Registration Report Analysis - 2024 November Taiwan Car Market

車未來 2024-12-02

Market Overview: In November, the total market volume reached 39,181 units, representing a significant 17.9% growth compared to the typhoon-affected October, but a 10.1% decline compared to November last year. Most major brands saw growth this month, with BMW experiencing the highest increase at 60.5%, mainly due to the substantial delivery of the 2 Series, X1, and X2 models. As of the end of November, the cumulative annual registration volume stood at 416,528 units, a 4% decline compared to last year. With only one month remaining in the year, brands have begun introducing promotional offers to accelerate the clearance of existing inventory or older model-year vehicles while actively taking orders for new model-year cars. Regarding the annual registration figures, this year’s total market performance has been expected to closely match last year’s. However, with the current 4% decline in cumulative annual registrations, unless a significant number of imported vehicles arrive in December or domestic car promotions prove effective, the total market might see a year-over-year decline.

Market share of brands:

In terms of market share, Toyota/Lexus retained the top position at 36.1%, followed by Honda at 6.2%, BMW at 5.5%, Mercedes-Benz at 4.8%, Hyundai at 4.7%, CMC at 4.5%, Nissan at 4.1%, Mazda at 3.2%, and Volkswagen at 3.1%. All major brands showed varying degrees of growth this month, with BMW leading the pack with a 60.5% increase.

 

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

The domestic-to-imported vehicle sales ratio for the month was 50.9% vs. 49.1%. Imported passenger vehicle sales slightly declined by 0.7% year-over-year but surged by 22.4% compared to last month. This growth was primarily driven by the arrival of new shipments from Toyota, BMW, and Tesla, resulting in significant deliveries.

 

Outstanding models:

Only six models exceeded 1,000 units in sales this month: the Corolla Cross with 4,177 units, RAV4 with 1,835 units, Town Ace with 1,649 units, CR-V with 1,392 units, Yaris Cross with 1,340 units, and NX with 1,047 units. The Corolla Cross maintained its strong momentum following the launch of its facelift, growing by 20.2% from last month. In the small truck segment, the Toyota Town Ace continued to outperform the Veryca (1,649 units vs. 559 units). However, CMC’s newly launched J Space recorded 651 units in less than a month, suggesting that a full sales and registration month in December could yield even stronger results.

 

BEVs market:

A total of 3,358 electric vehicles were delivered this month, a significant 46.2% increase from last month. This growth was largely attributed to the arrival and delivery of Tesla’s Model 3, Model Y, and Model X shipments. Other brands also maintained steady electric vehicle deliveries. The n⁷ recorded 529 units, the iX2 227 units, CMC E300 192 units, iX1 134 units, Q4 e-tron 134 units, Mini Countryman SE ALL4 93 units, Taycan 90 units, and XC40 Recharge/EX40 89 units. The best-selling electric vehicle this month was the Tesla Model Y, with 587 units registered, achieving a market share of approximately 17.5%.