The Japan next generation vehicle market size reached US$ 881 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,893 Million by 2028, exhibiting a growth rate (CAGR) of 13.6% during 2023-2028.
Next generation vehicles refer to environment-friendly automobiles with high fuel performance and zero harmful emissions, including nitrogen oxides and particulate matter. The four major types include electric, hybrid, plug-in hybrid, and fuel cell. Compared to traditional counterparts, next generation vehicles benefit the users by offering low maintenance, efficient running costs, no/less fuel emissions, etc. As a result, these vehicles are widely adopted for public, personal, and commercial applications.
Japan Next Generation Vehicle Market Trends:
The rising adoption of fuel-efficient vehicles coupled with the increasing environmental consciousness towards reducing greenhouse gas (GHG) emissions is primarily driving the Japan next generartion vehicles market. Furthermore, the introduction of favorable government policies encouraging sustainable development and promoting the use of eco-friendly vehicles is also propelling the product demand in the country. In line with this, the growing number of financial incentives by the Japanese government, including tax exemptions, subsidies, low buying costs, etc., for improving the affordability of next-gen automobiles is acting as a significant growth-inducing factor. Additionally, the Government of Japan (GoJ) is emphasizing on advancing electric mobility with high-end vehicle safety systems to provide environmental sustainability, which, in turn, is offering lucrative growth potential for the regional market. Besides this, the continuous replacement of conventional fuel-based public transport fleets with cleaner and safer public vehicles is also augmenting the product demand in Japan. Moreover, a significant decline in the cost of high-capacity Li-ion batteries, which further leads to the lowering of overall vehicle cost, is positively influencing the regional market for next generation vehicles. Additionally, the introduction of smart vehicle technologies, including telematics devices, wireless connectivity, advanced driver-assistance systems (ADAS), GPS, etc., is expected to drive the Japan next generation vehicle market over the forecasted period.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the Japan next generation vehicle market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on vehicle type, glass panel type and technology.
Breakup by Vehicle Type:
Breakup by Glass Panel Type:
Breakup by Technology:
- Intelligent Vehicles
The competitive landscape of the industry has also been examined with some of the key players being Honda Motor Co. Ltd., Mazda Motor Corporation, Mitsubishi Motor Corporation, Nissan Motor Corporation, Suzuki Motor Corporation, Toyota Motor Corporation and Tesla Inc.
|Base Year of the Analysis
||Vehicle Type, Glass Panel Type, Technology
||Honda Motor Co. Ltd., Mazda Motor Corporation, Mitsubishi Motor Corporation, Nissan Motor Corporation, Suzuki Motor Corporation, Toyota Motor Corporation and Tesla Inc.
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Key Questions Answered in This Report:
- How has the Japan next generation vehicle market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Japan next generation vehicle market?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the glass panel type?
- What is the breakup of the market based on the technology?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Japan next generation vehicle market and who are the key players?
- What is the degree of competition in the industry?