CANADA BATTERY MARKET FORECAST 2022-2028

The Canada battery market is set to progress with a CAGR of 18.13% across the forecasting years, reaching a revenue share of $6770.67 million by 2028. While the base year considered for the market studied is 2021, the forecasted period is from 2022 to 2028.

The country’s market growth is primarily reinforced by the strategic initiatives undertaken by key market players and the increasing sales of consumer electronics.

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An electric battery is characterized as an electric power source consisting of one or more than one electrochemical cells. Besides, it has external connections for powering electrical devices, as well. An electric battery also stores chemical energy, subsequently converting it into electrical energy. Moreover, chemical reactions within batteries comprise the electron flow from one electrode to another by means of an external circuit.

Key players operating in Canada’s battery market are undertaking a wide range of strategic initiatives in the country. These include joint ventures, investments, partnerships, and others, expected to facilitate the growth of the battery market in Canada during the forecast period. For instance, Stellantis, a United States-European automaker, announced its partnership with LG Energy Solution in 2022. The partnership aims to manufacture batteries for electric vehicles at a new Canadian plant.

Furthermore, the joint venture has also earmarked more than $4 billion for the construction of the facility in Windsor, Ontario. The facility will be responsible for supplying batteries for a substantial proportion of electric vehicle manufacturing of Stellantis in North America. Hence, these factors are set to augment the market growth in Canada over the forecasted years.

The Canada battery market is segmented into type, technology, and application. The technology segment is further categorized into nickel-zinc (NiZn) battery, lead-acid battery, lithium-ion battery, sodium-sulfur (NAS) battery, nickel-cadmium (NiCD) battery, zinc-manganese dioxide battery, flow battery, nickel-metal hydride (NiMH) battery, small sealed lead-acid battery, and other technologies. Nickel-metal hydride battery is a rechargeable battery, typically used in the majority of laptop computers, as well as in mobile phones, camcorders, and various other electronic devices.

On the other hand, small sealed lead acid batteries are a widely utilized class of storage batteries, reputed for their broad range of applications. These mainly include medical devices, uninterrupted power supplies, telecommunications, and automotive. The growth in applications, as well as end-users, is expected to further proliferate the adoption of small sealed lead-acid batteries. For instance, the total size of the market for uninterruptible power supply batteries globally is anticipated to increase to approximately $1475.7 million by 2028, from $695.6 million in 2020.

Some of the leading companies operating in the Canada battery market include Surrette Battery Company Ltd, CBC Crown Battery Canada, Canadian Energy Laval, etc.

Crown Battery Manufacturing Company, headquartered in the United States, manufactures different types of chargers, batteries, and accessories. The company also manufactures and sells automotive batteries, commercial battery products, and industrial batteries and chargers across North America.

The company offers its products to cars, heavy-duty equipment, trucks, renewable energy systems, marine and recreational equipment, floor care equipment, golf and electric vehicles, aerial access equipment, and others.

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