$356.3m
$XX.Xm
965
62
$XX.Xm
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.
Industry revenue has grown at a CAGR of 8.0 % over the past five years, to reach an estimated $356.3m in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($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 |
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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.
Lithium-ion accumulators are the most popular battery
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.
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NAICS 335910 - Battery Manufacturing in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
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...
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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...
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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...
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.
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...
Learn about the performance of the top companies in the industry.
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...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Many batteries imported into Canada aren’t subject to tariffs, leaving domestic manufacturers vulnerable to foreign competition. This lack of universal tariff application par...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
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...
Including values and annual change:
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Key data sources in Canada include:
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:
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The market size of the Battery Manufacturing industry in Canada is $356.3m 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.
The market size of the Battery Manufacturing industry in Canada has been growing at a CAGR of 8.0 % between 2019 and 2024.
Over the next five years, the Battery Manufacturing industry in Canada is expected to grow.
The biggest companies operating in the Battery Manufacturing market in Canada are Corvus Energy Ltd, Electrovaya Inc. and Surrette Battery Company Ltd.
Manufacturing lithium-ion accumulators and Making lithium primary batteries are part of the Battery Manufacturing industry.
The company holding the most market share in Canada is Corvus Energy Ltd.
The level of competition is high and increasing in the Battery Manufacturing industry in Canada.