Japan Electric Vehicle Market Future Growth, Trends, Development Status and Forecast 2029

Electric Vehicle Market revenue is expected to grow at 13.7% through 2021 to 2027, Japan Electric Vehicle Market is reaching nearly USD 1645.88 Mn. by 2027.

Electric Vehicle Market Report Scope and Research Methodology

Report Scope:

With a commitment to becoming carbon-neutral by 2050, Japan is fast-tracking its adoption of electric vehicles (EVs) as a crucial step toward achieving this goal. Japan is a significant emitter of greenhouse gases, a substantial portion of which stems from the automotive sector. In alignment with its overarching objective, the government has mandated that by 2035, all newly sold passenger vehicles in Japan must be electric, signaling a rapid acceleration in the adoption of electric vehicles. This policy directive not only benefits the automotive industry but also empowers consumers. In 2020, more than 29,000 new electric vehicles were sold in Japan, a significant increase from the approximately 12,600 EVs sold a decade ago. The rise of electric vehicles became particularly pronounced following the surge in popularity of plug-in hybrid vehicles (PHEVs) in the Japanese automotive market. Manufacturers in Japan have been diversifying their focus towards battery electric vehicles (BEVs) and PHEVs, shifting away from their earlier emphasis on hydrogen-powered fuel cell electric vehicles (FCEVs).

Despite Japan's relatively modest production of electric vehicles for domestic consumption, Japanese manufacturers consider their expertise in various propulsion systems to be a competitive advantage. These manufacturers view vehicle electrification as an essential element in reducing carbon emissions throughout the entire lifecycle of a vehicle.

Research Methodology:

The year 2020 serves as the base year, with an emphasis on real market data. The report pays special attention to the effects of lockdowns on demand and supply, as well as their impacts on the market for the subsequent two years. Some companies have thrived during lockdowns, and the report includes a specific strategic analysis of these enterprises.

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What are Electric Vehicle Market Dynamics?

Drivers:

Challenges in Electric Vehicle Adoption:

In 2020, only 14,604 electric vehicles were sold in Japan, a significant gap compared to China's one million sales, Europe's 720,000 sales, and the United States' 250,000 sales. Even when considering the per capita sales of electric vehicles, Japan lags behind by a considerable margin. The reasons behind Japan's low electric vehicle sales remain somewhat elusive. Despite incentives such as Japan's Clean Energy Vehicle Subsidy Scheme, which provides substantial subsidies to new car buyers for electric and clean energy vehicles, the adoption rate remains surprisingly low. Japan boasts a public charging infrastructure comparable to that of Europe, making it puzzling why so few electric vehicles are sold. Potential explanations include the lack of electric vehicles tailored to the Japanese market, limitations in home charging infrastructure, and a cultural tendency to avoid recharging electric vehicles.

Restraints:

Clean Energy Vehicle Subsidies:

The Japanese government has set an ambitious target to have all new vehicles sold in Japan classified as ecologically friendly by 2035. In Japan, such vehicles are referred to as Clean Energy Vehicles (CEVs). The government offers substantial subsidies to promote the purchase of Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs). In 2021, the maximum subsidy for CEVs will be 800,000 Japanese Yen (approximately $7,200 USD). However, Hybrid Electric Vehicles (HEVs), while environmentally friendly, do not qualify for the CEV subsidy program.

Electric Vehicle Market Segmentation?

by Product

• BEV
• PHEV
• HEV

by Type

• Two-wheeler
• Passenger car
• Commercial vehicle

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Who are Electric Vehicle Market Key Players?

• Toyota
• Daihatsu
• Skydrive
• COGICOGI
• NExT-e Solution
• Luup
• WeCharge
• Aspark
• Nissan
• Honda
• Suzuki
• Yamaha
• Kawasaki

Table of content for the Electric Vehicle Market includes:

Part 01: Executive Summary

Part 02: Scope of the Electric Vehicle Market Report

Part 03: Global Electric Vehicle Market Landscape

Part 04: Global Electric Vehicle Market Sizing

Part 05: Global Electric Vehicle Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

The Asia Pacific region is taking the lead in the electric vehicle market, with Japan spearheading the shift towards electrification. The government's commitment to reducing carbon emissions and promoting the use of clean energy vehicles is driving the growth of the electric vehicle market in Japan. As the modernization trend and environmental awareness continue to gain traction, electric vehicle adoption is expected to rise further.

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