Registration Report Analysis - 2023 November Taiwan Car Market

車未來 2023-12-01

Market Overview: The car market in November has increased by 7.5% compared with October, and the total registration number this month is 43,566 units, which is 9.8% higher YOY and performing well. The accumulated registration number in the first 11 months this year is 433,826 units, which is 11.8% higher YOY. The registration numbers of the main products of the leader – Hotai Motor are performing well, especially the Yaris Cross that went on sale for about 2 months had delivered 1,662 units that made the registration number of Toyota increased by 18.9% compared with October, and accounts for 30.7% of market share. Most major brands had growth in various scale this month, especially Mercedes-Benz that had increased by 17.5% due to batches of GLCs arrival. Hyundai had the most significant drop among major brands, which is 17.5% lower compared with October, but it’s 6.7% higher YOY. The main reason is the drop of Custin’s registration number, it had dropped by 17.3% compared with October, but it’s 108.1% higher YOY. In the foundation of the continuously stably recovering, the annual car market could be 480,000 units, just the same as the prediction in October.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (35.6%), and CMC/Mitsubishi/MG ranked at 2nd place by 12.4%, and Honda ranked at 3rd place by 7.1%, and Mercedes-Benz ranked at 4th place by 5.7%, and Nissan ranked at 5th place by 4.7%, and Hyundai ranked at 6th place by 3.9%, Ford ranked at 7th place by 3.1%. Most major brands had growth compared with October, but Honda, Nissan, Hyundai, and Mitsubishi had dropped, and Hyundai had dropped by 17.5% that is the most severe.

Comparison between domestic cars and imported cars (excluding heavy duty trucks):

The sales ratio of domestic cars and imported cars is 55.8% vs. 44.2% this month. Both domestic and imported passenger cars have better sales ratio YOY and compared with October, and the domestic passenger cars had 11.9% of growth YOY, and the imported passenger cars had 9.7% of growth YOY that represents the supply of new cars is much more stable. Either domestic cars or imported cars had already been recovered from the pandemic, which made the accumulated registration number in the first 11 months of this year increased by 11.9% YOY. However, it seems that the sales ratio of domestic cars and imported cars in the final month shouldn’t be changed much, as it depends on the actual supply.

 

Outstanding models:

There are 9 models that had more than 1,000 units of sales this month… Corolla Cross (3,621 units), RAV4 (2,102 units), CR-V (2,014 units), Town Ace (1,850 units), Yaris Cross (1,662 units), Corolla Altis (1,339 units), Veryca (1,270 units), GLC (1,220 units), and HS (1,157 units). In the competition of light duty trucks, Toyota Town Ace still outperformed the CMC Veryca this month (1,850 units vs. 1,270 units). Town Ace van accounts for 32.7% of the total sales, and that of Veryca is about 40.7%, that both Town Ace and Veryca van had lower ratio compared with last month.

BEVs market:

The delivery of BEVs is totaling 2,077 units this month, which is about 17.1% higher compared with last month due to stable deliveries, and diverse models went on sale. And Model Y has been delivered 793 units that occupies 38.2% of market share. In addition, iX1 has been delivered for 245 units, XC40 Recharge has been delivered for 129 units, EQE has been delivered for 94 units, iX has been delivered for 80 units, C40 Recharge has been delivered for 77 units, Ioniq 5 has been delivered for 71 units, EV6 has been delivered for 67 units, Mustang Mach-E has been delivered for 65 units, EQE SUV has been delivered for 56 units, E-Veryca has been delivered for 53 units. Currently, there are more and more brands began to sell BEVs in Taiwan, plus the self-owned brand Luxgen’s n⁷ is scheduled to begin delivery in 2024, the progress of electrification is worthy of expectation.