Medium Cars - Taiwan

Taiwan

Highlights

Revenue in the Medium Cars market is projected to reach US$909m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.98%, resulting in a projected market volume of US$954m by 2029.
Medium Cars market unit sales are expected to reach 35.3k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$27k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Taiwan has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Taiwan, customers have shown a growing preference for medium cars due to their combination of affordability, fuel efficiency, and practicality. Medium cars offer a balance between compact cars and larger sedans, making them suitable for both urban and suburban driving. Additionally, Taiwanese customers appreciate the spaciousness and comfort that medium cars provide, especially for families or those who frequently travel with passengers.

Trends in the market: One of the key trends in the Medium Cars market in Taiwan is the increasing demand for electric and hybrid vehicles. As the government and consumers become more conscious of environmental issues, there has been a significant shift towards greener and more sustainable transportation options. Medium cars with electric or hybrid engines offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally-conscious customers. This trend is expected to continue as the government implements policies to promote the adoption of electric vehicles and as more charging infrastructure becomes available. Another trend in the market is the integration of advanced technology and connectivity features in medium cars. Taiwanese customers are increasingly seeking vehicles that offer a seamless integration of their smartphones and other devices. Features such as Bluetooth connectivity, touchscreen infotainment systems, and advanced driver assistance systems are becoming standard in medium cars. This trend is driven by the desire for convenience, safety, and entertainment while on the road.

Local special circumstances: Taiwan's unique geography and transportation infrastructure contribute to the popularity of medium cars in the market. The island's mountainous terrain and narrow roads make smaller, more maneuverable vehicles like medium cars a practical choice for many Taiwanese drivers. Additionally, the availability of parking spaces and the cost of fuel also play a role in the preference for medium cars. The compact size of medium cars makes them easier to park in crowded urban areas, while their fuel efficiency helps to mitigate the high fuel prices in Taiwan.

Underlying macroeconomic factors: Taiwan's strong economy and rising disposable income levels have also contributed to the growth of the Medium Cars market. As the economy has grown, more Taiwanese consumers have been able to afford medium cars, driving up demand in the market. Additionally, favorable financing options and low interest rates have made it easier for consumers to purchase medium cars. The stable economic conditions in Taiwan have provided a conducive environment for the growth of the Medium Cars market. In conclusion, the Medium Cars market in Taiwan is experiencing growth due to changing customer preferences towards more fuel-efficient and technologically advanced vehicles. The local special circumstances, such as the geography and transportation infrastructure of Taiwan, also contribute to the popularity of medium cars. Furthermore, the underlying macroeconomic factors, including Taiwan's strong economy and rising disposable income levels, support the growth of the market.

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).