Taiwan 2024. Vehicle Market Minor Setback After Q1

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Taiwanese Vehicles Market slightly down after Q1. Total sales in April reached 37,035 units (-2.7%). Despite this, MG boomed 192.7%, making up 10 spots and ranking in 6th spot.

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 quarters 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 April 2024 brand-wise, the leader remains Toyota with 39,283 sales (-3.0%), far in front of Lexus with just 10,026 sales (-8.3%).

Honda ranks 3rd with 9,289 sales (+5.4%), followed by Mercedes at 8,959 sales (+3.2%), Hyundai -up 2 spots- at 8,475 (+17.9%), MG -up 10 spots- at 8,344 registrations (+192.7%) and CMC -up 2 spots- in 7th with 7,061 sales (+12.3%).

Nissan falls 2 spots into 8th with 6,975 sales (-6.4%), in front of BMW -up 1 spot- at 5,429 (-5.1%), and Tesla -down 2 spots- closing the Top 10 with 5,101 sales (-23.4%).

Looking at specific models the Toyota Corolla Cross is the best seller despite a 19.7% loss from the previous year, followed by the Toyota Town Ace up 18.9%.

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.

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