JAPAN ELECTRIC VEHICLE MARKET
Japan is a country situated in East Asia. It is the 11th most populous country in the world and its capital Tokyo is the most metropolitan area in the world. After WWII the country has recorded the sudden growth in their economy.
As of 2021, it has recorded the 3rd largest nominal GDP growth in the world. Japan is well known for its culture, values, cuisine, music, etc. It has contributed a lot in the development of science and technology and it has been recognized as a world leader in the automotive and electronics industry.
Japan imports the raw material for their industries from countries like the USA, China, Australia, etc. It ranks 29th out of 190 countries in Ease of doing business. Japan is the home of some most technological and advanced producers of motor vehicles, machine tools, processed food, steel, etc. In 2000, Japan became the largest car producing country in the world.
JAPAN ELECTRIC VEHICLE MARKET DYNAMICS
Japanese automotive company Nissan introduced the first ever mass produced car in the market introduced in 2009 to the global market. It has been sold in markets in Europe, USA and Japan. This shows that Japan has entered the market way before other countries. More than 5, 00,000 units are sold till now the next generation segment is already introduced in the market.
The automotive sector looks like the most promising in terms of economic growth and country’s GDP. The country always came up with new technological advancement. The Japanese government provides a very attractive subsidy for plug-in hybrid vehicles (limited) and Battery electric vehicles (unlimited), for manufacturers as well in battery manufacturing and EV manufacturing.
Japan ranked 3rd after the US and China in terms of light duty plug-in electric vehicle market. First Electric vehicle in Japan was the Mitsubishi I MieV launched in July 2009. There were ups and downs in the sale of electric vehicles in Japan after 2013 because Japanese government and automobile manufacturers were trying to adopt and promote Hydrogen fueled vehicles. As of 2012, Japan has the highest ratio of quick charging points in the world. Japan will have more than 29000 charging points in its territory by 2020.
JAPAN ELECTRIC VEHICLE MARKET SEGMENT
JAPAN ELECTRIC VEHICLE MARKET By Technology
- Hybrid Electric Vehicles
- Plug-In Electric Vehicles
- Battery Electric Vehicles
JAPAN ELECTRIC VEHICLE MARKET By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Two Wheelers
JAPAN ELECTRIC VEHICLE MARKET By Powertrain
- Series Hybrid
- Parallel Hybrid
- Combined Hybrid
JAPAN ELECTRIC VEHICLE MARKET By Class
JAPAN ELECTRIC VEHICLE MARKET By Vehicle Drive Type
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
IMPACT OF COVID ON JAPAN ELECTRIC VEHICLE MARKET
The new virus came as a pandemic for the world and has affected the world economy and Japanese economy as well. The regular operation of the automotive industry from supply chain to inventory, from raw material to finished goods, from labor to automation maintenance, sales to distribution, everything was disturbed. The sales graphs of many companies have hindered and led to huge losses. The startup especially got damaged a lot due to the sudden closure of the market.
Since Japan is one of the largest automotive hubs and manufacturing plants in the world, the economy had a huge impact due to the lockdown as the production and export of the country has stopped. The Japanese economy shrank by 5.1% in the first quarter. The export fell by more than 22% which is one of the biggest hits to the economy. In a report Toyota and Mitsubishi said that they expect to drop their annual profit by more than 80%.
JAPAN ELECTRIC VEHICLE MARKET SIZE AND FORECAST
The Japan Electric Vehicle Market size is estimated to be US $ XX Billion in 2020 and the growth rate of XX% by the year 2026. Japan is planning that by 2035 the vehicles brought by the customer would come out to Electric vehicles or hybrid vehicles only. Although the sales of EV are affected by COVID, it is again expected to rise in the coming future. Attractive plans, infrastructure and incentive by the government to please the customers to buy EVs.
Automotive giants like Honda, Suzuki, Mitsubishi, Mazda, Isuzu Kawasaki, etc had started their research and development program way before others have thought about it and started their testing as well. Honda introduced the Honda EV plus in 1997 which was limited manufacturing and approved for lease in California only.
Daihatsu was working in EV from the 1970s only and began the production of Pavilion cars and produced the vehicles for institutional use only. In 1973 they had also showcased their Motorcycle in the Tokyo Motor Show. Mazda had its first mass produced electric vehicle named MX-30 in 2020 which comes under hybrid compact SUV Segment. Mitsubishi entered this segment in 2009 with its I MieV. They are also encouraging the customer to buy electric vehicles by dropping their price by some percent. Subaru had launched the electric vehicle in 2006.
Some startups in Japan also came forward to promote sustainable initiatives. COGICOGI is a startup which provides electric bicycle rental services in a few locations. NExT-e solution has taken another path towards the development by providing the battery management services for long life batteries. Nakashima Propeller is developing the electric propulsion system for marine vehicles.
KEY PLAYERS IN JAPAN ELECTRIC VEHICLE MARKET
Old player in Japan already has a deep root in technological advancement for electric vehicles. Now some startups are also coming forward with new concepts, type, application, and out of the box ideas for designing, manufacturing and application of electric vehicles.
|1||Toyota||1937||Latest development of electric crossover SUV|
|2||Daihatsu||1909||Introduced first electric vehicle in 1973|
|3||Skydrive||2018||Electric aerial vehicle|
|4||COGICOGI||2011||Electric bike rental service|
|5||NExT-e Solution||2008||Battery Management|
|6||Luup||2018||Electric kick scooter|
|7||WeCharge||2004||Provide charging station location|
|8||Aspark||2005||Electric car manufacturer|
|9||Nissan||1933||Launched new Leaf generation and celebrated 10 year of first leaf launch|
|10||Honda||1946||Decides to electrify 2/3rd of its sales by 2030|
|11||Suzuki||1909||Plans to enter EV market by 2025|
|12||Yamaha||1955||developed an electric motor reaching the industry’s highest class in output density|
|13||Kawasaki||1896||Developing high class electric car and battery|
THIS JAPAN ELECTRIC VEHICLE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS
- Japan Electric Vehicle Market size and Forecast, by region, by application
- Average B-2-B price for Japan Electric Vehicle Market, by region, per user
- Technology trends and related opportunity for new Japan Electric Vehicle Market tech suppliers
- Japan Electric Vehicle Market share of leading vendors, by region,
- Coronavirus impact on Japan Electric Vehicle Market earnings