Japan: Passenger Car Market 2024

Passenger Car Market Size in Japan

The Japanese passenger car market shrank modestly to $X in 2021, remaining relatively unchanged against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then fell slightly in the following year.

Passenger Car Production in Japan

In value terms, passenger car production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a slight downturn. The growth pace was the most rapid in 2016 with an increase of 20%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Passenger Car Exports

Exports from Japan

In 2021, approx. X units of passenger cars were exported from Japan; rising by 1.8% against the previous year. In general, exports, however, showed a slight decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 3.6% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports expanded sharply to $X in 2021. Overall, exports, however, saw a mild reduction. The growth pace was the most rapid in 2016 with an increase of 6.8%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car exports from Japan, with a 31% share of total exports. Moreover, passenger car exports to the United States exceeded the volume sent to the second major destination, Australia (X units), fourfold. China (X units) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-1.2% per year) and China (+3.5% per year).

In value terms, the United States ($X) remains the key foreign market for passenger cars exports from Japan, comprising 38% of total exports. The second position in the ranking was held by China ($X), with a 10% share of total exports. It was followed by Australia, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+5.3% per year) and Australia (-0.8% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, surging by 3.8% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 5.3% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Chile ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Japan

In 2021, after two years of decline, there was significant growth in purchases abroad of passenger cars, when their volume increased by 8.8% to X units. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, passenger car imports stood at $X in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 15%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X units) constituted the largest passenger car supplier to Japan, with a 54% share of total imports. Moreover, passenger car imports from Thailand exceeded the figures recorded by the second-largest supplier, Germany (X units), twofold. The third position in this ranking was taken by the UK (X units), with a 25% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand stood at +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.9% per year) and the UK (+17.2% per year).

In value terms, Germany ($X) constituted the largest supplier of passenger cars to Japan, comprising 35% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.1% share of total imports. It was followed by the United States, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+2.5% per year) and the United States (+2.0% per year).

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, surging by 4.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2016 when the average import price increased by 11% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+0.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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