As the environmental concerns of local consumers deepen, interest in electric vehicles is expected to surge over the forecast period. The Taiwanese government exempts owners of electric cars from having to pay fuel tax, in order to promote the use of electric vehicles, as part of its efforts to reduce air pollution.
With the growth of car-sharing companies like iRent (Hotai Motor) or Zipcar (Avis Budget Group) in Taiwan, as well as the younger consumer segments showing some of the slowest growth in car ownership among all age groups over the review period, this represents something of a barrier to growth for carmakers. Premium and luxury car producers will therefore need to focus on innovation and personalisation services, catering to young consumers’ preferences in order to differentiate their offer from that of car-sharing companies.
Aston Martin and Bentley both saw significant growth in retail value share during the latter part of the review period, and this trend is expected to continue into the forecast period. These high-end brands are particularly sought after by the most affluent local consumers.
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Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and TeslaSee All of Our Definitions
This report originates from Passport, our Luxury Cars research and analysis database.
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