The ‘Japan Electric Vehicle Motor Market Share, Size, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Japan electric vehicle motor market, assessing the market on the basis of its segments like type, vehicle type, and application.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Japan Electric Vehicle Motor Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 21.1%
The rapidly growing market for electric vehicles is driving the demand for high quality electric vehicle motors that can support the electric vehicles and their extended usage. The increasing awareness pertaining to rising pollution levels is significantly contributing towards the transition to plugin electric vehicles and battery electric vehicles from vehicles with conventional internal combustion engines, driving the growth of the Japan electric vehicle motor market. Furthermore, the increasing fuel prices in Japan are also increasing the adoption of electric vehicles.
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Moreover, rapid industrial growth, increasing working population, and rising health concerns across the country are expected to strengthen the demand for electric vehicles and electric vehicle motors in Japan. The growing number of buses and cars, among other vehicles, owing to increasing population and thriving transportation sector have contributed towards increased application of electric vehicles to curb pollution levels, which in turn is contributing towards increased adoption of electric vehicle motors.
Japanese government’s continued efforts to reduce greenhouse emissions and carbon footprint of the country, with the introduction of several policies are expected to escalate the sales of electric vehicles in the forecast period, further leading to the growth of the Japan electric vehicle motor market. As the awareness among the population regarding the advantages of electric vehicles increases, they are more likely to invest in such vehicles, which in turn will positively impact the market growth of electric vehicle motors.
Japan Electric Vehicle Motor Industry Definition and Major Segments
Vehicles that run on electricity are known as electric vehicles; these vehicles operate with the help of electric motors that are powered by battery energy. The electric vehicle motors are available in both AC and DC types and are charged with the aid of a hydrogen fuel cell or via a power cable.
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On the basis of type, the market is segmented into:
• AC Motor
• DC Motor
Based on vehicle type, the market is divided into:
• Battery Electric Vehicle
• Plugin Electric Vehicle
On the basis of application, the market is classified into:
• Passenger Cars
• Commercial Vehicles
Japan Electric Vehicle Motor Market Trends
The key trends in the Japan electric vehicle motor market include the increasing research and development activities in the automotive industry with the aim of reviving and relaunching improved versions of electric battery vehicles. These developments are expected to have a significant impact on the growth of the electric vehicle motor market in Japan.
Moreover, inflating per capita income levels, growing brand awareness, strengthening automotive infrastructure and increasing working population in Japan are anticipated to have a positive impact on the Japan electric vehicle motor market growth. Rising disposable incomes have resulted in more investments in electric vehicles by the general population of Japan to make their commute easier and hassle free. Increased spending by customers is also supporting the logistics and delivery sector, which is rapidly adopting electric vehicles for transportation as these vehicles offer cost savings and energy savings and are environment friendly alternatives.
The increasing popularity and growing knowledge regarding the benefits of electric vehicles has resulted in more people opting for these vehicles over ones with conventional engine systems. Growing usage in commercial vehicles is expected to contribute towards the growth of the electric vehicle motor market in Japan.
Key Market Players
The major players in the Japan electric vehicle motor market report are Wolong Holding Group Co.,Ltd., Johnson Electric Holdings Limited, DENSO Corporation, ABB Ltd, Mitsubishi Electric Corporation, and Robert Bosch GmbH, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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