Demand for CVs in Japan continues to decline in Q3 2024
By Will Pulson - 7th January 2025
Japan – The market for commercial vehicles over 2 tons gvw declined by 4% to 92,344 units in the third quarter of 2024 from 96,159 units in the same period of last year, based on data released by the Japan Automobile Manufacturers Association (JAMA).
Japanese economic growth slowed to 0.9% year-on-year in the third quarter from 2.2% in the second quarter, reflecting primarily a decline in capital expenditure and slower export growth. Private consumption growth accelerated by a better-than-expected 0.9% from 0.7% in the previous quarter, reflecting temporary income tax cuts as part of a government stimulus package. Government spending increased by 0.5% after growing by just 0.1% in the second quarter, reflecting measures taken to mitigate the impact of natural disasters.
