Japan electric vehicle (EV) battery market is anticipated to grow at a significant CAGR of 10.0% during the forecast period (2019-2025). According to the International Energy Agency (IEA), in 2019, Japan held only a 2.5% share in the new global electric car sales. Moreover, a downfall of around 28.0% in EV sales is also witnessed in 2020 in the country. The EV sales have decreased to 31,000 in 2020 from 43,000 in 2019. It is due to COVID-19 lockdowns, high cost compared to IC engines, and lack of government support. Batteries form a key part of EV’s overall cost, therefore, key car manufacturers are adopting different growth strategies such as mergers & acquisitions, partnerships, and collaboration among others to launch lithium-ion battery production facility in the country.
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One of the major partnerships was between Toyota Motor Corp. and Panasonic Corp. In October 2020, both the companies formed a joint venture “Prime Planet Energy” to produce lithium-ion batteries for hybrid cars at a plant in Western Japan by 2022 to meet the expected high demand for EVs in the country. The production line at a Panasonic factory in Tokushima prefecture will have the capacity to produce batteries for around 500,000 vehicles a year. Prime Planet Energy is 51.0% owned by Toyota Motor with Panasonic holding the remaining stake. The venture represents both companies’ drive to become larger global players in an industry that is crucial to the production of affordable EVs.
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Market Coverage
- The market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Battery Type, By Propulsion Type
- Competitive Landscape- Automotive Energy Supply Corp., Hitachi, Ltd., Toshiba Corp., Panasonic Corp., Lithium Energy Japan Corp.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Japan Electric Vehicle Battery Market Report Segment
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Battery Type
- NiMH
- Li-ion
- Others
By Propulsion Type
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
