MarketLineIC_Taiwan New Cars_170922.pdf

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1、 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|1MarketLine Industry ProfileNew Cars in TaiwanJanuary 2022ReferenceReference Code:Code:0119-03580119-0358PublicationPublication Date:Date:JanuaryJanuary 20222022PrimaryPrimary NAICS:NAICS:336111336111WWW.MARKETLINE.COMWW

2、W.MARKETLINE.COMMARKETLINE.THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED New Cars in TaiwanIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|21.Executive Summary1.1.Market valueThe Taiwan new cars market grew by 18.9%in 2021 to reach a

3、 value of$6.7 billion.1.2.Market value forecastIn 2026,the Taiwan new cars market is forecast to have a value of$8.2 billion,an increase of 22.4%since 2021.1.3.Market volumeThe Taiwan new cars market grew by 17%in 2021 to reach a volume of 223.9 thousand units.1.4.Market volume forecastIn 2026,the T

4、aiwan new cars market is forecast to have a volume of 254.6 thousand units,an increase of 13.7%since 2021.1.5.Geography segmentationTaiwan accounts for 0.9%of the Asia-Pacific new cars market value.1.6.Market shareToyota is the leading player in the Taiwan new cars market,generating a 43.3%share of

5、the markets volume.1.7.Market rivalryRivalry within the new cars market is intensified by the existence of large-sized companies and the high fixed costs associated with car manufacturing.However,the relatively small number of large companies in the market,due to the large economies of scale require

6、d,mitigates competition.Differentiation is a fundamental aspect of competition in the new cars market,and that serves to alleviate rivalry to some extent.New Cars in TaiwanIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|31.8.Competitive LandscapeThe T

7、aiwanese new cars market is highly consolidated,with the four leading players,Honda,Toyota,Nissan,and Mitsubishi,expected to account for a combined 99.5%share of the sales volume in 2021.The leading players in this market are tapping into the growing demand for hybrid and electric vehicles,while all

8、iances within the market are a common strategy.The COVID-19 pandemic halted production in many countries,as well as disrupting the supply chain;as such,the leading players were negatively impacted in 2020.New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT T

9、O BE PHOTOCOPIEDPage|4TABLE OF CONTENTS1.Executive Summary21.1.Market value.21.2.Market value forecast.21.3.Market volume.21.4.Market volume forecast.21.5.Geography segmentation.21.6.Market share.21.7.Market rivalry.21.8.Competitive Landscape.32.Market Overview92.1.Market definition.92.2.Market anal

10、ysis.93.Market Data113.1.Market value.113.2.Market volume.124.Market Segmentation134.1.Geography segmentation.135.Market Outlook145.1.Market value forecast.145.2.Market volume forecast.156.Five Forces Analysis166.1.Summary.166.2.Buyer power.176.3.Supplier power.186.4.New entrants.206.5.Threat of sub

11、stitutes.22New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|56.6.Degree of rivalry.247.Competitive Landscape267.1.Market share.267.2.Who are the leading players?.267.3.How are strategic alliances used by the leading companies?.277.4.

12、How is new technology opening up competition?.287.5.How are leading players progressing in the hybrid and electric cars segment?.287.6.What impact is the COVID-19 pandemic having on leading players?.298.Company Profiles308.1.Honda Motor Co.,Ltd.308.2.Toyota Motor Corporation.368.3.Mitsubishi Motors

13、Corporation.418.4.Nissan Motor Co.,Ltd.479.Macroeconomic Indicators549.1.Country data.54Appendix56Methodology.569.2.Industry associations.579.3.Related MarketLine research.57About MarketLine.58New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCO

14、PIEDPage|6LIST OF TABLESTable 1:Taiwan new cars market value:$billion,2017-21(e)11Table 2:Taiwan new cars market volume:thousand units,201721(e)12Table 3:Taiwan new cars market geography segmentation:$billion,2021(e)13Table 4:Taiwan new cars market value forecast:$billion,2021-2614Table 5:Taiwan new

15、 cars market volume forecast:thousand units,20212615Table 6:Taiwan new cars market share:%share,by volume,2021(e)26Table 7:Honda Motor Co.,Ltd.:key facts30Table 8:Honda Motor Co.,Ltd.:Annual Financial Ratios32Table 9:Honda Motor Co.,Ltd.:Key Employees33Table 10:Honda Motor Co.,Ltd.:Key Employees Con

16、tinued34Table 11:Honda Motor Co.,Ltd.:Key Employees Continued35Table 12:Toyota Motor Corporation:key facts36Table 13:Toyota Motor Corporation:Annual Financial Ratios38Table 14:Toyota Motor Corporation:Key Employees39Table 15:Toyota Motor Corporation:Key Employees Continued40Table 16:Mitsubishi Motor

