Japan Minivehicle Ownership Rate Logs 1st Drop in 44 Years

Economy

Tokyo, Aug. 19 (Jiji Press)--Japan's minivehicle ownership rate fell at the end of 2019 from a year before, marking the first drop in 44 years, according to industry data.

Consumers' move to replace their cars with smaller ones has apparently come to an end, said an official of the Japan Light Motor Vehicle and Motorcycle Association, which released the data on Monday.

The number of minivehicles on the road in Japan at the end of last year rose 0.7 pct from a year before to 31,216,609 units, according to the association.

But the ownership rate per 100 households fell to 54.40 from 54.41 as the pace of growth in the number of households was higher.

The number of households grew particularly in metropolitan areas, including Tokyo and Osaka, where the ownership rate is relatively low.

[Copyright The Jiji Press, Ltd.]

Jiji Press