGR of 8.0% during the current period, reaching CA$356.3 million in 2024. This includes a 0.5% increase in revenue in that year.
Trends and Insights
- The surge in technology has kept demand for batteries elevated, leading to steady revenue growth even during economic bumps such as COVID-19, inflation and rising interest rates. Devices such as smartphones and electric vehicles heavily rely on batteries, bolstering the industry's stability.
- Lithium-ion accumulators dominate battery revenue due to their efficiency and widespread use. With their prevalence in mobile devices and electric vehicles, these batteries have seen their revenue share expand.
- Ontario's rich mining operations produce vital metals such as nickel, cobalt and lithium, essential for battery manufacturing. Setting up in Ontario can help companies cut transportation costs and streamline supply chains, making it an attractive location.
- Competition is focused on reducing costs and size as quickly as possible. Technology manufacturers seek the longest-living batteries at the smallest sizes possible for the lowest cost.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 8.0 % over the past five years, to reach an estimated $356.3m in 2024.
Trends and Insights
Technological progress has fostered long-term revenue growth
- Primary and secondary batteries are used in devices such as automobiles, smartphones, tablets, watches, calculators and other relevant gadgets.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Market saturation will fall significantly
- While the industry will perform well during the outlook period, revenue growth is expected to slow significantly as market saturation will decline.
Biggest companies in the Battery Manufacturing in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Corvus Energy Ltd | 58.2 | -7.0 | -12.0 | |
Electrovaya Inc. | 40.3 | -0.1 | -0.2 | |
Surrette Battery Company Ltd. | 37.8 | -4.6 | -12.2 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Lithium-ion accumulators, Lithium primary batteries and Lead-acid accumulators. Lithium-ion accumulators is the largest segment of the Battery Manufacturing in Canada.
Trends and Insights
Lithium-ion accumulators are the most popular battery
- Rechargeable lithium-ion batteries are the most popular type of battery, frequently found in mobile devices. As a result, their manufacture comprises more than half of revenue.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Lighting & Bulb Manufacturing in Canada
- Electrical Equipment Manufacturing in Canada
Complementors
- Communications Equipment Manufacturing in Canada
- Audio & Video Equipment Manufacturing in Canada
International industries
- Battery Manufacturing in the US
- Lithium Battery Manufacturing in the US
- Power Automation Products and Other Electrical Equipment Manufacturing in Australia
- Battery & Accumulator Manufacturing in the UK
- Battery Manufacturing in China
Table of Contents
About this industry
Industry definition
This industry manufactures two types of batteries: primary and secondary. Secondary batteries are also known as rechargeable or storage batteries. Primary batteries have only one life and are not rechargeable. Batteries in Canada have various uses, including in cell phones, medical equipment, households and the automotive and transport sectors.
What's included in this industry?
Manufacturing lithium-ion accumulatorsMaking lithium primary batteriesBuild lead-acid accumulatorsManufacturing nickel-iron electric accumulatorsMaking parts of electric accumulatorsCompanies
Corvus Energy LtdElectrovaya Inc.Surrette Battery Company Ltd.Purchase this report to view all 5 major companies in this industry.
Related Terms
LITHIUM-ION BATTERIESRECHARGEABLE BATTERIESPRIMARY BATTERIESIndustry Code
NAICS 335910 - Battery Manufacturing in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The surge in technology has kept demand for batteries elevated, leading to steady revenue growth even during economic bumps such as COVID-19, inflation and rising interest rat...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Lithium-ion accumulators dominate battery revenue due to their efficiency and widespread use. With their prevalence in mobile devices and electric vehicles, these batteries h...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Ontario's rich mining operations produce vital metals such as nickel, cobalt and lithium, essential for battery manufacturing. Setting up in Ontario can help companies cut tr...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Competition is focused on reducing costs and size as quickly as possible. Technology manufacturers seek the longest-living batteries at the smallest sizes possible for the lo...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The four largest battery manufacturers in Canada comprise nearly one-half of revenue. High import penetration and fairly elevated barriers to entry push market share concentr...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Corvus Energy Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Electrovaya Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Surrette Battery Company Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Corvus Energy Ltd, and factors influencing its performance in the industry
- Description and key data for Electrovaya Inc., and factors influencing its performance in the industry
- Description and key data for Surrette Battery Company Ltd., and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Many batteries imported into Canada aren’t subject to tariffs, leaving domestic manufacturers vulnerable to foreign competition. This lack of universal tariff application par...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Most battery manufacturers operate at a loss, especially new entrants burdened by enormous R&D costs. These companies often plan for future contracts, building infrastructure...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Battery Manufacturing industry in Canada in 2024?
The market size of the Battery Manufacturing industry in Canada is $356.3m in 2024.
How many businesses are there in the Battery Manufacturing in Canada industry in 2024?
There are 62 businesses in the Battery Manufacturing industry in Canada, which has grown at a CAGR of 4.4 % between 2019 and 2024.
Has the Battery Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the Battery Manufacturing industry in Canada has been growing at a CAGR of 8.0 % between 2019 and 2024.
What is the forecast growth of the Battery Manufacturing industry in Canada over the next 5 years?
Over the next five years, the Battery Manufacturing industry in Canada is expected to grow.
What are the biggest companies in the Battery Manufacturing market in Canada?
The biggest companies operating in the Battery Manufacturing market in Canada are Corvus Energy Ltd, Electrovaya Inc. and Surrette Battery Company Ltd.
What does the Battery Manufacturing in Canada include?
Manufacturing lithium-ion accumulators and Making lithium primary batteries are part of the Battery Manufacturing industry.
Which companies have the highest market share in the Battery Manufacturing in Canada?
The company holding the most market share in Canada is Corvus Energy Ltd.
How competitive is the Battery Manufacturing industry in Canada?
The level of competition is high and increasing in the Battery Manufacturing industry in Canada.
