Taiwan Motorcycles Market deeply lost in 2024. The market is oscillating in double digit any year and after the +16.4% report in the previous year, in 2024 sales have been very negative at 666.876 (-19.8%).
Taiwan’s gross domestic product (GDP) grew 4.30 percent in 2024, a three-year high, after the country reported the better-than-expected economic growth in the fourth quarter.
Taiwan’s GDP growth in 2024 topped the previous estimate of 4.27 percent made in November to reach 4.30 percent, the highest level since 2021 when the country’s economy grew 6.72 percent.
Private consumption in the fourth quarter grew 1.94 percent, about 0.3%, higher than the previous estimate, while government consumption rose 2.2% percent
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.
Recent years trend was unclear, probably correlated with the changes in the government incentives scheme for EVs, which allowed a very rapid segment growth, with the born of local companies like Gogoro, followed by the incentive cut, creating concern among manufacturers and consumers.
The market is oscillating in double digit any year and after the +16.4% report in the previous year, in 2024 sales have been very negative at 666.876 (-19.8%).
The electric segment is currently experiencing significant challenges. The L1 category is down 7.4%, and the L3 segment dropped by 3.0% compared to the previous year.
Looking at the competitive arena, in the duel among local giants just minor changes last year with the leader SYM losing 23.3% and the reval Kymco down 20.6%.
Behind, all OEMs lost sales with Yamaha (-18.0%), Gogoro (-8.4%), Suzuki (-0.9%) and PGO (-21.7%).
