A battery is a device that consists of one or more electrochemical cells. The battery majorly works on the principle of electromotive force. The growing demand for portable batteries requires fast charging functionality, which is known as lithium iron phosphate (LiFePO4) battery technology. Primary batteries hold more energy than secondary batteries, and their self-discharge is lower in comparison. Lead, nickel, and lithium-based batteries require periodic recharging to compensate for lost energy. The desirable qualities of an electric battery are large capacity, production of an unchanging voltage, and resilience to environmental factors. The major market driver for the battery market is the growing integration of electronics. Growing demand for transportation also contributes to the market’s growth. Fuel savings and government incentives for cleaner transportation boost the demand for the market. In addition, new hybrid and electric automotive models from OEMs are the other factors that can accelerate the market’s growth. In addition, industrial batteries are increasingly being used in applications such as backup power for telecom base stations and data centres or to power forklifts, which significantly contributes to the industrial battery market's growth. According to the market report, "Canada Battery Market Overview, 2027" published by Bonafide research, the market is anticipated to witness prominent market growth during the upcoming timeframe. The depletion of natural resources, the increase in carbon emissions, and the continuous efforts taken by both public and private sectors to reduce carbon emissions and save fuel consumption contribute to the market's growth. The implementation of government carbon emission regulations is expected to increase the use of lithium-ion batteries, thereby fueling industrial battery market shares across the country. Manufacturers develop improved solutions and various equipments for specific requirements, along with improved technology and fuel efficiency, to reduce operation costs and enhance the productivity of industrial batteries. These requirements have increased the demand for industrial batteries in equipment manufacturing applications in Canada.
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The rising demand for consumer electronics across the country is anticipated to increase the demand, as well as the adoption of different batteries for a range of consumer electronic devices. Lithium-ion batteries are among the most common types of high-capacity secondary batteries utilized in electronic devices such as laptops, mobile phones, computers, cameras, and others. This battery technology is highly popular as it is relatively affordable, offers high power density, and does not self-discharge quickly. Furthermore, there has been an increase in the demand for energy storage systems across the globe. Energy storage can play a crucial role in balancing variable generation sources and grid integration. According to the report, the market is segmented into two types of batteries: primary and secondary. Among these types, the secondary segment is anticipated to dominate the market during the forecast period. These batteries are available in various sizes and shapes, such as miniature cells are used to power hearing aids and wristwatches, lithium-ion batteries or large lead acid batteries which are used in vehicles, thin cells are used in smart-phones and at the largest extreme, huge battery banks the size of rooms that provide standby or emergency power for telephone exchanges and computer data centers. Further, the market is segregated into various technology types, including lead acid, lithium ion, nickel metal hydride, and nickel cadmium batteries. Among these types, lead acid batteries are projected to lead the market during the upcoming timeframe. The lead-acid battery segment accounted for the largest share in 2021 on account of expanding applications in uninterrupted power supply (UPS), automotives, telecommunication, transport vehicles, and electric bikes. High use of uninterrupted power supply devices in the oil and gas, healthcare, and chemical sectors for constant power supply will drive demand for a lead-acid battery. These batteries are used in critical applications on account of their high reliability and low cost. COVID-19 Impacts: The corona-virus pandemic has led to significant economic disruption across several countries worldwide. Due to this, social gatherings, travel, etc., were restricted. As a result, important industries, including the automotive sector, suffered drastically. In addition, the supply of batteries was restricted across the country. Hence, the demand and supply reduced the import and export of raw materials. However, a change in consumer preference and higher penetration of electric vehicles in the country are projected to propel a higher amount of market growth by 2027. Considered In the Report • Geography: Canada • Historical year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027
Aspects Covered In the Report • Market Size By Value for the historic time period (2016-2021) • Market Size By Value for the forecast time period (2022-2027) • Market Share by Type (Primary & Secondary) • Market Share by Technology (Lead acid Battery, Lithium ion Battery, Nickel metal hydride Battery, Nickel cadmium Battery & Other Batteries) • Market Share by Application (Automotive Batteries, Industrial Batteries & Portable Batteries) • Market Share by Country The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the battery manufacturers, 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.
Keywords: Battery, Lead acid Battery, Lithium ion Battery, Nickel metal hydride Battery, Nickel cadmium Battery, Primary, Secondary, automotive, industrial, portable, Canada.