Passenger Cars - Taiwan | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$9.3bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.89%, resulting in a projected market volume of US$9.8bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$2.8bn in 2024.
Passenger Cars market unit sales are expected to reach 325.70k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$30.22k in 2024.
With a vehicle unit sales share of 26.8% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 26.2% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Taiwan has been experiencing significant growth in recent years. Customer preferences have shifted towards more fuel-efficient and environmentally friendly vehicles, leading to an increase in the demand for electric and hybrid cars. Additionally, the government has implemented policies and incentives to promote the adoption of electric vehicles, further driving the growth of this market.

Customer preferences: In Taiwan, customers are increasingly concerned about the environmental impact of their vehicles and are opting for more fuel-efficient and eco-friendly options. As a result, there has been a surge in the demand for electric and hybrid cars. These vehicles offer lower emissions and reduced fuel consumption, making them a popular choice among environmentally conscious consumers. Additionally, customers are also looking for vehicles with advanced safety features and innovative technologies, such as autonomous driving capabilities and smart connectivity.

Trends in the market: One of the key trends in the Passenger Cars market in Taiwan is the growing popularity of electric and hybrid vehicles. The government has implemented various incentives, including tax breaks and subsidies, to encourage the adoption of these vehicles. This has led to an increase in the number of electric and hybrid models available in the market and has made them more affordable for consumers. As a result, sales of electric and hybrid cars have been steadily rising. Another trend in the market is the increasing demand for compact and subcompact cars. These vehicles are popular among urban dwellers due to their smaller size, which makes them easier to maneuver and park in crowded cities. Additionally, compact and subcompact cars are generally more fuel-efficient, making them a cost-effective choice for consumers. This trend is driven by the growing urbanization in Taiwan and the need for practical and efficient transportation solutions.

Local special circumstances: Taiwan is a densely populated country with limited space for parking and infrastructure. This has led to a preference for smaller and more compact vehicles among consumers. Additionally, the high population density in cities has resulted in heavy traffic congestion, leading to an increased demand for vehicles that can navigate through narrow streets and crowded roads. As a result, compact and subcompact cars have gained popularity in Taiwan.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Taiwan is also influenced by underlying macroeconomic factors. The country has a strong economy and a high level of disposable income among its population. This has led to an increase in consumer spending on vehicles, particularly in the premium segment. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase cars, further driving the growth of the market. The government's focus on promoting sustainable transportation and reducing carbon emissions has also played a significant role in shaping customer preferences and driving the demand for electric and hybrid vehicles.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.