SUVs - Taiwan | Statista Market Forecast

SUVs - Taiwan

Taiwan

Highlights

Revenue in the SUVs market is projected to reach US$3bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.91%, resulting in a projected market volume of US$3bn by 2029.
SUVs market unit sales are expected to reach 78.3k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$38k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Taiwanese customers have shown a strong preference for SUVs due to their versatility, spaciousness, and perceived safety. SUVs offer ample space for families and their belongings, making them ideal for both daily commuting and weekend getaways. Additionally, SUVs are often equipped with advanced safety features, which appeal to safety-conscious Taiwanese consumers.

Trends in the market: One of the key trends in the SUVs market in Taiwan is the increasing demand for electric and hybrid SUVs. As the government continues to promote environmental sustainability and reduce carbon emissions, consumers are becoming more conscious of their environmental impact. Electric and hybrid SUVs offer a greener alternative to traditional gasoline-powered vehicles, making them an attractive choice for eco-conscious consumers. This trend is expected to continue as more automakers introduce electric and hybrid SUV models to the market. Another trend in the SUVs market in Taiwan is the growing popularity of compact SUVs. With limited parking space in urban areas, compact SUVs provide a practical solution for Taiwanese consumers who want the benefits of an SUV without sacrificing maneuverability. Compact SUVs offer a balance between size and functionality, making them suitable for both city driving and outdoor adventures.

Local special circumstances: Taiwan's rugged terrain and unpredictable weather conditions make SUVs a practical choice for many Taiwanese consumers. The mountainous regions in Taiwan require vehicles with good ground clearance and all-wheel drive capabilities, which SUVs can provide. Moreover, Taiwan experiences typhoons and heavy rainfall, which can result in flooded roads. SUVs with higher ground clearance are better equipped to navigate these challenging conditions, giving consumers a sense of security and peace of mind.

Underlying macroeconomic factors: Taiwan's strong economy and rising disposable income levels have also contributed to the growth of the SUVs market. As more Taiwanese consumers have the financial means to purchase vehicles, they are increasingly opting for SUVs due to their perceived value and functionality. Additionally, low interest rates and favorable financing options have made it easier for consumers to afford SUVs, further driving market growth. In conclusion, the SUVs market in Taiwan is experiencing growth due to changing customer preferences, such as the demand for electric and compact SUVs, as well as local special circumstances, such as rugged terrain and unpredictable weather conditions. The country's strong economy and rising disposable income levels have also played a significant role in driving market growth. As these trends and circumstances continue, the SUVs market in Taiwan is expected to thrive in the coming years.

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).