Registration Report Analysis - 2024 October Taiwan Car Market

車未來 2024-11-01

Market Overview: In October, the overall market was affected by two typhoons, which reduced the number of working days available for new car sales and registrations. The total market volume reached 33,231 units, marking a 9% decline from September and an 18% drop compared to October last year. Among the major brands, half saw growth while the other half declined, with Ford achieving the highest growth at 28.3%, mainly due to the release and delivery start of the facelifted Kuga. As of the end of October, the cumulative annual registration count reached 377,347 units, reflecting a 3.3% decline from last year. With five-sixths of the year now complete, most brands have delivered their backlog of orders and are now looking forward to new orders for 2025. Both domestic and imported brands are updating the model year equipment of key models, leading consumers to either wait for new models or anticipate discounts on older models. For the full-year registration numbers, our initial prediction that this year’s total market could remain close to last year’s is now uncertain due to the effects of typhoons, shipping delays, and other factors, which may result in a year-over-year decline.

Market share of brands:

In terms of market share this month, Toyota/Lexus continued to lead with 38.7%, followed by Mercedes-Benz at 5.8%, Honda at 5.1%, Hyundai at 4.6%, CMC at 4.5%, BMW at 4.0%, Nissan at 3.9%, Mazda at 3.8%, and Ford at 3.6%. Growth and decline were mixed among major brands this month, with BMW experiencing the largest decline of 30.3%.

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

The sales ratio of domestic to imported cars this month was 52.7% vs. 47.3%. Sales of imported passenger vehicles decreased significantly by 15.9% compared to the same period last year and dropped by 11.9% from last month, mainly due to delays in shipping schedules caused by typhoons. Additionally, the arrival of new model year vehicles requires customs clearance, inspection, and transport, reducing the volume of deliveries. For example, deliveries of BMW’s 2 Series and X2 models were only around 15% of last month’s volume.

Outstanding models:

This month, only four models exceeded 1,000 units in sales: Corolla Cross with 3,476 units, Town Ace with 2,034 units, RAV4 with 1,597 units, and Yaris Cross with 1,285 units. The facelifted Corolla Cross grew significantly by 78.3% compared to last month. In the small truck segment, the Toyota Town Ace continued to lead considerably over the Veryca (2,034 units vs. 984 units). However, CMC’s upcoming J Space model is expected to boost competitiveness, and future performance in this segment will be worth watching.

BEVs market:

A total of 2,297 electric vehicles were delivered this month, representing a sharp decline of about 46% compared to last month, primarily due to the lack of incoming shipments for Tesla’s Model S and Model X. Nevertheless, other brands maintained stable electric vehicle deliveries. The Model Y had 304 units delivered, the iX2 had 253 units, the Model 3 had 196 units, the XC40 Recharge/EX40 had 135 units, the iX1 had 124 units, the C40 Recharge/EC40 had 111 units, the EQA had 84 units, the iX had 76 units, and the Mini Countryman SE ALL4 had 75 units. This month’s leader in electric vehicle registrations was the Luxgen n⁷ with 382 units, achieving a market share of approximately 16.6%. If additional models showcased at Foxconn's Technology Day, such as the Model B, are introduced, Luxgen is expected to sustain stable growth momentum.