According to TechSci Research report, “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 a growth of steady CAGR for the forecast period, FY2023-FY2027. The electric motor runs on electric motor and needs constant supply for energy from batteries. There are different kinds of batteries used in the electric vehicle ranging from lithium-ion, lead-acid, zinc-based, nicked based batteries. Electric vehicles provide higher fuel efficiency, smoother sound, low carbon emission and maintenance, and smoother drive than traditional vehicles. The increase in environmental concerns and the favorable government policies promoting the sales of electric vehicles is expected to influence the market demand. Stringent emission regulatory standards and the rising demand for fuel-efficient, high-performance, emission-free vehicles are majorly contributing to the Japan electric vehicle market growth. Initiatives taken by the leading authorities to develop the transportation facility in the rural areas to increase accessibility and boost tourism in the country are taking the aid of electric vehicles. The rise in the geriatric population and the shortage of skilled labor force in the country are fueling the demand for energy-efficient autonomous vehicles. The increasing awareness, the rise in the effort to address future energy requirements, and the growing need to reduce carbon emissions into the environment are expected to drive the demand of the Japan electric vehicle market. Electric vehicles provide the opportunity to lower pollutant emissions into the environment and achieve higher fuel efficiency. Advancements in technology and the production of electric vehicle batteries on a massive scale have reduced electric battery costs. Market players are also coming up with innovative battery solutions, for example, battery as a service model to provide electric vehicles with charged batteries, thereby eliminating the need to charge electric batteries. This business model helps save the time needed for battery charging, thereby improving customer satisfaction, and is a cost-effective technique to overcome the occurrence of battery decrepitation while traveling. With the reduction in the cost of the electric battery, the cost for electric vehicles is reducing, leading to the acceleration in demand for electric vehicles. Automobile manufacturers are currently focusing on manufacturing hybrid electric vehicles as they ensure lower environmental risk and high profitability.
Additionally, the development of public charging transportation services by using electric vehicles to overcome the challenges of the rising cost of crude oil and their limited availability is expected to influence the market demand.
However, manufacturing electric vehicles is a costly process that may restrain the Japan electric vehicle market growth for the forecast period.
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Japan electric vehicle market is segmented into vehicle type, battery type, regional distribution, and company. Based on the battery type, the market is divided into lead acid and lithium-ion. Lithium ion battery type is expected to account for significant market share for the forecast period, FY2023-FY2027. Lithium ion batteries have a higher energy density than nickel-based or lead acid batteries. The compact size of the battery makes them the preferred choice to used in electric vehicles. Their self-discharge rate is lower than the other rechargeable batteries and requires very low maintenance.
Toyota Motor Corporation, Honda Motor Company, Ltd, Nissan Motor Co., Ltd., Mitsubishi Motors Corporation, Yamaha Motor Co. Ltd, Kawasaki Motors Inc., Daimler AG, Isuzu Motors Limited are the leading players operating in Japan electric vehicle market. Manufacturers are increasingly focusing on research and development process to fuel 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.
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“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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