Registration Report Analysis - 2024 March Taiwan Car Market

車未來 2024-04-01

Market Overview: The car market in March has significantly increased by 57.3% compared with February. The total registration number this month is 41,313 units, which is 6.4% lower YOY. In this month, All the major brands have growth compared with last month, and Tesla has highest growth of 26587.5% due to the enormous delivery, as there was no ship arrived last month. In addition, brands including Toyota, Honda, Lexus, MG, Hyundai, Mercedes-Benz, Nissan, CMC, and Mitsubishi, have growth in various scale compared with last month, and Honda has the highest growth of 81.3%. The accumulated registration number in the first 3 months of this year is 112,401 units, which is 0.6% higher YOY. Even though the prediction of annual registration number this year might not be positive as last year, but the supply of new cars is stable now that the accumulated orders can be delivered successively.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (30.0%). Honda ranked at 2nd place by 6.6%, and MG ranked at 3rd place by 5.4%, and Tesla ranked at 4th place by 5.2%, and Hyundai ranked at 5th place by 5.1%, and Mercedes-Benz ranked at 6th by 4.8%, and Nissan ranked at 7th place by 4.7%, and CMC ranked at 8th place by 4.6%, and Mitsubishi ranked at 9th place by 3.4%. All major brands had significant growth compared with last month, and Tesla has highest growth of 26587.5%.

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

The sales ratio of domestic cars and imported cars is 50.7% vs. 49.3% this month. Imported passenger cars have 1% less sales ratio YOY, but it had significantly increased by 70.4 % compared with last month due to the supply is back to normal, and the Red Sea crisis has been alleviated, and also the enormous deliveries.

Outstanding models:

There are 9 models that had more than 1,000 units of sales this month… Corolla Cross (2,281 units), Town Ace (1,944 units), HS (1,711 units), RAV4 (1,573 units), Yaris Cross (1,502 units), CR-V (1,460), Model Y (1,337 units), Veryca (1,160 units), and NX (1,079 units). In the competition of light duty trucks, Toyota Town Ace still significantly outperformed CMC Veryca (1,944 units vs. 1,160 units).

BEVs market:

The delivery of BEVs is totaling 3,473 units this month, which is 789.1% higher compared with last month. And Tesla Model Y has 1,337 units of delivery that occupies roughly 25.4% of market share. In addition, Model X has been delivered for 624 units, n⁷ has been delivered for 416 units, Model S has been delivered for 174 units, XC40 Recharge had been delivered for 141 units, iX has been delivered for 89 units, C40 Recharge has been delivered for 57 units, iX1 has been delivered for 54 units, i5 has been delivered for 51 units, Mustang Mach-E has been delivered for 42 units, and other brands also have stable deliveries. Due to Tesla’s enormous delivery, and the self-owned brand Luxgen began the mass delivery of the n⁷, and models of each brand is more diverse now, so the registration volume has significant growth, and the boom of BEV market is worthy of expectation.