Japan’s market for CVs in Q2 contracts by more than 15%
By Will Pulson - 8th October 2022
Japan - Japan’s commercial vehicle market over two tons gvw continued to decline in the second quarter of 2022, by more than 15% to 78,064 units from 91,928 units in the same period a year earlier, based on registration data released by the Japan Automobile Manufacturers Association.
The country’s GDP expanded by 2.2% year-on-year in the second quarter after a flat performance in the first quarter, driven by strong consumer spending after the latest Covid restrictions were lifted at the end of the first quarter - including the reopening of the country’s tourism sector. Private consumption surged by 4.6%, despite rising inflation and a weakening yen, driven by strong pent-up demand. Government spending increased in the second quarter while capital expenditure bounced back sharply.