17、s Corporation:key facts41Table 17:Mitsubishi Motors Corporation:Annual Financial Ratios43Table 18:Mitsubishi Motors Corporation:Key Employees44Table 19:Mitsubishi Motors Corporation:Key Employees Continued45Table 20:Mitsubishi Motors Corporation:Key Employees Continued46Table 21:Nissan Motor Co.,Ltd

18、.:key facts47Table 22:Nissan Motor Co.,Ltd.:Annual Financial Ratios49Table 23:Nissan Motor Co.,Ltd.:Key Employees50Table 24:Nissan Motor Co.,Ltd.:Key Employees Continued51Table 25:Nissan Motor Co.,Ltd.:Key Employees Continued52Table 26:Nissan Motor Co.,Ltd.:Key Employees Continued53Table 27:Taiwan s

19、ize of population(million),20172154New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|7Table 28:Taiwan gdp(constant 2005 prices,$billion),20172154Table 29:Taiwan gdp(current prices,$billion),20172154Table 30:Taiwan inflation,20172154Ta

20、ble 31:Taiwan consumer price index(absolute),20172155Table 32:Taiwan exchange rate,20162055New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|8LIST OF FIGURESFigure 1:Taiwan new cars market value:$billion,2017-21(e)11Figure 2:Taiwan ne

21、w cars market volume:thousand units,201721(e)12Figure 3:Taiwan new cars market geography segmentation:%share,by value,2021(e)13Figure 4:Taiwan new cars market value forecast:$billion,2021-2614Figure 5:Taiwan new cars market volume forecast:thousand units,20212615Figure 6:Forces driving competition i

22、n the new cars market in Taiwan,202116Figure 7:Drivers of buyer power in the new cars market in Taiwan,202117Figure 8:Drivers of supplier power in the new cars market in Taiwan,202118Figure 9:Factors influencing the likelihood of new entrants in the new cars market in Taiwan,202120Figure 10:Factors

23、influencing the threat of substitutes in the new cars market in Taiwan,202122Figure 11:Drivers of degree of rivalry in the new cars market in Taiwan,202124Figure 12:Taiwan new cars market share:%share,by volume,2021(e)26New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODU

24、CT AND IS NOT TO BE PHOTOCOPIEDPage|92.Market Overview2.1.Market definitionThe new cars market consists of the initial retail sale/registration of new passenger cars.Passenger cars include saloons,hatchbacks,SUVs,4x4s,and light pickups used predominantly in North America,and other related vehicles.T

25、he market value is calculated at retail selling price(RSP)and the market volume is given in terms of units sold.Market share data for the New Cars industry applies to motor manufacturing groups as opposed to their individual brands,i.e.for the Volkswagen Group this includes all of its brands such as

26、 Volkswagen,Audi,Skoda,Seat etc.therefore where possible,market share data represents sales figures for every brand in that manufacturing group within each country.All market data and forecasts are represented in nominal terms(i.e.without adjustment for inflation)and all currency conversions used in

27、 the creation of this report have been calculated using constant 2020 annual average exchange rates.For the purposes of this report,the global market consists of North America,South America,Europe,Asia-Pacific,Middle East,South Africa and Nigeria.North America consists of Canada,Mexico,and the Unite

28、d States.South America comprises Argentina,Brazil,Chile,Colombia,and Peru.Europe comprises Austria,Belgium,the Czech Republic,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Netherlands,Norway,Poland,Portugal,Russia,Spain,Sweden,Switzerland,Turkey,and the United Kingdom.Scandinavia comprises Den

29、mark,Finland,Norway,and Sweden.Asia-Pacific comprises Australia,China,Hong Kong,India,Indonesia,Kazakhstan,Japan,Malaysia,New Zealand,Pakistan,Philippines,Singapore,South Korea,Taiwan,Thailand,and Vietnam.Middle East comprises Egypt,Israel,Saudi Arabia,and United Arab Emirates.2.2.Market analysisThe

30、 Taiwanese new cars market experienced steep value and volume declines in 2018 and 2019,before growing at a very strong rate in 2020.The market is expected to achieve very strong growth in 2021 and 2022,with moderate growth rates expected over the remainder of the forecast period.Prior to the start

31、of the historical period,the new cars market in Taiwan had been hampered as the countrys economy decelerated,which affected household disposable income.The sale of new cars surged in 2017 thanks to a government subsidy program and the recovery of the Taiwanese economy in the second half of that year

32、.However,the market saturated in 2018 and declined significantly.Further decline was seen in 2019.The Taiwanese new cars market is forecast to generate total revenues of$6.7bn in 2021,representing a compound annual rate of change(CARC)of-12.8%between 2017 and 2021.In comparison,the Indonesian and Ch

33、inese markets will decline with CARCs of-8.5%and-1.1%respectively,over the same period,to reach respective values of$16.0bn and$417.6bn in 2021.A major driver of growth in 2020 was a strong demand for hybrid and electric cars.New registrations of hybrid and electric cars in Taiwan were up by 12.8%in

