With lazy initialization you crate instance only when its needed and not when the class is loaded. So you escape the unnecessary object creation. That being said there are other things to consider too.
In lazy initialization you give a public API to get the instance. In multi-threaded environment it poses challenges to avoid unnecessary object creation. you put synchronization blocks which poses unnecessary locking to be done to check for object already created. So it becomes a performance issue in this case.
So if you are sure that creating you object is not going to take any significant memory and its almost always going to be used in your application then its good to create in static initialization. Also please do not forget to make your instance final in this case as it make sures that the object creation is reflected properly and in totality to main memory which is important in multi-threaded environment.
Please refer this tutorial from IBM on Singleton+ Lazy Loading+ Multithreaded Environment case
===============Edit on 09/09/2018====================
You should also look at object creation on demand pattern here.