Introduction of Government Policy such as Scrappage Programme coupled with rising demand of luxury cars under the age of 40 and increasing Working Population will positively impact the Used Vehicle Market of Taiwan: Ken Research

The stabilization of US-China Trade Relation will positively impact the Taiwan Used Vehicle Market as there will be ease of import and export of used vehicle in the market leading to adequate demand and supply.

Vehicles under the age bracket of 2-4 years will account highest market share in terms of sales volume during the period 2018-2025F due to the faster replacement period of a vehicle which is expected to reach 3.3 years by the end of 2025.
In future, Taiwan will witness home brand such as Luxgen contribute significantly to the Used Vehicle market.

Analysts at Ken Research in their latest publication “Taiwan Used Vehicle Market Outlook to 2025 - By Type (Sedans, SUV’s, Hatchbacks, MPVs, LCVs and Others), By Vehicle Age, By Cities, By Organized and Unorganized, By Brand (Toyota, Mitsubishi, Honda, Nissan, Mercedes Benz, Mazda and Others), By Distance Driven and By Price Range” observed that the Used Vehicle Market in Taiwan will increase due to rising average disposable income per capita coupled with faster car replacement rate and introduction of government policies to offer subsidy on purchase of new cars. The market is expected to register a positive CAGR of 4.8% in terms of sales volume during the forecast period 2018-2025.

Rising Government Initiatives: Taiwanese government introduced a Scrappage Program in 2016 to boost new car sales in the country. Under the program, consumers giving up vehicles that are at least six years old can receive NTD 50,000 toward the purchase of a new car or truck, provided the old vehicle is headed either for the scrap yard or export. This has positively impacted the used vehicle market as the average replacement period of a vehicle has improved and reached to 3.4 years in 2018 and it is anticipated that it will reach to 3.3 years by 2025.

Dominance of Japanese Brand Vehicles: In future, Taiwan Used Vehicle market will be dominated by the Japanese brand vehicles such as Toyota, Mitsubishi, Honda, Nissan and Mazda accounting more than 65.0% of the market share. This is largely due to ease of finance and customer confidence coupled with fuel efficient car models, strong body type of cars, high resale value of these brands and convenience associated with maintenance and services. Moreover, in future it is also expected that the emergence of home brands such as Luxgen (a subsidiary of Yulon Motors) acquire a significant place in the used car market. Luxgen was launched in the market in late 2010 and since then has established its brand equity in the car market as it provides good speed, trusted and quality cars that last for long and are effective enough even after rigorous use.

Increase in the Average Disposable Income and Shift in Consumer Preferences: With the strengthening of the economy of Taiwan, there will be an estimated increase in the average disposable income per capita thereby improving the affordability of the consumers in the market. The market will see a shift in preferences from small and compact cars such as hatchbacks to spacious and comfort driven cars such as SUV’s and Sedans.

For more information, refer to below link:-
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/taiwan-used-vehicle-market-outlook/279684-100.html

Key Segments Covered:-
By Distribution Channel
Organized Players
Unorganized Players
By Organized Players
Multi-Brand Dealers
Captive Dealers
Auction Dealers
By Type of Vehicle
Sedans
SUV’s
Hatchbacks
MPVs
LCV’s
Others

By Vehicle Age
0-2 Years
2-4 Years
4-6 Years
More than 6 Years

By Cities
Taichung City
New Taipei City
Taoyuan City
Koahsiung City
Taipei
Tainan
Hsinchu
Others

By Price
Less Than NTD 150,000
NTD 150,000- NTD 250,000
NTD 250,000- NTD 550,000
NTD 550,000- NTD 750,000
More Than NTD 750,000

By Distance Driven
Less than 5,000 kms
5,000- 20,000 kms
20,000-50,000 kms
50,000- 80,000 kms
80,000- 120,000 kms
Above 120,000 kms

By Brand
Toyota (Lexus)
Mitsubishi
Honda
Nissan
Mercedes Benz
Mazda
Others

Key Target Audience:-
OEM’S Companies
Multi Brand Dealers
Captive Dealers
Venture Capitalist Firms
Government/ Regulatory Authorities
Online Auto-Classifieds

Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019F-2025F

Companies Covered:-
Major Online Players in Taiwan
8891.com
All Best Choice
Major Captive Dealers
Lexus Toyota
Jaguar Approved
Mitsubishi MPO
Ford Assured
Audi Approved Plus
Das Welt Auto
Land Rover
Porsche Approved
Multi-Brand Dealers
SUM
SAVE
Hot Car
Car OK

Related Reports:-
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/china-used-vehicle-market/149475-100.html

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/indonesia-used-car-market-research-report/212624-100.html

https://www.kenresearch.com/technology-and-telecom/it-and-ites/uae-used-car-auto-classified-market/170500-105.html

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. Ken Research provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Serving 70% of fortune 500 companies globally, some of top consulting companies and Market leaders seek Ken Research intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.

This release was published on openPR.