Japan Electric Vehicle Market to be dominated by Lithium Ion till FY2027
Presence of well-developed
charging infrastructure and financial incentives are expected to drive the
demand of the Japan electric vehicle market for the forecast period.
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.
“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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