Taiwan 2024. Motorcycles Market Moderately Declining Following Last Year Rally

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SYM Jet-x-125
SYM Jet-x-125

Taiwan Motorcycles Market is moderately negative in 2024. Year to date August sales have been 516.080 (-4.4%), however a marginal decline following the 2023 rally. SYM and Kymco are both growing share while Yamaha is deeply losing.

 

For the second quarter of 2024, Taiwan’s real gross domestic product (GDP) grew by 5.06% from the same period of previous year according to the latest preliminary estimate, and the growth rate of 2024Q1 has been revised to 6.63%. Furthermore, the real GDP is predicted to grow 3.90% and 3.26% in 2024 and 2025, respectively.

The Taiwanese motorcycle market, the 12th largest globally, is often called the “kingdom of motorcycles”, with hundreds of thousands on the road at any given time. Despite being open to imports, it is dominated by domestic manufacturers like Kymco and SYM, who compete for market leadership alongside several local electric scooter producers. The combined market share of Kymco, SYM, and Yamaha Taiwan, which are mainly gasoline vehicles, is above 80%, while Gogoro alone dominates the electric market.

Following the 2022 decline, in 2023 the market scored a robust recovery with sales at 881.774 (+16.4%).

After such big performance, in 2024 the demand is lower, and sales are steady. Indeed, after the first six months of the year, total sales have been 382.708 (-2.1%), a slight improvement from the -4.1% scored in the first quarter.

Unfortunately sales keep declining in Q3 with July and August down respectively 6.2% and 14.3%. Year to date August sales have been 516.080 (-4.4%), however a marginal decline following the 2023 rally.

The electric motorcycle market is currently experiencing significant challenges. The L1 category is down 5.3%, and the L3 segment has dropped by 7.9% compared to last year.

Looking at the competitive arena, in the duel among local giants, SYM further gained sales, marking a +2.6% while the rival Kymco gained 3.8%. SYM has extended its own incentive initiative through 2024, introducing an additional NT$2,000 subsidy aimed at sustaining and enhancing sales momentum.

Behind them, confirm their previous trends, Yamaha (-25.5%), Gogoro (-5.7%), Suzuki (+2.7%) and PGO (-25.1%).

SYM RV180
SYM RV180