Biggest Industries by Revenue in Canada in 2024

1. Commercial Banking in Canada

Revenue for 2024: $441.4B

Despite low interest rates and some hiccups in economic growth, commercial banks in Canada have expanded throughout 2023. Banks have done an exceptional job diversifying revenue streams, overcoming limits imposed by low interest rates, and increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a variety of services and commissions. Industry revenue has been growing at a CAGR of 2.2% over the past five years and is expected to total $275.4 billion in 2023, when revenue will likely jump an... Learn More

2. Gasoline & Petroleum Wholesaling in Canada

Revenue for 2024: $257.2B

Canada's Gasoline and Petroleum Wholesaling industry distributes petroleum products to retail gas stations, manufacturers, and other customers. Industry product prices are tied to global crude oil prices, which can cause significant volatility for wholesalers. Crude oil prices rose sharply in 2017 and 2018 amid growing global economic activity and increasing demand, which prompted strong revenue growth. In 2020, the world price of crude oil plunged as quarantine measures and concerns over the economy reduced downstream demand for oil and gas products. However, strong growth in oil prices is expected to contribute to solid industry revenue growth in both 2021 and... Learn More

3. New Car Dealers in Canada

Revenue for 2024: $190.5B

Revenue for the Canadian New Car Dealers industry in Canada has declined in recent years. While demand for automobiles had been driven by healthy economic conditions, such as rising consumer confidence and low unemployment, the COVID-19 pandemic caused the reversal of many of these trends. Due to the government's Economic Response Plan regarding the pandemic, disposable income in Canada rose in 2020 following various programs and support payments made to individuals and families, protecting operators from experiencing a more profound revenue decline. Rising disposable income encourages consumers to make big-ticket discretionary purchases, such as new vehicles, although elevated interest rates... Learn More

4. Gasoline & Petroleum Bulk Stations in Canada

Revenue for 2024: $184.7B

Companies in the Canadian Gasoline and Petroleum Bulk Stations industry manage bulk storage tanks and terminals for crude oil and petroleum products such as gasoline, diesel fuel, fuel oil and liquid petroleum gases. These bulk stations are often located near major refineries, ports and industrial centres to quickly and efficiently receive product and unload it to customers. These stations play an important role in the supply chain of crude oil and petroleum products. Given that the industry serves as a conduit between petroleum refiners and markets further downstream, the industry's performance is intimately linked to the supply of and demand... Learn More

5. Oil Drilling & Gas Extraction in Canada

Revenue for 2024: $170.2B

Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic.

Despite operating volatility, Canada... Learn More

6. Supermarkets & Grocery Stores in Canada

Revenue for 2024: $111.8B

Supermarkets and grocery stores comprise Canada's most significant food retail channel. These establishments retail general lines of food products, including fresh and prepared meats, poultry and seafood, canned and frozen foods, fresh fruits and vegetables and various dairy products. The industry performed well in the years preceding the COVID-19 pandemic, as high incomes and Canada's rising population boosted demand for foodstuffs. Since everything was shut down during the pandemic, it became a favorite pastime for households to go food shopping. This raised demand for groceries and caused revenue to surge in 2020.

Droughts, supply chain disruptions and the conflict in... Learn More

7. Automobile Wholesaling in Canada

Revenue for 2024: $106.2B

Revenue for the Canadian Automobile Wholesaling industry tends to ebb and flow with general fluctuations in the overall economy, particularly at the consumer level. Industry operators heavily rely on economic conditions in the United States, as a large portion of revenue is derived from Canada's southern neighbour. Although international trade is accounted for at the manufacturing level, industry operators still target cross-border downstream markets, such as US automobile and heavy-duty truck dealerships.

Despite a steady economy for most of the period, industry revenue is expected to experience a deep decline due to decreased demand stemming from the COVID-19 pandemic. Automobile wholesaling... Learn More

8. Petroleum Refining in Canada

Revenue for 2024: $104.7B

Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. A subsequent price recovery in 2017 after plummet the previous year helped the industry rebound by double-digits during the following two-year period. However, the COVID-19 pandemic and the resulting collapse in oil prices in 2020 drove refinancing revenue down during the year. Following the pandemic peak, high demand, coupled with ongoing supply chain disruptions, led crude oil prices to spike sharply, translating into a industry revenue boom in 2021 and... Learn More

9. Life Insurance & Annuities in Canada

Revenue for 2024: $98.6B

Insurers in Canada have experienced steady growth amid the COVID-19 pandemic. Industry operators accept liability for annuities and life insurance policies, disability income and accidental death and dismemberment insurance policies, while also investing the premiums received by clients into a variety of financial securities. The industry has mainly suffered from the negative economic effects caused by the coronavirus pandemic, such as volatile interest rates and an increase in the morbidity rate. Despite this, revenue still grew at a CAGR of 2.5% to $114.3 billion, including a 1.9% rise in 2023 alone, when profit reached 0.9%. However, growth was limited due... Learn More

10. IT Consulting in Canada

Revenue for 2024: $92.7B

The IT Consulting industry in Canada is composed of companies that help private businesses and public sector agencies design, implement and manage information technology (IT) systems. Demand for industry services is positively affected by growth in corporate profit and business sentiment. As these drivers strengthen, companies increase expenditure on industry services. There has been a significant degree of technological change due to the increasing prevalence of cloud-based services, mobile apps and other cutting-edge software. These technological changes have been a significant driver of growth in the industry, while also responsible for declining industry-relevant revenue among larger operators. The industry managed... Learn More