Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Taiwan

Taiwan

The revenue in the Plug-in Hybrid Electric Vehicles market in Taiwan is expected to reach US$118.7m in 2024.
It is projected to show an annual growth rate (CAGR 2024-2029) of -5.31%, resulting in a projected market volume of US$90.4m by 2029.
In Taiwan, the unit sales of Plug-in Hybrid Electric Vehicles market are expected to reach 1,818.00vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Taiwan is expected to amount to US$49.9k in 2024.
From an international perspective, it is shown that the most revenue will be generated China, with US$165,600m in 2024.
Taiwan's growing infrastructure and government incentives have led to a surge in the adoption of plug-in hybrid electric vehicles.

Key regions: China, Norway, United Kingdom, Netherlands, France

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles (PHEV) market in Taiwan has been experiencing significant growth in recent years.

Customer preferences: Taiwanese customers have shown a growing interest in PHEVs due to their environmental benefits and cost savings. PHEVs offer a more sustainable transportation option, as they produce lower emissions compared to traditional gasoline-powered vehicles. Additionally, the ability to charge the vehicle at home or at public charging stations provides convenience and reduces the reliance on fossil fuels. The cost savings associated with PHEVs, such as lower fuel consumption and potential tax incentives, also make them an attractive choice for customers in Taiwan.

Trends in the market: One of the key trends in the PHEV market in Taiwan is the increasing availability of models from various automakers. As more manufacturers introduce PHEVs to the market, customers have a wider range of options to choose from, catering to different preferences and needs. This competition among automakers has also led to advancements in technology and features, making PHEVs more appealing to customers. Another trend in the market is the government's efforts to promote the adoption of PHEVs. Taiwan has implemented various policies and incentives to encourage the purchase of PHEVs, such as tax reductions and subsidies. These measures aim to accelerate the transition to a greener transportation system and reduce dependence on imported fossil fuels. The government's commitment to sustainable development has created a supportive environment for the growth of the PHEV market in Taiwan.

Local special circumstances: Taiwan is a densely populated country with limited natural resources. This has prompted the government to prioritize sustainable transportation solutions, including PHEVs. The compact size of Taiwan makes it well-suited for PHEVs, as the range limitations of electric vehicles are less of a concern in a smaller geographical area. Additionally, the high population density and shorter average commuting distances make PHEVs an ideal choice for urban dwellers in Taiwan.

Underlying macroeconomic factors: The growth of the PHEV market in Taiwan is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income for many Taiwanese consumers. With more purchasing power, customers are able to consider PHEVs as a viable option, despite their higher upfront costs compared to traditional vehicles. Additionally, the government's focus on sustainable development aligns with global trends and creates a favorable environment for the growth of the PHEV market in Taiwan. In conclusion, the Plug-in Hybrid Electric Vehicles market in Taiwan is experiencing significant growth due to customer preferences for environmentally friendly and cost-effective transportation options. The availability of a wide range of PHEV models, government incentives, and the country's special circumstances contribute to the positive market trends. The underlying macroeconomic factors, such as steady economic growth and increased disposable income, further support the growth of the PHEV market in Taiwan.

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).