Electric Vehicles - Taiwan | Statista Market Forecast

The Electric Vehicles market in Taiwan is projected to reach a revenue of US$892.4m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 5.61%, resulting in a projected market volume of US$1.2bn by 2029.
The unit sales of Electric Vehicles market in Taiwan are expected to reach 23.84k vehicles in 2029.
In 2024, the volume weighted average price of Electric Vehicles market in Taiwan is expected to amount to US$49.4k.
From an international perspective, it is evident that the highest revenue will be generated China, with a projected revenue of US$376bn in 2024.
Taiwan is poised to become a global leader in the electric vehicle market with its strong manufacturing capabilities and government support for clean transportation initiatives.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

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

Customer preferences: One of the key factors driving the growth of the Electric Vehicles market in Taiwan is the increasing concern for the environment and the desire to reduce carbon emissions. Electric vehicles are seen as a more sustainable and eco-friendly alternative to traditional gasoline-powered vehicles. Additionally, the rising fuel prices in Taiwan have also contributed to the growing interest in electric vehicles, as they offer a more cost-effective solution for transportation.

Trends in the market: The Electric Vehicles market in Taiwan has witnessed a surge in demand due to the government's efforts to promote the adoption of electric vehicles. The government has implemented various measures to incentivize the purchase of electric vehicles, such as tax incentives, subsidies, and the establishment of charging infrastructure. These initiatives have made electric vehicles more accessible and affordable for consumers, leading to an increase in sales.

Local special circumstances: Taiwan is a small island with a well-developed public transportation system, which makes it an ideal market for electric vehicles. The relatively short distances between cities and towns make electric vehicles a practical choice for daily commuting. Additionally, the high population density in Taiwan means that there is a large market potential for electric vehicles.

Underlying macroeconomic factors: The Electric Vehicles market in Taiwan is also influenced by macroeconomic factors such as government policies, technological advancements, and the overall economic climate. The Taiwanese government has set ambitious targets for reducing carbon emissions and increasing the share of electric vehicles in the transportation sector. This has created a favorable environment for the growth of the electric vehicle market. Furthermore, advancements in battery technology and the availability of charging infrastructure have made electric vehicles more convenient and reliable for consumers. Lastly, the overall economic stability and disposable income levels in Taiwan have also played a role in the increasing demand for electric vehicles. In conclusion, the Electric Vehicles market in Taiwan is experiencing significant growth due to customer preferences for more sustainable and cost-effective transportation options, government initiatives to promote electric vehicles, local special circumstances such as the well-developed public transportation system, and underlying macroeconomic factors such as government policies, technological advancements, and economic stability.

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).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.