Japan Autonomous Vehicle Market to be dominated by Level 4 till 2027
Development of transport
infrastructure and the commercialization of autonomous vehicle are expected to
drive the demand for Japan autonomous vehicle market for the forecast period.
According to TechSci Research report, “Japan
Autonomous Vehicle Market By Vehicle Type (Passenger Car, Commercial
Vehicle), By Automation Type (Semi-Autonomous, Fully Autonomous), By Automation
Level (Level 1, Level 2, Level 3, Level 4, Level 5), By Propulsion (ICE,
Electric), By Region, Competition Forecast & Opportunities, FY2027”, the
Japan autonomous vehicle market is expected to grow at a rate of steady CAGR
for the forecast period, FY2023-FY2027. Autonomous vehicles are also known as
self-driving cars and use technology such as artificial intelligence, RADAR
sensing technology, light detection & ranging to form the active 3-D map in
order to make smart decisions by providing real-time analytics data. The
increasing demand for safe and efficient modes of transportation equipped with
modern software and hardware to enhance the traveler experience influences the
market demand. The automotive industry in Japan is highly developed and is
continuously growing owing to the high consumer requirements. The use of
autonomous cars is growing for both commercial and residential purposes. The
leading authorities have permitted the market players to test drive the
autonomous vehicle on highways in less densely populated and suburban areas.
Japan faces a shortage of human resources as the drivers are getting older and
opting for non-driving makes autonomous vehicles suitable for rural and urban
areas. Japan is continuously investing
in technology, and the rise in the development of smart cities, which uses
smart technology to gain insights for making decisions, is expected to
significantly contribute to Japan autonomous vehicle market growth in the
predicted period. The increase in the expenditure capacity of the consumers is
driving the sales of autonomous vehicles in the country. Autonomous vehicles
allow the non-drivers or the people suffering from certain disabilities to
travel through the vehicle and eliminate the need to hire a driver, which is
economical. These reduce the extra costs required for commercial vehicle
drivers and provide other benefits like increased lane capacity, lower traffic
congestion, and improved road safety. Autonomous vehicles also allow travelers
to read, write, or even work while traveling, which increases the efficiency of
the travelers.
However, the fear of cyber-attack and the unwanted
human intervention during driving may lead to accidents which may restrain the
Japan autonomous vehicle market growth for the next five years.
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Japan
autonomous vehicle market is segmented into vehicle type, automation type,
automation level, propulsion, regional distribution, and company. Based on
vehicle type, the market is bifurcated into passenger cars and commercial
vehicles. The commercial vehicle segment is expected to witness the fastest
incremental growth for the forecast period, FY2023-FY2027. The growing use of
shuttle and taxi services to travel from one place to another and the growing
demand for autonomous bus facilities to the growing older population is
expected to drive the demand for autonomous vehicles in the country. The
government is aiming to commercialize the Level 4/5 autonomous vehicles to
reduce the occurrence of traffic accidents and travel time. Based on
propulsion, the market is divided into ICE and electric. The electric
propulsion segment is expected to grow at a significant rate for the forecast
period. The rise in consumers' awareness regarding the effect of the harmful
pollutants from the vehicle and the growing pollution levels across the globe
is fueling the adoption of zero-emission methods.
Toyota
Motor Corporation, Honda Motor Company, Ltd., Nissan Motor Co., Ltd., Isuzu
Motors Limited, UD Trucks Corporation are the leading players operating in Japan
autonomous vehicle market. Manufacturers are increasingly focusing on research
and development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several autonomous
vehicle manufacturers are coming up with their technologically advanced
offerings.
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“Market
players are making use of advanced technology in the manufacturing of
autonomous vehicles, including the use of internet of thing sensors, machine
learning, and superior hardware to make the process of autonomous vehicle
manufacturing more efficient and profitable. Autonomous vehicles enhance the
passenger's safety and fulfill the void created by the shortage of labor force.
Favorable government policies and the high-end investments by the market
players, along with rising consumer awareness, is expected to propel the Japan
autonomous vehicle market growth till FY2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Japan Autonomous Vehicle
Market By Vehicle Type (Passenger Car, Commercial Vehicle), By Automation Type
(Semi-Autonomous, Fully Autonomous), By Automation Level (Level 1, Level 2,
Level 3, Level 4, Level 5), By Propulsion (ICE, Electric), By Region,
Competition Forecast & Opportunities, FY2027” has
evaluated the future growth potential of Japan autonomous 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 autonomous
vehicle market.
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