Japan Electric Vehicle (EV) Charging Station Infrastructure Market Highlights 2020-2029
The Japan electric vehicle (EV) charging station infrastructure market is projected to exhibit a significant CAGR during the forecast period, i.e., 2021-2029. The market is projected to grow on account of the favorable initiatives of the government to promote the adoption of EVs in the nation, and therefore the need to develop a charging infrastructure in the region. Recently, the governor of Tokyo emphasized on the future of the automobile industry in Japan by targeting an end to the sales of new gasoline cars in the capital by the end of 2030 and moving ahead towards zero emission vehicles. The initiatives laid out by the government would be in terms of support funds for infrastructural development and for buying electric cars. Such a factor is anticipated to drive the growth of the market in the coming years. Additionally, presence of several large vehicle manufacturers in the region, who are also known to be global exporters, along with the growing exports of vehicles in the nation, which grew by around 15% between 2017 and 2018, are some of the additional factors projected to contribute to the market growth.
The market is segmented by type of charger into slow, fast, and ultra-fast. Among these segments, the fast charger segment is projected to hold the largest market share by the end of 2021. The growth of the segment can be attributed to the growing need amongst vehicle owners to quickly charge their vehicles, along with the increasing availability of fast chargers in the nation. Moreover, the CHAdeMO Association in Japan recently made advancements in the CHAdeMO charging port to promote fast charging, which is also anticipated to contribute to the growth of the segment in the coming years.
The market is also segmented by application into commercial and residential, out of which, the commercial segment is anticipated to hold the largest market share by the end of 2029. Growing deployment of fast chargers in parking lots, and other public places, along with the growing investments by the government of the nation to promote infrastructural development for EVs are some of the significant factors anticipated to contribute to the growth of the segment.
Our in-depth analysis of the Japan electric vehicle (EV) charging station infrastructure market includes the following segments:
By Type of Charger
- Growing Favorable Initiatives of the Government that Supports Infrastructural Development for EVs to Drive the Market Growth
- Growing Exports of Vehicles in the Nation to Create Opportunities for Market Growth
- High Cost of EV Charging Stations
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