Japan Targets 20 Pct Share in Global Battery Market

Politics

Tokyo, April 22 (Jiji Press)--Japan aims to secure a 20 pct share in the global market for rechargeable lithium-ion batteries in 2030, the industry ministry said Friday.

The ministry said it aims to increase Japanese companies' global lithium-ion battery production capacity by some 10 times to 600 gigawatt-hours in 2030.

The plan was included in an interim report on the country's strategy to boost battery output. The ministry plans to finalize the strategy in summer this year and consider necessary financial support.

Rechargeable batteries are used to power electric vehicles and store electricity generated by renewable sources and are considered a key for carbon reductions.

Japan was the largest producer of automotive lithium-ion batteries with a global market share of 40 pct in 2015. But its share fell to 20 pct in 2020, overtaken by China and South Korea.

[Copyright The Jiji Press, Ltd.]

Jiji Press