Japan Electric Vehicle Market Size & Insights
The Japan Electric Vehicle Market size was valued at around USD 77.04 billion in 2024 and is projected to reach USD 111.34 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.33% during the forecast period, i.e., 2025-30. The market is rapidly growing due to several components, including the high burden of air pollution as the road traffic is increasing, growing awareness regarding environmental issues, government incentives encouraging clean and electrified transportation, including electric vehicles, integration of the latest technologies for enhancing the features in electric vehicles, etc. Out of these, the leading growth factor is the rapid shift toward renewable alternatives for sustainable development in Japan, which is leading to a huge demand for Electric Vehicles (EVs) in the country.
What are the Key DROs in the Japan Electric Vehicle Market?
Environmental Awareness Fueling the Shift Towards Electric Vehicles – The growing concerns regarding environmental and human health due to rising air pollution are fueling market demand. It is emerging due to the harmful emissions from the large-scale factories and fuel-based road traffic in Japan. More than 20% of the nitrogenous waste and 20% of the carbon emissions are coming from road traffic in Japan. It is leading to sustainable practices in the country, which is further driving the adoption of Electric Vehicles in Japan.
Japan has witnessed air pollution as the 8th highest risk factor for rising morbidity in the country. For instance, the air index in Japan in 2022 reached about PM2.5, which is far more than the recommended levels by the World Health Organization. It led to more than 50,000 deaths in Japan in that year, which raised the awareness among the citizens to shift towards more sustainable alternatives including electric vehicles in the country.
What are the Key Segments in the Japan Electric Vehicle Market?
The Japan Electric Vehicle Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
- By Vehicle Type
- Electric Car- Market Size & Forecast 2020- 2030, Thousand Units
- Two Wheelers- Market Size & Forecast 2020- 2030, Thousand Units
- Electric Trucks- Market Size & Forecast 2020- 2030, Thousand Units
- Electric Buses- Market Size & Forecast 2020- 2030, Thousand Units
- By Power Source
- Battery Electric Vehicle (BEV) – Market Size & Forecast 2020- 2030, Thousand Units
- Plug-In Hybrid Electric Vehicle (PHEV) – Market Size & Forecast 2020- 2030, Thousand Units
- Hybrid Electric Vehicle (HEV) – Market Size & Forecast 2020- 2030, Thousand Units
- By Battery Type
- Lithium-Ion Battery- Market Size & Forecast 2020- 2030, Thousand Units
- Lithium Titanate Oxide (LTO) – Market Size & Forecast 2020- 2030, Thousand Units
- Others (Lead Acid Battery, Nickel-Metal Hydride, etc.) – Market Size & Forecast 2020- 2030, Thousand Units
Among these, the Lithium-Ion Battery is the leading segment of this market and accounts for more than 60% of the market share. Japan is one of the largest producers of lithium-ion batteries globally as of 2024.
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How does geographical analysis highlight in the Japan Electric Vehicle market?
By Region
- North
- South
- East
- West
Who are the Key Players in Japan Electric Vehicle Market?
- Toyota Motor Corporation
- Nissan Motor Corporation
- Honda Motor Co., Ltd.
- Mitsubishi Motors Corporation
- BYD Co. Ltd.
- Tesla Inc.
- Mazda Motor Corporation
- Suzuki Motor Corporation
- Mercedes-Benz Group AG
- Daihatsu Motor Co., Ltd.
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Japan Electric Vehicle Market News
- 2024: Nissan Motor Corporation introduced the Ariya NISMO, a high-performance electric SUV, in Japan. This model builds upon the standard Ariya e-4ORCE, offering enhanced speed, comfort, and handling.
- 2024: Mitsubishi Motors Corporation has updated the plug-in hybrid electric vehicle (PHEV) model of the Outlander crossover SUV in Japan. It combines advanced electrification with the brand’s renowned all-wheel-drive technology.
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