Canada Electric Vehicle Battery Manufacturing Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 10.08 Million |
| Market Size (2029) | USD 22.97 Million |
| CAGR (2024 - 2029) | 17.90 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Electric Vehicle Battery Manufacturing Equipment Market Analysis
The Canada Electric Vehicle Battery Manufacturing Equipment Market size is estimated at USD 10.08 million in 2024, and is expected to reach USD 22.97 million by 2029, at a CAGR of 17.90% during the forecast period (2024-2029).
- Over the long term, the Canadian market is poised for growth, driven by favorable government policies promoting electric vehicles (EVs) and their rising adoption in major cities like Toronto, Montreal, Calgary, Ottawa, and Edmonton.
- On the other hand, the Canadian market faces challenges, notably a shortage of domestic manufacturers and a heavy reliance on imported battery equipment.
- Nevertheless, advancements in technology, such as increased capacity and reduced discharge rates, are set to enhance the feasibility and efficiency of battery equipment manufacturing, unlocking vast opportunities for the market.
Canada Electric Vehicle Battery Manufacturing Equipment Market Trends
Lithium-Ion batteries Segment is expected to Dominate the Market
- Canada has solidified its position as a global leader in lithium-ion battery research and innovation, driven by rising electric vehicle adoption, heightened consumer electronics spending, and robust manufacturing activities.
- In 2024, Canada's transportation sector is projected to emit nearly 180 million metric tons of carbon dioxide, accounting for about a quarter of the nation's total emissions. The Canadian automotive industry is undergoing a transformation, with many manufacturers shifting focus to electrification, either by establishing new plants or repurposing existing ones for electric vehicle production.
- In November 2023, E-One Moli Energy selected a community in British Columbia’s Lower Mainland for its new USD 1.05-billion lithium-ion battery cell manufacturing facility. Located in Maple Ridge, near Greater Vancouver, the plant's expansion is backed by a federal-provincial investment of USD 280 million.
- In 2023, Canada witnessed electric vehicle sales reaching 130,000, marking a 35.29% increase from 2022. Furthermore, the Canadian government is actively promoting investments in lithium-ion battery supply chains and manufacturing. For example, in May 2024, Asahi Kasei, a leading Japanese chemical firm, revealed plans for its integrated lithium-ion battery (LIB) separator plant in Port Colborne, Niagara region, Ontario. Operating under the name Asahi Kasei Battery Separator Canada, the facility aims to commence commercial production in 2027, bolstering a sustainable lithium supply crucial for electric vehicle production and strengthening the North American supply chain.
- In September 2023, Northvolt, a Swedish lithium-ion battery manufacturer, committed USD 5.2 billion to a Gigafactory in Quebec. The project's initial phase, with a total investment of USD 7 billion, targets an annual battery cell production capacity of 30 GWh, with operations set to begin in 2026.
- Given these developments, the demand for lithium-ion batteries in Canada's electric vehicles is poised for substantial growth in the coming years.
Increasing Adoption of Electric Vehicles is expected to Drive the Market
- The electric vehicles market in Canada has witnessed a steady increase. The advancements in battery technology have led to longer driving ranges and improved performance of electric vehicles, addressing one of the main concerns of potential buyers.
- With a commitment to decarbonizing its transportation sector and aspiring to be a global leader in zero-emission vehicles (ZEVs), Canada has set ambitious goals. The Government of Canada aims for all new light-duty vehicle sales to be zero-emission by the year 2035.
- In recent years, both federal and provincial governments have made significant strides in outlining and supporting climate change initiatives. In line with the ‘Paris Climate Agreement,’ the federal government has set a target to reduce greenhouse gas (GHG) emissions by 30% from 2005 levels by 2030. This translates to cutting emissions by 200-300 megatons from projected levels.
- Given that the transportation sector is the second-largest contributor to GHG emissions in Canada, the widespread adoption of electric vehicle (EV) technology offers a substantial opportunity for provinces and territories to meet their GHG reduction targets. Provinces like British Columbia, Quebec, and Ontario are at the forefront of this EV adoption movement.
- Moreover, data from the Canada Energy Regulator highlights the surge in electric vehicle (EV) sales across the nation. In 2023, Canada registered 139,521 battery electric vehicles, a 41% jump from the 98,589 sold in 2022. Also, in 2023, Canada saw battery car sales hit 41,000, marking a 52.3% increase from 2022 figures.
- Given these developments, the rising adoption of electric vehicles is poised to propel the market further.
Canada Electric Vehicle Battery Manufacturing Equipment Industry Overview
The Canada Electric Vehicle Battery Manufacturing Equipment Market is semi-consolidated. Some of the key players in this market (in no particular order) are Xiamen Lith Machine Limited, IPG Photonics Corporation, Durr AG, Hitachi Ltd, and Xiamen Tmax Battery Equipments Limited.
