In recent times, there have been increased environmental concerns raised over the use of conventional engine-based vehicles. This leads to increased efforts from Canada towards the encouragement of alternative sources of fuel for the transportation sector. Electric vehicles (EVs) are the first option that comes into the picture for the vast scale adoption of this scenario by the people. Electric vehicles are zero-emission vehicles that are gaining popularity due to their clean public transport being carried without causing any major harm to the environment. The important components of EVs are their electric vehicle batteries. An electrical vehicle battery, or EVB, is also known as a traction battery, and it is used in EVs to power the electric motors of hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs). There would be no electric vehicles without batteries, and EV batteries cannot be produced on a large scale without a dedicated supply chain consisting of important components such as mining of the important raw materials required for batteries, production of cathodes and anodes, battery manufacturing, and recycling of used batteries.Canada is one of the potential countries that can be one of the leaders in the market for EV batteries. This is due to Canada’s geography; it is the only country in the western hemisphere that consists of the necessary critical raw materials required for the manufacturing of batteries. By 2025, Canada is expected to be ranked third in the world for EV battery raw materials. Canada is ranked fourth globally in lithium-ion battery supply chains. Moreover, Canada has taken steps to support and boost the domestic market. Quebec province recently acquired troubled Nemaska Lithium’s 50% share in a joint venture with Palling Hurst group and Livent Corp. The federal and Ontario provincial government offered a $8m support to help develop first cobalt-based refinery which would be only producer of refined cobalt in whole North America region.
According to the report titled "Canada Electric Vehicle Battery Market Overview, 2027", published by Bonafide Research, the market for Canada electric vehicle batteries is expected to grow at a CAGR of 22.21% during the forecasted period. Canada is one of the major regions of North America after the United States in the market share for electric vehicle batteries as it is also the third largest producer of hydroelectricity in the world, which is a renewable source, which is further responsible for the boom of EVs and EV battery industries there. Increased adoption of EVs in recent years has led to the growth of the EV battery market in Canada. In the Canada region, many initiatives have been undertaken by the government and the EV automotive battery manufacturers there to improve the battery performance in various aspects, such as costs, improved charging times, and many more. Raw materials are available in abundance in Canada, which makes it easier to develop and manufacture batteries there in Canada. In Canada, Martinrea (an auto car manufacturer) and NanoXplore (graphene producer) partnered up for a joint venture called VoltaXplore to produce more than 1000 batteries per day with features such as longevity, range, and the ability to operate in the climatic conditions of Canada with low temperatures.
The battery types are lithium-ion batteries, lead-acid batteries, and others, including Nickel Metal Hydride, Sodium-ion, and solid-state batteries. Lithium-ion batteries are expected to have the majority of the market share in the Canada region. The Li-ion battery has the following properties: compactness, durability, high energy density ratio, and light weight, due to which it is extensively used in electric vehicles. Most Li-ion battery components can be recovered at higher costs, resulting in widespread use of these batteries in EVs as new technological developments reduce the cost of the battery and its recycling process.Canada is segmented into three types on the basis of the propulsion technology, which are battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs). BEVs are projected to have the highest market share due to improved battery capacities for long distance ranges as well as the environmental aspect of pollution, which is decreased on a mass scale of adoption of BEVs as they only consist of batteries and no engines.
The Canadian market segment is divided into two types, which are passenger electric vehicles and commercial electric vehicles, based on vehicle type. The passenger segment is leading the market share due to its early adoption as there was a lack of public fast charging infrastructure in the early years and private home-based charging was the only available option, but in today’s times as facilities are being developed, the passenger segment is decreasing and the commercial segment is increasing. The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment during the forecast period is attributed to the increasing shift of retail MNCs and transport fleet operators to electric light commercial vehicles. Some of the recent developments in the EV battery market in the Canada region include the development of a joint venture between Stellantis and Samsung SDI to produce battery cells and modules. Recent decisions by General Motors and BASF to bring cathode production to Quebec indicate that Canada will play a pivotal role in accelerating the electrification of North America’s automotive industry.
As the pandemic began to surge in early 2020, there was a general expectation that electric car markets would likely be more resilient than the general automotive sector, although a drop in electric car sales was generally expected nonetheless, albeit a smaller one than overall car sales. In Canada, too, electric car sales dropped less than the overall market. Japan and Australia are the only major markets where electric car sales dropped more than overall car sales in 2020. Recently, due to the COVID-19 pandemic, there were lockdowns all over the world, which led to major factory closures and limited operations during those times, which further led to disruptions in the supply chain. This resulted in fewer EVs being sold during that time, which also affected the market for EV batteries. To stabilize the scenario, the government undertook some initiatives, such as investing 1 billion dollars to accelerate the adoption of zero emission vehicles (ZEVs) to achieve its target by 2035.
Considered in this report
• Geography: Canada
• Historical year: 2016
• Base year: 2021
• Estimated year:2022
• Forecast year: 2027
Aspects covered in this report
• Canada electric vehicle battery market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Five force models.
• Top-profiled companies
• Strategic recommendation
By battery type
• Lithium-ion battery
• Lead-acid battery
• Others (Solid-state battery, Sodium-ion battery, Nickel metal hydride battery)
By propulsion type
• Battery Electric Vehicle (BEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
• Hybrid Electric Vehicles (HEVs)
By the vehicle type
• Passenger Vehicle type
• Commercial Vehicle type
The approach of the report
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in it. The secondary research consists of third-party sources such as press releases and annual reports of companies, analyzing government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. After this, we have started making primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to electric vehicle battery industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
List of Figures
Figure 1: Canada Electric Vehicle Battery Market Size – By Value 2016 to 2027F (In USD Million)
Figure 2: Canada Electric Vehicle Battery Market Share By Battery Type (2016, 2021 & 2027F)
Figure 3: Canada Electric Vehicle Fluids Market Share By Propulsion Type (2016, 2021 & 2027F)
Figure 4: Canada Electric Vehicle Battery Market Share By Vehicle Type (2016, 2021 & 2027F)
Figure 5: Market Attractiveness Index, By Battery Type
Figure 6: Market Attractiveness Index, By Propulsion Type
Figure 7: Market Attractiveness Index, By Vehicle Type
Figure 8: Porter's Five Forces Meter of Electric Vehicle Battery Industry in Canada
List of Table
Table 1: Canada Electric Vehicle Battery Market Size of Lithium-ion Battery (2016 to 2027F) in USD Million
Table 2: Canada Electric Vehicle Battery Market Size of Lead Acid (2016 to 2027F) in USD Million
Table 3: Canada Electric Vehicle Battery Market Size of Others (2016 to 2027F) in USD Million
Table 4: Canada Electric Vehicle Battery Market Size of BEV (2016 to 2027F) in USD Million
Table 5: Canada Electric Vehicle Battery Market Size of PHEV (2016 to 2027F) in USD Million
Table 6: Canada Electric Vehicle Battery Market Size of HEV (2016 to 2027F) in USD Million
Table 7: Canada Electric Vehicle Battery Market Size of Passenger Vehicles (2016 to 2027F) in USD Million
Table 8: Canada Electric Vehicle Battery Market Size of Commercial Vehicles (2016 to 2027F) in USD Million
Table 9: Key Facts of Company 1
Table 10: Key Facts of Company 2
Table 11: Key Facts of Company 3
Table 12: Key Facts of Company 4
Table 13: Key Facts of Company 5
Table 14: Key Facts of Company 6
Table 15: Key Facts of Company 7
Table 16: Key Facts of Company 8