Canada Battery Market Size & Outlook, 2023-2030
Canada battery market, 2018-2030 (US$M)
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Canada battery market highlights
- The Canada battery market generated a revenue of USD 6,398.0 million in 2023 and is expected to reach USD 16,510.6 million by 2030.
- The Canada market is expected to grow at a CAGR of 14.5% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Small Sealed Lead-acid Batteries is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 6,398.0 million |
| Market revenue in 2030 | USD 16,510.6 million |
| Growth rate | 14.5% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Small Sealed Lead-acid Batteries |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, Canada accounted for 5.4% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. battery market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 8,597.4 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 40% in 2023. Horizon Databook has segmented the Canada battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
The growing demand for vehicle charging infrastructure and the installation of renewable energy systems is expected to stimulate market growth. The high demand for telecom towers coupled with ongoing innovations to reduce the cost of lithium-ion batteries is expected to spur market growth.
Subsidies and a favorable regulatory framework are anticipated to drive the market over the forecast period. Furthermore, a sharp decline in equipment cost owing to rising installations in solar industry is expected to continue over the forecast period.
Increasing deployment of renewable energy in power sector is expected to enhance the utilization of frequency regulation and energy storage applications in the country. These factors are anticipated to aid the growth of the battery market in the country over the forecast period.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada battery market , including forecasts for subscribers. This country databook contains high-level insights into Canada battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada battery market size, by product, 2018-2030 (US$M)
Canada Battery Market Outlook Share, 2023 & 2030 (US$M)
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