In early 2020, Taiwan’s car sales were posting positive sales, as the government successfully controlled the virus thus consumer confidence remained intact. However, in April 2020, the financial repercussions of the pandemic became apparent which led luxury cars sales to decline.
Tesla has been benefiting from the growing concern regarding pollution and the soaring interest in electric vehicles. Tesla, which opened its Taiwan headquarters in 2017 and began to see serious traction from 2018, ranked sixth in premium and luxury car sales in 2019.
Luxury SUVs and CUVs (Crossover Utility Vehicles) have continued to be popular among Taiwanese consumers in 2020. Although sales largely slowed down due to the COVID-19 pandemic, SUVs have continued to be in high demand.
Premium and luxury cars is anticipated to recover in late 2021, assuming the pandemic starts to come to an end. However, this largely relies on external factors such as the containment of the virus and economic recovery.
As consumers’ concern of personal health and wellbeing increases thanks to the pandemic, interest in electric vehicles is expected to surge over the forecast period. The improving infrastructure of electric vehicles will encourage more consumers to shift to electric vehicles: the Taiwanese government plans to install a total of 3,310 electric vehicles charging stations around the country by 2022 to promote the use of electric vehicles, as part of its efforts to reduce the air pollution.
Premium and luxury car producers are expected to focus their marketing on young consumers in their 20s. Consumers aged 20-29 showed the fastest growth in car ownership among all age groups over the review period, therefore the fast growth trend is expected to continue until 2025.
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Understand the latest market trends and future growth opportunities for the Luxury Cars industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Cars research and analysis database.
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