As with new inventions and development, the countries also get into competition mode to show their niche and follow the current trends circulating the world market. The current and also future trends are with electric vehicles and plug-in hybrid vehicles. But how far are they?
As compared to its western society counterpart, the Japanese Government also launched incentive schemes and quickly placed a greater number of charging infrastructure to have a competitive edge, but still, the market is considered to be fluctuating.
As compared to the Chinese and Taiwanese markets, the total revenues generated by the Japanese hybrid & electric vehicle markets is $29,835.3 million in 2016. However, the market volume is expected to rise to 1,499,433.0 units by the end of 2021.
In 2016, the Hybrid vehicle is sold with a total sale of 1,102,730.0 units and a total number of 11, 849.0 units were sold in the case of electric vehicles. In Japan, Hybrid cars are considered to be more beneficial, during an electric blackout in the country, by using auxiliary AC plugs can be used as a power source.
The market revenue to be generated by Japan by the end of 2021 is expected to be $ 43,488.8 million. It is also forecasted that by 2030, the market will grow from 50 to 70% by using Japan’s Revitalization Strategy. One of the most important benefits is surviving the low miles as the average commuters on daily travel use only 6.8 miles.
In my opinion, every country has its ways and agenda to follow the trend. The large infrastructure of charging shows a positive attitude towards electric vehicles and hybrid vehicles but the fluctuation also shows the demand among the consumer has not touched its peak.
The buyer or consumer market is somehow reluctant to the new ways of mobility but maybe with new incentives and schemes, the gap can be bridged and the market will flow more steadily rather than being stagnated and crushed under the imbalance of less demand.
Source:- MARKETLINE; Statista (Hybrid & Electric Cars in Japan)