According to the Japan Automobile Manufacturers Association (JAMA), auto production in Japan rose 10.2% year-on-year (y-o-y) in November 2013 (latest available), to 846,151 units, bringing output for the first 11 months of 2013 to 9,240,365 units, a decrease of 4.2% y-o-y. Total output for 2013 is likely to miss our current estimate of 10.07mn units and we have therefore downgraded our 2013 production growth estimate slightly to 9.7mn units, a contraction of 2.5%.

BMI Industry View 7

SWOT 9

Political 10

Economic 11

Business Environment 12

Industry Forecast 14

      Table: Japan Autos Total Market - Historical Data And Forecasts 15

Market Overview 20

      Table: Vehicle Production By Company 21

      Table: Vehicle Sales By Company 22

Industry Developments 22

Passenger Vehicles 25

      Table: Japan Passenger Car Market - Historical Data And Forecasts 25

      Table: Passenger Car Production By Company 26

      Table: Passenger Car Sales By Company 26

Commercial Vehicles 28

      Table: Japan Commercial Vehicle Market - Historical Data And Forecasts 29

      Table: CV Production By Company 30

      Table: CV Sales By Company 31

Motorcycles 31

      Table: Japan Motorcycle Market - Historical Data And Forecasts 31

      Table: Motorcycle Production By Brand 35

      Table: Motorcycle Sales By Engine Displacement 35

Suppliers 35

      Table: Ranking Of World Tyre Manufacturers (2012 SALES) 38

Macroeconomic Forecasts 41

Long-Term Benefits To Tourism Largely Uncertain 41

Construction Realities Unlikely To Mimic Stock Gains 42

Costs To Aggravate Risky Fiscal Situation 45

Infrastructure Potentially Underutilised Given Poor Demographics 46

Raising Gaming, Immigration, Education And Nuclear Issues 47

      Table: Japan - Economic Activity 49

Industry Risk Reward Ratings 50

Asia Pacific - Risk/Reward Ratings 50

      Table: Asia Pacific Autos Risk/Reward Ratings 53

Company Profile 54

Company Monitor 54

Toyota Motor 57

Nissan Motor 59

Mitsubishi Motors 61

Regional Overview 62

      Table: Vehicle Sales 2013 (CBUS) 62

Global Industry Overview 67

      Table: Passenger Car Sales November 2013 (CBUs) 67

Europe On Road To Recovery 67

Tax Hike Skews Japan's Outlook; US Hits Sweet 16 69

China Is BRIC Bright Spot 71

Demographic Forecast 74

      Table: Japan's Population By Age Group, 1990-2020 ('000) 75

      Table: Japan's Population By Age Group, 1990-2020 (% of total) 76

      Table: Japan's Key Population Ratios, 1990-2020 77

      Table: Japan's Rural And Urban Population, 1990-2020 77

Methodology 78

Industry Forecasts 78

Sector-Specific Methodology 79

Sources 79

Risk/Reward Ratings Methodology 80

      Table: Automotive Risk/Reward Ratings Indicators And Weighting Of Indicators 81

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