Taiwanese Vehicles Market still growing significantly. Total sales in January reach 44,923 units (26.6%). MG booms 231.1%, making up 6 spots and ranking into 7th position.
Market Trend and Outlook
The National Development Council (NDC) stated on the 16th of October that its most recent forecasts show Taiwan’s gross domestic product (GDP) growing by about 1.5 percent in 2023 amid improvements for the export-oriented manufacturing sector. This forecast is consistent with data from the second and third quarter of 2023, showing that the economy grew 1.7% and 2.1% respectively.
Interestingly enough the rebound reported in Q2, following two consecutive quarters of GDP contraction, was driven by private consumption , which increased 12.1% (y/y). This figure is consistent with the year-on-year growth in the Taiwanese Vehicle Market, which in 2023 closed with 478,137 sales with an 11.4%. This continuous trend can be also noticed throughout January 2024, which reached 44,923 new sales, while increasing by 26.6% continuing a 12 month positive string.
Looking at cumulative data up to January 2024 brand-wise, the leader remains Toyota with 12,280 sales (+3.5%), far in front of Honda -up 4 spots- with just 3,325 sales (+95.7%).
Mercedes loses 1 spot and ranks into 3rd with 3,225 sales (+28.5%), followed by Lexus -up 3 spots- at 3,077 sales (+87.2%), Hyundai -up 3 spots- at 2,736 (+68.9%), CMC -up 3 spots- at 2,378 registrations (+55.8%) and MG -up 6 spots- in 7th with 2,278 sales (+231.1%).
Nissan falls 5 spots into 8th with 2,012 sales (+2.4%), in front of BMW -down 5 spots- at 1,727 (-7.7%) and Ford -down 5 spots- closing the Top 10 with 1,580 sales (-11.6%).
Looking at specific models the Toyota Corolla Cross is the best seller despite a 1.0% loss from the previous year, followed by the Toyota Town Ace up 2 spots and 26.7%.
Medium-Term Market Trend
The Taiwanese market has presented an overall growth in recent years, rising from 327,615 sales in 2010 to 438,145 in 2019. Despite the overall increase in demand between 2010 and 2019 , there have been some minor losses: -1.6% in 2012, -0.5% in 2015 and -3.0% in 2018.
In 2020 the Taiwanese Government was able to contain the Covid-19 virus through effective quarantines and avoid extreme measures like the lockdown. Mainly for these reasons the light vehicles market reached the current all-time high of 454,783 sales (+3.8).
Demand for light vehicles fell 1.1% in 2021 and in 2022 dropped even further (-4.0%). A combination of factors were behind the industry struggle: a disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips, and the Governments push towards Evs. Despite these complications, the Taiwanese vehicle market in 2023 closed with 478,137 sales with an 11.4% increase compared to last year
Tables with sales figures
In the tables below we report sales for top 10 Brands.
