Market Trends of Japan EV Charging Station Industry
This section covers the major market trends shaping the Japan Electric Vehicle Charging Station Market according to our research experts:
Government Incentive and Regulation boost electric vehicle sale
Surging carbon emission by the transportation sector has propelled the environmental concern across Japan, which is scrutinized by Japan government by encouraging the adoption of electric vehicles, i.e., HEVs, PHEVs, and BEVs. With this, the number of electric vehicles on the road is constantly increasing, which is likely to drive the demand for associated charging infrastructure.
The five largest passenger car market includes China, the United States, Germany, India, and Japan. Along with several other countries across the world, Japan has committed to net zero-emission passenger car sales.
- In December 2020, Japan government introduced a green growth strategy to make Japan carbon neutral by 2050 by promoting electric vehicles, fuel cell electric vehicles, plug-in hybrid vehicles, and hybrid vehicles.
With these implementations, Japan seeks to reduce the emission impact from the transportation sector to achieve the GHG (Green House Gas) reduction goals under the Paris agreement.
The concentration of charging stations in Japan is quite less in comparison to other developed countries, which indicates massive growth potential in coming years. For instance, in 2021, Japan had only 1.7 charging stations per 100 km of roadways, whereas South Korea had around 75.2. In 2020, Japan had a total of 29,855 charging stations (21,916 sallow chargers and 7,939 fast chargers). Although, Japan accounts for the second position in charging technology patents across the world, with more than 1,310 patent filings.
Tokyo Metropolitan Government has formulated the initiative zero-emission Tokyo strategy with a vision to achieve net-zero CO2 emission through vehicles by the end of 2025. Japan is positioned at fifth rank behind China, the United States, India, and Russia accounting for 3.4% of global CO2 emissions. In Tokyo, standalone contributes 5.3% of total Japan Pollution. Increasing CO2 emission is the prominent driving factor for electric vehicles across the globe and in Japan, which would have a subsequent impact on charging stations across the country.
Home charging witnessing major growth for the market
Private charging stations are gradually increased in the past few years as EV owners are inclining toward installing their personnel chargers at home to decrease their dependence on public charging stations.
Various automakers are also providing home charging solutions to their customers, along with electric vehicles, for instance.
In November 2021, Subaru Corp unveiled its first all-electric vehicle (EV), the Solterra, which takes almost 13 hours to fully charge from zero to 100 percent with the residential charger. However, Solterra also gets an 80% charge in under an hour from a Level 3 DC fast charger giving out an estimated range to be greater than 320 km.
In October 2021, Toyota Motor Corporation announced the details of bZ4X, its all-new model BEV (Battery Electric Vehicle). The bZ4X, a medium-segment SUV-type BEV, is the first model in the Toyota bZ series. The model adopts a BEV-dedicated platform jointly developed with Subaru Corporation. With provided home wall mount charger, the car can reach full recharge in 10 hours.
It is a possibility that in the coming years, real estate companies will provide their properties with charging solutions to their customers, as this trend has already been witnessed in some major real estate projects. For instance,
In December 2021, Nomura Real Estate Holdings Inc said that it is constructing a high-rise luxury residential tower in Sagamihara, Kanagawa Prefecture, where every parking spot in the building's three-level basement will have its own electric-car charging point, and the garage will also feature spare chargers for visitors.
Based on the all-aforementioned factors, it is anticipated that the market for home charging stations is likely to grow rapidly during the forecast period.
