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.
Market Coverage
Key questions addressed by the report
Japan Electric Vehicle Battery Market Report Segment
By Vehicle Type
By Battery Type
By Propulsion Type
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