Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Taiwan

Taiwan

The Battery Electric Vehicles market in Taiwan is expected to generate a revenue of US$773.7m in 2024.
This revenue is projected to experience a compound annual growth rate (CAGR 2024-2029) of 6.94%, resulting in a market volume of US$1,082.0m by 2029.
Furthermore, it is anticipated that the unit sales of Battery Electric Vehicles market in Taiwan will reach 22.02k vehicles by 2029.
The volume weighted average price of Battery Electric Vehicles market in Taiwan is expected to be US$49.3k in 2024.
In terms of international comparison, China is projected to generate the highest revenue in the Battery Electric Vehicles market, amounting to US$210,800m in 2024.
Taiwan is emerging as a major player in the Battery Electric Vehicle market due to its strong manufacturing capabilities and government support for clean energy initiatives.

Key regions: United Kingdom, Japan, Netherlands, France, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Battery Electric Vehicles market in Taiwan has been experiencing significant growth in recent years.

Customer preferences: Taiwanese consumers are increasingly showing a preference for Battery Electric Vehicles (BEVs) over traditional gasoline-powered vehicles. This shift in preference can be attributed to several factors. Firstly, there is a growing concern about the environmental impact of gasoline-powered vehicles, particularly in densely populated areas such as Taiwan. BEVs offer a cleaner and more sustainable alternative, as they produce zero tailpipe emissions. Additionally, the rising cost of gasoline and the desire for more cost-effective transportation options have also contributed to the growing popularity of BEVs among consumers in Taiwan.

Trends in the market: One of the key trends in the BEV market in Taiwan is the increasing availability of charging infrastructure. The government has been actively promoting the adoption of BEVs by investing in the development of charging stations across the country. This has helped alleviate one of the major concerns for potential BEV buyers - range anxiety. With a growing network of charging stations, consumers in Taiwan can now easily find a place to recharge their vehicles, making BEVs a more viable option for everyday use. Another trend in the market is the introduction of new and improved BEV models by both domestic and international manufacturers. As technology advances and battery costs continue to decline, automakers are able to offer BEVs with longer ranges and more affordable price tags. This has made BEVs more attractive to a wider range of consumers in Taiwan, who are now able to find a BEV that suits their needs and budget.

Local special circumstances: Taiwan is a relatively small island with limited space for traditional gasoline-powered vehicles. This has led to congestion and pollution issues in major cities such as Taipei. The government has recognized the need for sustainable transportation solutions and has implemented policies to promote the adoption of BEVs. These policies include tax incentives, subsidies, and the establishment of charging infrastructure. As a result, the BEV market in Taiwan has been able to thrive and grow rapidly.

Underlying macroeconomic factors: Taiwan has a strong manufacturing sector, which includes the production of electric vehicle components such as batteries and electric motors. This has created a favorable environment for the development of the BEV market in Taiwan, as local manufacturers are able to supply both domestic and international automakers with the necessary components. Additionally, Taiwan has a highly educated workforce and a culture of innovation, which has helped drive the development of new technologies in the BEV market. In conclusion, the Battery Electric Vehicles market in Taiwan is experiencing significant growth due to changing customer preferences, the availability of charging infrastructure, the introduction of new and improved BEV models, local special circumstances, and underlying macroeconomic factors. With the government's support and the increasing demand for sustainable transportation options, the BEV market in Taiwan is expected to continue to grow in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).