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Taiwan’s car market hits 18-year high in October sales

Reporter Huang-Chi Ho
Release time:2023/11/28 09:35
Last update time:2023/11/28 09:35
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TAIPEI (TVBS News) — In Taiwan's vibrant automotive market, October sales have surpassed 40,000 units, indicating a booming domestic market and an upgrading trend in vehicles. 

The cumulative sales figure for the first ten months of 2023 breached 390,000, a near 18-year high, with expectations to exceed 470,000 vehicles by year-end.

 

The global chip shortage of 2022 has been a significant driver of this prosperity, leading to a demand for deferred orders. 

Car enthusiast Chen Peng-hsu noted, "Throughout the entire pandemic period, especially in 2021 and 2022, the automotive supply chain took a significant hit, leading to disruptions. The current surge in sales can largely be attributed to a backlog of orders that haven't been delivered yet."

The launch of heavyweight models such as Honda's CR-V and Toyota's Yaris Cross by major car manufacturers is expected to further boost sales in the fourth quarter.
 

Taiwan's car market is also evolving, with increasing interest in electric vehicles. Wang Chung-ching, a data analyst from the Taiwan Institute of Economic Research, said, "With the government's ongoing initiatives promoting electric vehicles, more Taiwanese people are now embracing the idea of purchasing electric cars." 

The electric vehicle segment has surpassed 20,000 units in 2023, highlighting the market's growth potential. This trend extends globally, with most European car manufacturers now mass-producing electric vehicles, likely leading to an influx of electric vehicles in Taiwan's imported car market.

However, experts caution that the market may stabilize once deferred orders are fulfilled, with a potential return to normalcy in the coming year.

In 2023, despite supply shortages, the automotive market has maintained strong demand for new cars. As brands increase their supply and more imported vehicles enter Taiwan, automobile brands must adapt their strategies to succeed in the competitive market.

The Taiwan Briefing

Taiwan Business

#Taiwan car market#electric vehicles#automotive sales#chip shortage#car brands Taiwan#vehicle demand Taiwan#imported cars Taiwan#Taiwan electric vehicle market#Taiwan automotive market growth#deferred car orders Taiwan
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