Japanese market evolution in Q1-2023 (PC+LUV)
- The Japanese light vehicle market (PC+LUV) fell by 5.6% over the whole 2022 year compared to 2021. However, the monthly figures for this year 2022 highlight a recovery starting in the fall 2022. In the first quarter of 2023, the Japanese market increased by 15.4% compared to the first quarter of 2022.
- Passenger cars saw their sales increase by 16.7% in 2023, while light utility vehicles grew by only 8.9%. We are actually witnessing a sort of catch-up because the years 2021 and 2022 had been particularly poor, posting sales figures recorded in the mid-1970s…
- If the current rhythm of the Japanese market continues, the year should end with a 10% increase in light vehicle sales, representing a volume of 4.6 million units, compared to 4.2 million in 2022 and 4,4 million in 2021. The peak of registrations in Japan took place during the years 1989-1991 when 7 million units were exceeded annually. But that was over 30 years ago. The good news is that the sales increase in Japan in 2023 will be the first since 2018.
- By carmaker, we note that the Toyota brand maintains its first place in its historic market (49% of the market), well ahead of the K-car specialist, Suzuki (13% of the market) and its competitors Honda (12% of the market) and Nissan-Mitsubishi (12% of the market). Mazda and Subaru have fallen to a very low, almost confidential level, since these three brands no longer even manage to represent together 10% of the Japanese market.