Canada Electric Vehicle Battery Manufacturing Equipment Market Leaders
-
Xiamen Lith Machine Limited
-
IPG Photonics Corporation
-
Durr AG
-
Hitachi Ltd
-
Xiamen Tmax Battery Equipments Limited.
*Disclaimer: Major Players sorted in no particular order
Canada Electric Vehicle Battery Manufacturing Equipment Market News
- April 2024: Honda Motor has announced an ambitious plan to invest USD 11 billion in Ontario, Canada, aiming to establish a comprehensive "EV value chain." Key components of this initiative include new assembly and battery plants alongside facilities for producing both all-electric and fuel-cell vehicles. Production is set to commence in 2028, with a target of reaching an annual capacity of 240,000 units. This strategic move in Alliston, Ontario, aligns with Honda's vision of exclusively launching all-electric and fuel-cell vehicles by 2040.
- June 2023: CATL revealed its intention to invest USD 1.4 billion in Bolivia, aiming to harness the country's extensive yet underutilized lithium reserves. After discussions with CATL executives on June 25, Bolivian President Luis Arce affirmed the commitment to establish two lithium plants. These plants will extract minerals from Bolivia's Uyuni and Oruro salt flats.
Canada Electric Vehicle Battery Manufacturing Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Favorable Government Policies
4.5.1.2 Growing Adoption of Electric Vehicles
4.5.2 Restraints
4.5.2.1 The Shortage of Domestic Manufacturers and High Reliance on Imported Battery Equipment
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
4.8 Investmenmt Analysis
5. MARKET SEGMENTATION
5.1 Process
5.1.1 Mixing
5.1.2 Coating
5.1.3 Calendering
5.1.4 Slitting and Electrode Making
5.1.5 Other Process
5.2 Battery
5.2.1 Lithium-Ion Batteries
5.2.2 Lead-Acid Batteries
5.2.3 Nickel-Metal Hydride Batteries
5.2.4 Other Batteries
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Xiamen Lith Machine Limited
6.3.2 IPG Photonics Corporation
6.3.3 Durr AG
6.3.4 Hitachi Ltd
6.3.5 Xiamen Tmax Battery Equipments Limited.
6.3.6 Schneider Electric
6.3.7 Sovema Group
- *List Not Exhaustive
6.4 Market Ranking/Share (%) Analysis
6.5 List Of Other Prominent Companies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technological Advancements in the Battery manufacturing Equipment
Canada Electric Vehicle Battery Manufacturing Equipment Industry Segmentation
The Canada Electric Vehicle Battery Manufacturing Equipment Market is Segmented by Process and Battery. By Process, it is segmented into Mixing, Coating, Calendaring, Slitting and Electrode Making, Other Process. By Battery, it is segmented into Lithium-Ion Batteries, Lead-Acid Batteries, Nickel-Metal Hydride Batteries, Other Batteries. The Report Offers the Market Size and Forecasts for Canada Electric Vehicle Battery Manufacturing Equipment Market in Revenue (USD) for all the Above Segments.
| Process | |
| Mixing | |
| Coating | |
| Calendering | |
| Slitting and Electrode Making | |
| Other Process |
| Battery | |
| Lithium-Ion Batteries | |
| Lead-Acid Batteries | |
| Nickel-Metal Hydride Batteries | |
| Other Batteries |
Canada Electric Vehicle Battery Manufacturing Equipment Market Research Faqs
How big is the Canada Electric Vehicle Battery Manufacturing Equipment Market?
The Canada Electric Vehicle Battery Manufacturing Equipment Market size is expected to reach USD 10.08 million in 2024 and grow at a CAGR of 17.90% to reach USD 22.97 million by 2029.
What is the current Canada Electric Vehicle Battery Manufacturing Equipment Market size?
In 2024, the Canada Electric Vehicle Battery Manufacturing Equipment Market size is expected to reach USD 10.08 million.
Who are the key players in Canada Electric Vehicle Battery Manufacturing Equipment Market?
Xiamen Lith Machine Limited, IPG Photonics Corporation, Durr AG, Hitachi Ltd and Xiamen Tmax Battery Equipments Limited. are the major companies operating in the Canada Electric Vehicle Battery Manufacturing Equipment Market.
What years does this Canada Electric Vehicle Battery Manufacturing Equipment Market cover, and what was the market size in 2023?
In 2023, the Canada Electric Vehicle Battery Manufacturing Equipment Market size was estimated at USD 8.28 million. The report covers the Canada Electric Vehicle Battery Manufacturing Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Electric Vehicle Battery Manufacturing Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Electric Vehicle Battery Manufacturing Equipment Industry Report
Statistics for the 2024 Canada Electric Vehicle Battery Manufacturing Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Electric Vehicle Battery Manufacturing Equipment analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
