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 of YTD sales in the Taiwanese Vehicle Market. In September 2023 it grows for the 8th month in a row after a -18.9% in January, with new sales reaching 37,079 (+3.5%). YTD figures at 350,893 are up 12.8% from the prior year.

Looking at cumulative data up to September 2023 brand-wise, the leader remains Toyota with 91,952 sales (-0.4%), far in front of Lexus -up 5 spots- with just 24,094 sales (+67.3%).

Honda falls 1 spot 3rd with 20,516 sales (+0.7%), followed by Mercedes at 18,182 sales (+7.1%), Ford at 17,405 (-3.9%), Hyundai -up 4 spots- at 16,965 registrations (+46.1%) and Nissan -down 3 spots- in 7th with 16,189 sales (-6.9%).

CMC falls 3 spots into 8th with 14,374 sales (-15.3%), in front of Tesla at 14,342 (-105.3%) and BMW closing the Top 10 with 14,000 sales (+4.8%).

Looking at specific models the Toyota Corolla Cross is the best seller despite a 7.0% loss from the previous year, followed by the Toyota Town Ace up 81.9% and 8 spots in the rankings.

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.

These factors will continue to put downward pressure on sales in the Taiwanese market, that in the first months of 2023 has already shown signs of struggle.

Tables with sales figures

In the tables below we report sales for top 10 Brands.

Considering sales up to June 2023 the Toyota Corolla Cross maintains the market throne, with 24,267  units sold (-6.2%) and 7.9% market share. The Toyota Town Ace -up 9 spots- follows in second, with 11,462 new registrations (+85.3%).

In third place the Toyota RAV4 -down 1 spot– with 11,318 units sold (-1.5%), followed by the Toyota Corolla Atlis with  10,412 sales (-8.3%).

In 5th place ranks the Honda CR-V with 10,308 sales (+8.3%), followed by the Lexus NX with 10,004 registrations (+100.0%) and the CMC Veryca with 9,097 units sold (-14.5%).

The Ford Focus with 9,005 sales falls 1 spot into 8th (+8.9%), in front of the Toyota Yaris with 8,466 registrations (+4.4%), and finally, the MG HS -up 108 spots- closing the top 10 with 7,251 units sold.

Tables with sales figures

In the tables below we report sales for Top 50 models.

This year the Toyota Corolla Cross conquers the market throne, with 39,585 cumulative sales (+71.7%) and 9.5% market share. The Toyota RAV4 gets pushed down into second, with 17,524 new registrations this year (-26.6%).

In third place the Toyota Corolla Altis now has 4.0% share with 16,777 units sold (-15.8%), followed by the CMC Veryca -up 1 spot- with  15,469 sales (+9.3%).

In fifth place ranks the Honda CR-V -down 1 spot- with 14,922 sales (-8.9%), followed by the Nissan Kicks with 12,676 registrations (-7.7%) and the Ford Focus with 12,576 units sold (-3.5%).

The Toyota Yaris with 11,926 sales falls into 8th (-15.7%), in front of the Ford Kuga with 9,949 registrations (-7.6%), and finally, the Toyota Town Ace up 117 spots in 10th with 9,870 units sold.

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend and Outlook

The Taiwanese vehicle market in 2022 totals 415,597 sales, a 4.0% decrease from the prior year. These are the lowest levels of sales since 2015. In December demand grew 5.2%, with 41,188 new registrations .

Looking at cumulative data from 2022 brand-wise, the leader remains Toyota with 123,441 sales (-2.2%), far in front of Honda with just 27,373 sales (-4.1%).

Ford falls 1 spot into 3rd with 24,648 sales (-18.9%), followed by Nissan at 24,137 sales (-13.9%), Mercedes at 23,383 (-16.1%), CMC at 21,819 registrations (-10.1%) and Mitsubishi in 7th with 20,711 sales (+2.1%).

