Registration Report Analysis - 2024 April Taiwan Car Market

車未來 2024-05-02

Market Overview: The car market in April has decreased by 10.3% compared with March. The total registration number this month is 37,038 units, which is 3.1% lower YOY. In this month, All the major brands except Mercedes-Benz and BMW have dropped in various scale compared with last month, and Honda has the most severe drop of 35.1% due to CR-V’s 42.2% drop compared with last month, and it also has 41.2% of drop YoY. The accumulated registration number in the first 4 months of this year is 149,439 units, which is 0.4% lower YOY. As the supply of new cars came back to normal this year, the accumulated orders can be delivered successively among brands. However, the annual registration number this year shouldn’t be too positive according to the situation for the time being.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (32.7%). Mercedes-Benz ranked at 2nd place by 6.6%, and MG ranked at 3rd place by 5.8%, and Hyundai ranked at 4th place by 5.5%, and Nissan ranked at 5th place by 5.0%, and Honda ranked at 6th by 4.7%, and BMW ranked at 7th place by 4.5%, and CMC ranked at 8th place by 4.3%, and Mitsubishi ranked at 9th place by 3.8%. Mercedes-Benz and BMW are the only brands with better result compared with last month, other major brands have dropped. And Honda has the most severe drop of 35.1%.

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

The sales ratio of domestic cars and imported cars is 54.7% vs. 45.3% this month. The sales ratio of the Imported passenger cars had dropped by 10% YOY, and it had significantly decreased by 17.6% compared with last month due to there were less ships arrived, and the influence from the Ukrainian-Russian War and the Israel-Palestine Conflict.

Outstanding models:

There are 6 models that had more than 1,000 units of sales this month… Corolla Cross (2,268 units), Town Ace (1,765 units), HS (1,627 units), RAV4 (1,569 units), Yaris Cross (1,418 units), and n⁷ (1,055 units), and n⁷ had more than 1,000 units for the first time that it’s worthy of attention in the future. In the competition of light duty trucks, Toyota Town Ace still significantly outperformed CMC Veryca (1,765 units vs. 945 units).

BEVs market:

The delivery of BEVs is totaling 1,974 units this month, which is 62.55% lower compared with last month due to the delivery of Tesla had decreased. And Luxgen n⁷ has 1,055 units of delivery that occupies roughly 53.44% of market share. In addition, iX has been delivered for 133 units, EQA has been delivered for 90 units, EQE SUV and i4 have been delivered for 71 units each, XC40 Recharge had been delivered for 63 units, i5 has been delivered for 57 units, Ioniq 5 has been delivered for 50 units, and other brands also have stable deliveries. The BEVs market this month is so interesting as the self-owned Luxgen began the mass delivery of the n⁷, and it has more than 1,000 units of registration that became the 1st. However, Tesla has no ship arrived this month, so it has significantly lower registration volume. The performance of the BEVs market this year is worthy of attention as Luxgen n⁷ joined while brands keep providing various models.