Japan Next Generation Vehicle Market: Trends, Size, Growth and Forecast 2022-2027
The latest research study “Japan Next Generation Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds the Japan next generation vehicle market size reached US$ 762 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,682 Million by 2027, exhibiting a growth rate (CAGR) of 14.1% during 2022-2027.
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Industry Definition and Application:
Next generation vehicle stands for environment-friendly automobiles with zero harmful emissions and high fuel performance. In terms of technology, they can be categorized into electric, hybrid, fuel cell, and plug-in hybrid models. These next generation vehicle variants ensure low maintenance, no or less fuel emissions, and reduced running costs as compared to traditional counterparts. Consequently, they are in extensive demand among consumers across Japan.
Japan Next Generation Vehicle Market Trends and Drivers:
The increasing adoption of fuel-efficient vehicles and the growing environmental consciousness toward reducing greenhouse gas (GHG) emissions are primarily driving the Japan next generation vehicle market. Moreover, the launch of favorable policies and financial incentives by government bodies, including tax exemptions, low buying costs, and subsidies aimed at promoting the use of eco-friendly and next-gen automobiles, is also positively influencing the market across the country. Additionally, the escalating practice of replacing conventional fuel-based public transport fleets with cleaner and safer vehicles is acting as another significant growth-inducing factor. Apart from this, the rising focus among key market players on advancing electric mobility with state-of-the-art vehicle safety systems is further catalyzing the market across Japan. Besides this, the introduction of smart technologies, such as telematics devices, advanced driver-assistance systems (ADAS), wireless connectivity, GPS, etc., is expected to augment the Japan next generation vehicle market in the coming years.
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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Vehicle Type:
• Public
• Personal
• Commercial
Breakup by Glass Panel Type:
• Colored
• Transparent
• Opaque
• Others
Breakup by Technology:
• Hybrid
• Electric
• Intelligent Vehicles
• Other
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List of Major Key Players:
The major players in the market are Mitsubishi Motor Corporation, Nissan Motor Corporation, Suzuki Motor Corporation, Honda Motor Co. Ltd., Mazda Motor Corporation, Toyota Motor Corporation and Tesla Inc.
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