Lexus ranks in 8th with 19,327 sales (-8.1%), in front of BMW at 16,708 (-9.6%) and Hyundai closing the Top 10 with 15,593 sales (+18.7%).

Tables with sales figures

In the tables below we report sales for top 10 Brands.

This year the Toyota Rav4 keeps holding the throne, with 5.3% market share and 23,873 units sold. The Toyota Corolla Cross -up 12 spots- lands in second position with 5.1% share and 23,057 units sold.

In third place the Toyota Corolla Altis -down 1 spot- now has 4.4% share with 19,921 units sold, followed closely by the Honda CR-V with 3.6% share and 16,374 sales.

In fifth place the CMC Veryca with 3.1% share and 14,148 sales, followed by the Toyota Yaris -up 1 spot- with 14,147 (3.1% shares) and the Nissan Kicks -down 4 spots- with 13,734 sales (3.1% share).

At the end of the leaderboard, we have the Ford Focus with 13,036 sales (2.9% share), the Ford Kuga with 10,772 sales (2.4% share), and finally, the Hino rising 2 spots with 10,719 sales (2.4% share).

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend

Brand-wise, this year the leader Toyota (+0.1%) gained 0.3% market share, followed by the rising Ford (+12.1%) -up 4 spots-, which gained 0.8% share. Honda closed the podium and lost  0.5% share, falling 8.3%.  Nissan fell in 4th place and reported a loss of 16.7%, followed by Mercedes which lost 7.7%.

Taiwanese vehicles market (cars+LCVs) in recent years grew up with a series of all-time record and breaking the 400,000 units milestone in 2014. On this road, during 2017 sales hit a new record, the second in a row, with 446,669 units sold (+1.6%).

However, in 2018 the vehicles market decelerated, closing registrations at the lowest volume since 2015, with 432,314 sales (-3.2%) while in 2019 sales were at 435,915.

Full-Year sales for 2020 have been 451,235, reporting an increase of 3.5% compared to 2019.

In 2021 the year started positively for the Taiwanese market, in fact, in Q1 121,575 units have been sold, reporting a 17.1% increase in sales compared to Q1 2020, while in Q2 sales started falling slightly, reporting a 5.2% decrease in sales with 100,234 units.

In Q3 sales kept falling slowly, losing 2.8% sales with 112,345 units, and in Q4 the sharpest drop of the year was recorded, dropping 10.8% with 115,705 units.

Indeed, Full-Year sales for 2021 have been 449,859, reporting a 1.1% decrease compared to 2020.

Tables with sales figures

In the tables below we report sales for top 10 Brands.

This year the Toyota Rav4 takes the throne, with 7.5% market share and 33.371 units sold. The Toyota Corolla -undiscussed leader for 30 years- has finally been overtaken, and now lands in second position with 6.1% share and 27.428 units sold.

In third place the Nissan Kicks -down 1 spot- now has 3.8% share with 16.830 units sold, followed closely by the Honda CR-V -down 1 spot- with 3.7% share and 16.428 sales.

In fifth place the CMC Veryca -down 1 spot- with 3.7% share and 16.388 sales, followed by the Toyota Sienta -up 1 spot- with 13.482 (3% shares) and the Toyota Yaris with 12.620 sales (2.8% share).

At the end of the leaderboard, we have the Ford Focus with 12.074 sales (2.7% share), the Ford Kuga rising 13 spots with 10.702 sales (2.4% share), and finally, the Mitsubishi Fuso rising 26 spots with 9.975 sales (2.2% share).

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend

The Taiwanese car market was able to grow despite the COVID-19 pandemic affecting sales in almost all markets.

Taiwanese vehicles market (cars+LCVs) in recent years grew up with a series of all-time record and breaking the 400.000 units milestone in 2014. On this road, during 2017 sales hit a new record, the second in a row, with 446.669 units sold (+1.6%).

However, in 2018 the vehicles market decelerated, closing registrations at the lowest volume since 2015, with 432.314 sales (-3.2%) while in 2019 sales were at 435.915.

