Market Trends of japan ev battery pack Industry
TOYOTA GROUP DOMINATES THE MARKET, FOLLOWED BY NISSAN, HONDA, MITSUBISHI, AND BMW, DRIVING THE SHIFT TOWARD SUSTAINABLE MOBILITY
- The Japanese electric vehicle market is growing gradually. The market is highly consolidated and is largely driven by five major companies, which held more than 90% of the market in 2022. These companies include Toyota Group, Nissan, Honda, Mitsubishi, and BMW. Toyota Group is the largest seller of electric vehicles in Japan, accounting for around 57% of the share in EV sales. Being a domestic manufacturer, the company has the trust of consumers. The company is offering a wide product portfolio and a huge sales and service network across the country.
- Nissan holds a market share of around 21%, making it the second-largest seller of electric vehicles across Japan. The company has a strong brand image and is extensively involved with work on innovation and technology. The company offers a wide product portfolio and has a strong financial condition. The third highest market share, 17%, for electric vehicle sales was recorded by Honda. The company has strong R&D capabilities and focuses on the areas of development.
- Mitsubishi has secured fourth place in EV sales across Japan with 2.8% of the market share. The company is customer-centric and primarily focuses on customer requirements, and being a domestic brand, the company has reliable and loyal customers. The 5th largest player operating in the Japanese EV market is BMW, maintaining its market share at around 0.33%. Other players selling EVs in Japan include Mercedes-Benz, Renault, Peugeot, and Volvo.
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In 2022, Nissan and Toyota sold the most EVs in Japan, driving battery pack demand
- The Japanese electric vehicle market has been growing gradually over the past few years. The country has witnessed a growing demand for electric cars. Consumers in Japan are looking for economical and small cars that can be parked easily. Various brands in Japan are offering good options for electric sub-compact hatchbacks. As a result, the demand for electric hatchbacks and compact SUVs is growing in the country as SUVs offer comfortable rides in various road conditions compared to other models.
- Since more people choose tiny cars to avoid traffic and for easier parking, the hatchback has seen strong sales across the country. Toyota Aqua Prius C saw significant sales growth in 2022, as it is among the very affordable hybrid hatchbacks with good fuel efficiency, attracting consumers. People in Japan are showing interest in various segments, such as Toyota’s Yaris Cross, a compact SUV that witnessed good sales units in 2022. Owing to its highly reliable brand image, the company is a bestselling brand in Japan.
- Corolla Cross was also one of the bestsellers from Toyota in the Japanese EV market in 2022 due to its hybrid powertrain, attracting consumers due to its high fuel efficiency and large seating capacity. The Japanese EV market also features a variety of electric SUVs and sedans from various brands. One of the common cars is the Honda Vezel, which saw good sales in 2022. Other cars in the Japanese EV market that are in the competition include Toyota Sienta and Toyota Raize Hybrid.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- JAPAN'S ELECTRIC VEHICLE MARKET GROWING GRADUALLY DUE TO GOVERNMENT AND INDUSTRY PARTNERSHIPS
- DECLINING BATTERY PRICES AND TECHNOLOGICAL ADVANCEMENTS DRIVE ELECTRIC VEHICLE DEMAND IN JAPAN
- BATTERY PACK PRICES IN JAPAN'S ELECTRIC VEHICLE MARKET CONTINUE TO FALL AS A RESULT OF TECHNOLOGICAL PROGRESS, INCREASED PRODUCTION EFFICIENCY, ECONOMIES OF SCALE, AND MORE COMPETITION
- AUTOMAKERS ARE LAUNCHING ELECTRIC SUVS TO DRIVE ELECTRIFICATION AND BATTERY PACK DEMAND IN JAPAN
- VEHICLE ELECTRIFICATION IS DRIVING DEMAND FOR LFP BATTERIES IN JAPAN. NISSAN AND MITSUBISHI DOMINATE, AS OTHER BRANDS CONTRIBUTE TO THE REMAINING MARKET SHARE. ENVIRONMENTAL FOCUS WILL ENCOURAGE FURTHER GROWTH
- THE RAPID GROWTH OF ELECTRIC VEHICLES IN JAPAN FUELS THE DEMAND FOR BATTERY MATERIALS, WITH LFP BATTERIES DOMINATING THE MARKET
- THE RAPID GROWTH OF ELECTRIC VEHICLES IN JAPAN IS FUELED BY TECHNOLOGICAL ADVANCEMENTS AND INVESTMENTS IN THE BATTERY INDUSTRY
