Taiwan’s Automobile Sales Results in 2023

Taiwan’s vehicle sales increased by 11.0% year-on-year to 477,021 units in 2023. This was the second highest level after 2005’s around 510,000 units, recovering from supply shortages of semiconductors, parts, and imported vehicles. Domestic made vehicle sales increased by 5.1% to 246,983 units, and sales of imported vehicles rose by 18.1% to 230,038 units. The market share of Japanese brands decreased by 3.0 points to 56.4%, the fourth consecutive year of decline, due to the growth of Hyundai Motor and MG among others.

Looking at sales by vehicle type, while the market grew by 10% year-on-year, sales of passenger cars (sedans and hatchbacks) decreased by 1.2% year-on-year to 124,446 units. Sales of compact cars decreased by 13.5% to 30,830 units, while small car sales declined by 9.6% to 39,321 units. Recreational vehicles (MPVs, SUVs and SWs) went up by 20.0% to 285,357 units, more than double compared to the number of passenger cars sold. SUVs increased by 18.2% year-on-year to 246,028 units, accounting for over 50% of the market. Meanwhile, commercial vehicles inched up 1.7% to 67,218 units.

Market leader Toyota went up 4.6% to 123,441 units, but its market share dropped 1.6 points to 27.1%. Taiwan’s bestselling model Corolla Cross fell 5.5% to 37,412 units, but the TownAce surged 85.0% to 18,259 units. Honda was second with 30,415 units, going up 11.0%. Lexus rose by 55.6% to 30,066 units, taking third place. Its volume selling model the NX increased 76.3% to 13,263 units.