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TSMC’s dominance fuels Taiwan’s luxury car market surge

Reporter Vivian Hsiao
Release time:2024/03/28 17:21
Last update time:2024/03/28 17:21
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TAIPEI (TVBS News) — Taiwan's luxury car sales have surged amid reports of the island's booming private wealth. According to the 2023 Global Wealth Report by Allianz, the growth of Taiwan's semiconductor industry has partly driven the increase in wealthy citizens. 

Labeled as the "fifth-richest country in the world," Taiwan is showcasing its spending power on luxury items, including supercars. Ferrari, in particular, has experienced significant sales growth, with CEO Benedetto Vigna noting that Taiwan has outpaced China and Hong Kong due to the number of entrepreneurs linked to the thriving chip industry.

 

Car enthusiast and social media personality Andy observed, "As the market gradually stabilized post-pandemic, businesses manufacturing automotive parts, such as chips, electric vehicle parts, and accessories, have seen improvement." He added, "Those who are financially comfortable think, 'I can afford it, I'll indulge my hobbies (cars).'"

Taiwan Semiconductor Manufacturing Company (TSMC), the island's leading semiconductor business, now holds over 60% of the global foundry market share. In the fourth quarter of 2023, 3nm technology contributed 15% to TSMC's revenue share. This year, with the increasing adoption of 3nm by major customers, its revenue share is expected to surpass 20%, becoming the second-largest revenue contributor after 5nm.

Experts predict that semiconductor stocks will continue to rise due to the high demand for chips in the AI era. However, they caution investors to differentiate between overvalued stocks and those likely to hold their value. Following market trends blindly could result in undesirable stock market positions.
 
 

Taiwan Business

The Taiwan Briefing

#Taiwan luxury car sales#semiconductor industry#Ferrari sales Taiwan#TSMC market share#Global Wealth Report#AI era chips#Taiwan wealthy citizens#luxury item spending#3nm technology adoption#stock market trends
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