Japan Electric Vehicle Battery Market

Electric vehicle battery is also called rechargeable battery in the automobile industry and is implemented with the aim to reduce carbon emission and ensure sustainability due to which they have gained massive popularity. The battery consists of hundreds of small, individual cells arranged in a series or parallel configuration to achieve the desired voltage and capacity in the final pack. The battery cell holds electrodes (anode and cathode) and electrolyte to produce electric current using chemical reaction and store that energy to drive the electric vehicle. Various types of batteries are used in an electric vehicle such as lithium-ion, lead-acid, and nickel-metal based battery. The lithium-ion battery is widely accepted in the electric vehicle due to its unique characteristics such as fast charging, long lifespan, lightweight, etc.

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The automotive industry is considered as one of the core industrial sectors in the economy of Japan. The rising investments by the Japanese government for the designing and production of electric vehicles and favourable government incentives such as tax cuts, purchase grants and exemptions from license and registration fees are the key factors boosting the growth of electric vehicles which further leads to a growth in the electric vehicle battery market in the country. The growing environmental concerns owing to the increase in the carbon emissions from conventional vehicles and continuous developments in engineering and technology is leading to an increase in demand for electric vehicles, which further leads to growth of the electric vehicle battery market in Japan. In addition, continuous government support in the policymaking spurred the growth of the market share of electric vehicles, which led to an increase in the demand for electric vehicle battery. In addition, the government of Japan signed the Paris agreement in 2015, which aims to reduce the emissions from the vehicles by around 80 percent by the year 2050 will lead to an increase in the production and deployment of the electric vehicles which will bolster the market growth of electric vehicle battery during the forecast period.

The availability of proper charging infrastructure for the electric vehicles is leading to the increase in the adoption of electric vehicles among the customers leading to a surge in demand for electric vehicle battery in the market across the country. Moreover, for the enhancement in the performance of the battery, the government in Japan supports various projects for R&D of the next generation battery hence promoting the innovation and ecosystem of the battery industry. The government is also offering subsidies to accelerate the private-sector development of batteries and motors for the electric vehicles, which helps the automakers to secure the stable supplies of rare metals, which are the important materials of the batteries.

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On the basis of battery type, the lithium-ion battery is anticipated to lead the market during the forecast period due to its increased adoption among electric battery vehicle manufacturers. The various features of lithium-ion battery includes lightweight, high energy density, eco-friendly nature and requirement of less space.

Based on propulsion type, the battery electric vehicle is expected to grow at a higher rate during the forecast period owing to the increased adoption of battery electric vehicles among the consumers. The battery electric vehicle is a type of vehicle that runs exclusively on electricity through onboard batteries, which are charged by plugging the vehicles into an outlet or a charging station.

On the basis of vehicle type, electric car sales are increasing in the country owing to the growing demand among the customers for the energy-efficient and emission-free vehicles. The rising government subsidies for the adoption of electric vehicles are also fuelling the growth of this segment leading to the growth of the electric vehicle battery in Japan.

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Various notable players operating in the Japan electric vehicle battery market include Automotive Energy Supply Corporation (AESC), Hitachi Vehicle Energy Ltd., GS Yuasa International Ltd., Panasonic Corporation, Mitsubishi Motors Corporation, DENSO Corporation, Toshiba Corporation, Contemporary Amperex Technology Co. Limited, BYD Company Limited, and Sanyo Electric Co. Ltd. among others.

Key Market Developments:

• • In 2019, Panasonic Corporation and Toyota Corporation announced the plan for the joint venture between the companies for the development of electric vehicle batteries.
  • In 2019, BYD Company Limited and Toyota Motor Corporation entered into an agreement for the establishment of a joint company for performing research and development for battery electric vehicles. The established company deals in the development and designing of battery electric vehicles and related parts.

The Japan electric vehicle battery market has been segmented on the basis of battery type, propulsion type, and vehicle type. On the basis of battery type, the market is segmented into lead acid battery, lithium-ion battery, nickel-metal hydride battery and solid state battery. Based on propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. The vehicle type market is segmented into two-wheelers, three-wheelers, electric cars and electric buses & trucks.

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Key questions answered in this research report:

• • At what pace is the Japan electric vehicle battery market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the Japan electric vehicle battery market? What will be the impact of drivers and restraints in the future?
  • What are the various battery types in the Japan electric vehicle battery market, and how they are poised to grow?

Market Segmentation:

Japan Electric Vehicle Battery Market by Battery Type

• • Lead Acid Battery
  • Lithium-Ion Battery
  • Nickel-Metal Hydride Battery
  • Solid State Battery

Japan Electric Vehicle Battery Market by Propulsion Type

• • Battery Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Hybrid Electric Vehicle

Japan Electric Vehicle Battery Market by Vehicle Type

• • Two-Wheelers
  • Three-Wheelers
  • Electric Cars
  • Electric Buses & Trucks

Leading market players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Automotive Energy Supply Corporation (AESC)
  • Hitachi Vehicle Energy Ltd.
  • GS Yuasa International Ltd.
  • Panasonic Corporation
  • Mitsubishi Motors Corporation
  • DENSO Corporation
  • Toshiba Corporation
  • Contemporary Amperex Technology Co. Limited
  • BYD Company Limited
  • Sanyo Electric Co. Ltd