SVP Japan Releases Comprehensive Automotive Market Analysis Report for 2024

SVP Japan's Automotive Market Analysis Report

Introduction
SVP Japan, a member-only market research service based in Chuo, Tokyo, has recently released its significant market analysis report titled "Automotive - Current Status and Future Outlook of the Global Market." This report aims to provide valuable insights specifically for its member companies.

Global Automotive Market Overview

The global automotive market faced substantial downsizing due to COVID-19 and semiconductor shortages. However, entering 2023, the market shows signs of recovery, with projections indicating that new car registrations and sales will reach approximately 95 million units by 2024, nearing the peak levels seen in 2017. Factors contributing to this recovery include ongoing expansion in the Chinese market and the acceleration of electrification, particularly in electric vehicles (EVs).

Despite these positive trends, the beginning of 2024 brings concerns about the temporary slowdown in EV sales in Europe and the United States, attributed primarily to trade policies, such as the tariffs from the previous U.S. administration. This uncertainty challenges long-term growth perspectives. In Japan, issues regarding improper practices by major manufacturers like Toyota and Daihatsu have led to an estimated 8% decline in domestic sales compared to the previous year. Despite these hurdles, medium to long-term expectations remain optimistic, especially with recovering demand from emerging markets. Predictions indicate that vehicle sales could return to record levels by 2026, followed by a gradual growth trend towards 2030.

Market Status and Dynamics

The automotive sector is currently witnessing a transformative phase driven by advancements in electrification and surging demand in emerging markets. Once dominated by traditional manufacturers in Japan, Europe, and the United States, the landscape has evolved to witness a rapid rise of companies from countries like China and India. Chinese manufacturers, in particular, have shown remarkable performance in the EV sector.

Regional differences in electrification strategies are evident; Japan tends to focus on hybrid vehicles as part of a broader electrification strategy, while Europe has seen a more policy-driven approach promoting EV adoption. Nevertheless, the year 2024 is anticipated to encounter a dip in EV sales due to reduced government subsidies and delayed infrastructure development in various countries. In response, companies have been adapting to the changing market environment by strengthening flexible partnerships and alliances. Notable collaborations include joint ventures between Toyota and BYD, as well as the merger between Hino Motors and Mitsubishi Fuso Truck and Bus, both concentrating on electrification and commercial vehicle sectors.

Report Structure

The report comprises the following sections:
1. Definition of the Market
2. Market Trends
3. Market Size and Forecast
4. Market Share
5. Activities of Entrant Companies
6. Industry Structure

Subscription Information

This market research service is exclusively available to SVP members. Interested businesses can join as members to gain access to a regular stream of market research reports. In addition to this specific report, SVP members may utilize quick research and custom project research services focused on business investigations.
For more information on membership, please click here to access our resources or reach out via email.

About SVP Japan

Founded in 1974, SVP Japan aims to make business intelligence accessible to help companies succeed. As a provider of member-only business information services, SVP Japan supports decision-making in major organizations by offering quick research based on public business information and tailored project research. With a global network that spans over 40 countries, SVP Japan is committed to enhancing its governance, expanding its information services, and evolving in line with industry dynamics.