The year started with a very mixed trend, experiencing double-digit drops and growth without a clear trend. The lowest point this year has been May (-11.4%), while February (+39.3%) and August (+43.5%) registered very impressive growth.

Indeed, Full-Year sales for 2020 have been 451.235, reporting an increase of 3.5% compared to 2019.

Brand-wise, this year the leader Toyota (+4.6%) gained 0.2% market share, followed by Mitsubishi (+117.7%) -up 5 spots-, which registered the best performance on the leaderboard and gained 5.2% share. Nissan on the other hand lost  0.5% share, falling 2.4%.  Honda fell in 4th place and reported a loss of 7.4% registering the worst performance on the leaderboard, followed by Mercedes which gained 3.2%.

Ford -up 2 spots- gained 34%, followed by Lexus (+7%)-down 1 spot- and BMW -up 1 spot- which gained 7.5%. Closing the leaderboard we have Mazda gaining 1.8% this year and Volkswagen entering the leaderboard by jumping 1 spot and losing 6.6%.

The most sold vehicle this year remains the Toyota RAV4 (+12.2%) with 33.371 units sold, followed by the Toyota Corolla Altis registering 27.428 new sales this year. The Nissan Kicks (-0.3%) closes the podium and reports 16.830 new units sold.

Tables with sales figures

In the tables below we report sales for top 10 Brands and top 10 Models.

The Taiwanese new vehicles market is dominated by Toyota and the most representative model of the Japanese brand and best-selling model in the World, the Toyota Corolla, is the market leader in the country since 30 years. However, reading the Corolla performance in the last decade, it is clear as the heavy dominion in the market is steady declining, with the market share fallen down from a peak of 11.4% in the 2014 at 6.7% in the 2018, confirmed in the 2019.

While the Corolla is at the lowest share in years, the second model, the Toyota Rav4 is in good shape, while not at the highest peak (reached in the 2016/2017 with 5.4% of share) having ended the 2018 at 4.5%. However, in the 2019 sales have boomed and the Japanese SUV ended at the record share of 7.3%, challenging the leadership until the last months.

Tables with sales figures

In the tables below we report sales for the top 100 Models

Economic Environment

Taiwanese economic growth accelerated in the third quarter, powered by strong private consumption, government spending and a resilient external sector. However, the economy likely lost momentum in Q4. Industrial output fell in October and the manufacturing PMI for November remained in contractionary territory, pointing to weaker business activity.

Moreover, tourism figures dipped in October—likely hit by China’s attempts to curb visits to the island—although remained strong for the year to date. More positively, external trade remains robust, with Taiwan benefiting from trade diversion from China due to the U.S.-China trade war.

 Market Trend

Taiwanese vehicles market in recent years grew up with a series of all-time record and breaking the 400.000 units mileston in 2014. On this road, during the 2017 sales hit the new all-time record, the second in a row, with 446.669 units sold (+1.6%).

However, in 2018 the vehicles market decelerated. After a good start, the year ended with 432.314 sales losing 3.2% from the previous year. Indeed, the market interrupted the positive growth of recent years, closing registrations at the lowest volume since 2015.

In 2019, according to the Taiwan Transportation Vehicle Manufacturing Association, after a negative start (also influenced by the Lunar New Year which fell earlier), the market held a positive trend, considering last year’s performance. Indeed, Total sales have been 438.145, up 1.3%, while December registered 43.430 units.

The historic leader of the Taiwanese market, Toyota, started to recover from the market shares’ drops, registered during the last two years. Indeed, after losing 4.6 points of share, Toyota ended the year with 27.5%, widening the gap from the followers.

Nissan, which has lost over 4 points share in the last decade, has recovered the second position, despite holding just 7.9% of the market. Indeed, Honda registered a sharp decline (-13.4%), holding 7.7% of market share.

Behind, Lexus, Ford, Skoda and Volvo are growing fast, all improving their ranking positions from last year.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models