Japan electric vehicle battery market is estimated to grow at a CAGR of more than 10.0% during the forecast period. The declining price of lithium-ion batteries, rapidly increasing adoption of electric vehicles, and the increasing focus on the development of renewable energy sector are the key factors to make a considerable contribution towards the growth of the electric vehicle battery market in the country. Japan is one of the members of the EV30@30 Campaign that aims to accelerate the deployment of electric vehicles. In 2018, the country has set a target of 15-20% electric vehicle sales in Passenger Light-duty Vehicles (PLDVs) by 2020 and 20-30% by 2030 which is further supporting the deployment of electric vehicles in the country.
A full report of Japan Electric Vehicle Battery Market is available at: https://www.omrglobal.com/industry-reports/japan-electric-vehicle-battery-market
The market is segmented on the basis of battery type, vehicle type, and propulsion technology. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period.
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Some of the major companies which are contributing to the growth of Japan electric vehicles battery market include Automotive Energy Supply Corp., Hitachi, Ltd., Lithium Energy Japan Corp., Panasonic Corp., Toshiba Corp, and others. The market players are considerably contributing to the market growth by the adoption of various growth strategies such as new product innovations, mergers & acquisitions, joint ventures and so on stay competitive in the market. For instance, Toyota Motor and Panasonic Corp. are planning to set up a joint venture in 2020 to manufacture EV batteries with the aim to bring down production costs through higher volume production of the batteries.
Japan Electric Vehicle Battery Market- Segmentation
By Battery Type
- NiMH
- Li-Ion
- Others
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
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