Registration Report Analysis - 2024 December Taiwan Car Market

車未來 2025-01-02

Market Overview: The total market volume for December was 41,302 vehicles, reflecting a slight growth of 5.4% compared to November but a decline of 4.3% compared to December last year. This month, brands like Toyota, Lexus, Mercedes-Benz, and BMW experienced varying degrees of decline, while other major brands showed growth. Tesla led with a significant 66% increase, primarily due to successful promotions for the Model Y and a large shipment of Model 3 vehicles. Meanwhile, the difference between CMC and Nissan was minimal. The total accumulated registrations for 2024 reached 457,830 vehicles, representing a 4% decline compared to the previous year. Reviewing the year’s market development, factors such as elections, wars, the "Red Ocean Crisis," typhoons, revisions to domestic production regulations, and the clearing of backlogged orders from the pandemic shifted the market from a seller-driven state to a more normalized condition. This challenging year also brought changes to brand rankings compared to 2023. Looking ahead, further shifts are expected with strategic adjustments among groups, the introduction of new brands and products, and the advancement of electric vehicles, all reshaping the overall market landscape.

Market share of brands:

Toyota/Lexus continued to lead with a 30.6% market share. Honda ranked second with 7.5%, followed by Hyundai in third with 5.1%. Tesla and Volkswagen tied for fourth place at 4.6%, CMC held fifth with 4.3%, Mercedes-Benz came sixth with 4.2%, and Nissan and BMW tied for seventh with 4.0%. Most major brands showed growth this month, except Toyota, Lexus, Mercedes-Benz, and BMW, with BMW suffering the largest decline at 22.5%.

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

Domestic and imported car sales for December were 51.9% and 48.1%, respectively. Sales of imported passenger cars showed a slight year-over-year decline of 0.4% but grew 3.3% compared to November. The main reason was the lower deliveries of Toyota’s imported models due to a model year transition, which diluted the growth driven by Tesla and Volkswagen's large deliveries, resulting in no significant increase in overall import registrations.

Outstanding models:

Seven models surpassed 1,000 units in sales this month: Corolla Cross (3,827 units), RAV4 (1,860 units), CR-V (1,477 units), Yaris Cross (1,410 units), Town Ace (1,381 units), J Space (1,106 units), Model Y (1,069 units). J Space achieved a 69.9% growth over the previous month due to upgrades in both exterior and interior design. In the light commercial vehicle segment, Toyota’s Town Ace faced fierce competition from J Space and Veryca, losing its previously dominant position (1,381 units vs. 1,373 units). As predicted by the website in November, J Space delivered strong results, setting the stage for an exciting competition in the light commercial vehicle segment.

BEVs market:

A total of 3,741 pure electric vehicles were delivered this month, an 11.4% increase over November. Tesla’s Model Y saw a surge in sales due to promotional offers, registering 1,069 units, while the refreshed Model 3 also achieved impressive order numbers. Other brands' electric vehicles also saw steady deliveries in December, with supply shortages easing. Notable deliveries included: n⁷ (501 units), EX40(155 units), iX1(120 units), Model X (119 units), iX2 & CMC E300 (111 units each), Q4 Sportback e-tron (107 units), EQA (70 units), and iX (65 units). For 2024, the total EV registrations surpassed 38,000 units, marking a significant 53.3% growth compared to 2023. This indicates a growing acceptance among consumers. With more updated models expected to enter the market, the future of EV development in the domestic automotive market is promising.