34、 2020.In Taiwan,the share of hybrid and electric car sales increased from 1.5%of total new car sales in 2015 to 6%in 2020.The share of mild hybrid and plug-in hybrid sales over total new car sales increased from 1.5%in 2015 to 4.9%in 2020,while the share of battery-electric cars(BEVs)increased from

35、0%in 2015 to 1.1%in 2020.New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|10Market consumption volume is forecast to decline with a CARC of-13.5%between 2017 and 2021,to reach a total of 223.9 thousand units in 2021.The markets volum

36、e is expected to rise to 254.6 thousand units by the end of 2026,representing a compound annual growth rate(CAGR)of 2.6%for the 20212026 period.The COVID-19 pandemic had a significant impact on the automotive industry in 2020,which had a knock-on effect on the new cars market.Temporary shutdowns at

37、manufacturing plants amid labor shortages and a severe disruption in the supply chain,including a shortage of semiconductors,led to production declines.Meanwhile,consumer and business confidence remained depressed since its slump in the advent of the pandemic.Despite this,the Taiwanese market manage

38、d to achieve strong growth,mainly driven by demand for hybrid and electric vehicles.The performance of the market is forecast to accelerate,with an anticipated CAGR of 4.1%for the five-year period 20212026,which is expected to drive the market to a value of$8.2bn by the end of 2026.Comparatively,the

39、 Indonesian and Chinese markets will grow with CAGRs of 14.9%and 9.7%respectively,over the same period,to reach respective values of$32.2bn and$663.6bn in 2026.The Taiwanese new cars market is expected to follow a positive growth trajectory in value and volume terms in 2021 and 2022.Pent-up demand w

40、ill drive growth,while the improving macroeconomic environment given that the pandemic is set to be coming to an end will support spending over the coming years.The country is anticipated to witness an optimistic path to recovery in 2021,due to easing tensions in the US-China trade war and a rise in

41、 the investment flows of Taiwanese companies,along with augmented public spending and fiscal stimulus given by the government to revive the economy.New Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|113.Market Data3.1.Market valueThe T

42、aiwan new cars market grew by 18.9%in 2021 to reach a value of$6.7 billion.The compound annual rate of change of the market in the period 2017-21 was-12.8%.TableTable 1 1:TaiwanTaiwan newnew carscars marketmarket value:value:$billion,billion,2017-21(e)2017-21(e)Year$billionNT$billion billion%Growth2

43、01711.6342.910.220185.1149.44.4-56.420194.7139.44.1-6.720205.7166.95.019.82021(e)6.7198.55.918.9CAGR:201721(12.8%)SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 1 1:TaiwanTaiwan newnew carscars marketmarket value:value:$billion,billion,2017-21(e)2017-21(e)SOURCE:SOURCE:MARKETLINE M A R K E

44、 T L I N ENew Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|123.2.Market volumeThe Taiwan new cars market grew by 17%in 2021 to reach a volume of 223.9 thousand units.The compound annual rate of change of the market in the period 2017

45、-21 was-13.5%.TableTable 2 2:TaiwanTaiwan newnew carscars marketmarket volume:volume:thousandthousand units,units,20172017 21(e)21(e)Yearthousand units%Growth2017399.92018172.0-57.02019159.5-7.22020191.320.02021(e)223.917.0CAGR:201721(13.5%)SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 2

46、2:TaiwanTaiwan newnew carscars marketmarket volume:volume:thousandthousand units,units,20172017 21(e)21(e)SOURCE:SOURCE:MARKETLINE M A R K E T L I N ENew Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|134.Market Segmentation4.1.Geograp

47、hy segmentationTaiwan accounts for 0.9%of the Asia-Pacific new cars market value.China accounts for a further 53.4%of the Asia-Pacific market.TableTable 3 3:TaiwanTaiwan newnew carscars marketmarket geographygeography segmentation:segmentation:$billion,billion,2021(e)2021(e)Geography2021%China417.65

48、3.4Japan125.716.1India43.15.5Indonesia16.02.1Taiwan6.70.9Rest Of Asia-pacific172.622.1Total781.7100.1%SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 3 3:TaiwanTaiwan newnew carscars marketmarket geographygeography segmentation:segmentation:%share,share,byby value,value,2021(e)2021(e)SOURCE

49、:SOURCE:MARKETLINE M A R K E T L I N ENew Cars in Taiwan Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|145.Market Outlook5.1.Market value forecastIn 2026,the Taiwan new cars market is forecast to have a value of$8.2 billion,an increase of 22.4%since

50、 2021.The compound annual growth rate of the market in the period 2021-26 is predicted to be 4.1%.TableTable 4 4:TaiwanTaiwan newnew carscars marketmarket valuevalue forecast:forecast:$billion,billion,2021-262021-26Year$billionNT$billion billion%Growth20216.7198.55.918.9%20227.2213.46.47.5%20237.522