Key Market Indicators
**Japanese Commercial Vehicle Registration Expected to Decline by 2028** Japan's commercial vehicle registration is projected to decrease to approximately 322,000 units by 2028, down from around 463,000 units in 2023. This represents a year-on-year compound annual growth rate (CAGR) decline of 5.8%. The Japanese market has been shrinking, with a year-on-year decrease of 12.1% since 2010. In 2023, Japan ranked 12th globally, with Brazil surpassing it by achieving the same figure of 463,000 units. Canada, Mexico, and Argentina secured the second, third, and fourth spots, respectively. **Japanese Commercial Vehicle Production on a Downward Trend** In terms of production, Japan's commercial vehicle output is expected to fall to roughly 563,000 units by 2028, down from about 714,000 units in 2023. This marks an annual CAGR decline of 3.8%. Since 2002, Japanese commercial vehicle production has decreased by 3.3% annually. In 2023, Japan was ranked sixth globally in production, with Thailand surpassing it at the same figure of 714,000 units. The top spots were held by Mexico, China, and Canada, in that order.
