2015 Japanese market (Part 1): Outlook and vehicle tax revision
Demand prior to VAT hike boosted 2014 sales to 5.56 million vehicles
2015/02/10
- Summary
- 2015 sales outlook in Japan: five million units likely to be maintained
- New vehicle sales in 2014 exceeds 5.5 million-unit mark first in eight years
- 2014 sales volume in Japan by brand：Suzuki and Honda posts record-high market shares
- Vehicle tax revisions: government tightens requirements for eco-car tax reduction
Summary
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The 2014 vehicle sales in Japan exceeded the forecast made by the Japan Automobile Manufacturers Association (JAMA) at the beginning of the year, 4,850,000 units, by 700,000 units, up 3.5% year-on-year (y/y). It was the record high in eight years, marking 5,560,000 units. The strong sales were supported by larger-than-expected, last-minute demand before the consumption tax hike in April, 2014, well enough to cover downturn after the last-minute buying and weakened demand after the tax raise. Brisk mini vehicle sales of 2.27 million units, a record high for the second straight year, also contributed to the increase. The 2015 vehicle demand in Japan is expected to decrease due to the rtightened requirements on eco-car tax reduction programs and due to the tax hike. Therefore, related organizations and OEMs forecast y/y declines in sales between 4% and 10%; which means their predictions in total demand are between less than 5 million units and 5.3 million units. This report specifies 2014 vehicle sales and 2015 outlook, as well as the vehicle tax revision in Japan.
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