According to a report by TechSci Research, titled “Japan Electric Vehicle Market By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Battery Type (Lead Acid, Lithium Ion), By Region, Competition Forecast & Opportunities, FY2027,” the Japan electric vehicle market is expected to witness steady growth with a CAGR during the forecast period from FY2023 to FY2027. Electric vehicles run on electric motors and require a constant supply of energy from batteries. Different types of batteries used in electric vehicles include lithium-ion, lead-acid, zinc-based, and nickel-based batteries. Electric vehicles offer higher fuel efficiency, smoother sound, lower carbon emissions and maintenance costs, and a smoother drive than traditional vehicles. Increasing environmental concerns and favorable government policies promoting electric vehicle sales are expected to influence market demand. Stringent emission regulatory standards and rising demand for fuel-efficient, high-performance, emission-free vehicles are major contributors to market growth. Initiatives by leading authorities to develop transportation facilities in rural areas to increase accessibility and boost tourism are also driving demand for electric vehicles.
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The rise in the geriatric population and shortage of skilled labor in Japan are fueling demand for energy-efficient autonomous vehicles. Increasing awareness, efforts to address future energy requirements, and the need to reduce carbon emissions are expected to drive demand for electric vehicles. These vehicles provide the opportunity to lower pollutant emissions and achieve higher fuel efficiency. Advancements in technology and mass production of electric vehicle batteries have reduced battery costs. Market players are also developing innovative battery solutions such as battery-as-a-service models that provide charged batteries for electric vehicles, eliminating the need for battery charging. This business model saves time and improves customer satisfaction while providing a cost-effective solution to overcome battery degradation while traveling. With the reduction in battery costs, the cost of electric vehicles is decreasing, leading to increased demand. Automobile manufacturers are currently focusing on producing hybrid electric vehicles as they offer lower environmental risk and higher profitability.
Additionally, the development of public charging transportation services using electric vehicles to overcome the challenges of rising crude oil costs and limited availability is expected to influence market demand.
However, the high cost of manufacturing electric vehicles may restrain market growth during the forecast period.
The Japan electric vehicle market can be segmented based on vehicle type, battery type, regional distribution, and company. In terms of battery type, the market can be divided into lead-acid and lithium-ion batteries. The lithium-ion battery segment is expected to account for a significant market share during the forecast period from FY2023 to FY2027. Lithium-ion batteries have a higher energy density than nickel-based or lead-acid batteries. Their compact size makes them the preferred choice for use in electric vehicles. They also have a lower self-discharge rate than other rechargeable batteries and require very little maintenance.
Leading players operating in the Japan electric vehicle market include Toyota Motor Corporation, Honda Motor Company Ltd., Nissan Motor Co. Ltd., Mitsubishi Motors Corporation, Yamaha Motor Co. Ltd., Kawasaki Motors Inc., Daimler AG, and Isuzu Motors Limited. Manufacturers are increasingly focusing on research and development to drive higher growth in the market.
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“The government is encouraging the sales of electric vehicles by providing incentives and subsidies to the buyers of the electric vehicles. Lowering battery charging time, the surge in the comfort and convenience of the passengers while traveling through the electric bus, and the growing demand for energy-efficient public transportation services significantly contribute to the Japan electric vehicle market growth. The developing renewable energy industry and the use of advanced technologies in the manufacturing process to create affordable emission-free electric vehicles is expected to propel the Japan electric vehicle market growth till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Japan Electric Vehicle Market By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Battery Type (Lead Acid, Lithium Ion), By Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of Japan electric vehicle market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Japan electric vehicle market.
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Table Of Content –
- Product Overview
- Research Methodology
- Executive Summary
- Impact of COVID-19 on Japan Electric Vehicle Market
- Voice of Customer
5.1. Factors Influencing Purchase Decision
5.2. Aided Brand Recall and Unaided Brand Recall
5.3. Brand Satisfaction Level
- Japan Electric Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value and Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle)
6.2.2. By Battery Type (Lead Acid, Lithium Ion)
6.2.3. By Region
6.2.4. By Company (2020)
6.3. Product Market Map (By Vehicle Type, By Region)
- Japan Electric Two-Wheeler Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value and Volume
7.2. Market Share & Forecast
7.2.1. By Vehicle Type (Scooter/Moped, Motorcycle)
7.2.2. By Battery Type (Lead Acid, lithium Ion)
7.2.3. By Battery Capacity (Below 25 Ah, Above 25 Ah)
7.3. Pricing Analysis (2020)
- Japan Electric Car Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value and Volume
8.2. Market Share & Forecast
8.2.1. By Vehicle Type (Hatchback, Sedan, SUV/MPV)
8.2.2. By Battery Type (Lead Acid, lithium Ion)
8.2.3. By Propulsion (BEV, HEV, PHEV)
- Pricing Analysis (2020)
- Japan Electric Commercial Vehicle Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value and Volume
10.2. Market Share & Forecast
10.2.1. By Vehicle Type (Light Commercial Vehicle, Medium & Heavy Commercial Vehicle)
10.2.2. By Battery Type (Lead Acid, lithium Ion)
10.2.3. By Propulsion (BEV, HEV, PHEV)
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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