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Taiwan Motorcycles Market shines. Q3 sales have been up 8.2% consolidating the performance. Year to date September figures were 626.911, up 9.6%, projecting the year over the 0.8 million. SYM is booming.
Taiwan Motorcycles Industry Trend and Perspectives
The Taiwanese two-wheeler market is the eleventh largest in the world. Opened to competition, it is heavy concentrated in the hands of domestic manufacturers, with Kymco and SYM always fighting for leadership and raising new electric scooter manufacturers.
This year sales are positive and after a first half double-digit increase the third quarter sales have been up 8.2% consolidating the performance.
Year to date September figures were 626.911, up 9.6%, projecting the year over the 0.8 million.
The growth is driven by the scooter segment (+10.3%) while the motorcycle is declining 12.5%.
The electric segment is not growing with the L1 segment down 3.1%% and L3 segment down 15.5%.
In the duel among local giants, SYM further gained terrain, improving by a roaring 32.4% while the rival Kymco gained a mere 3.3%.
Behind Yamaha (-1.5%), Gogoro (-10.7%) and PGO (-18.5%).
Taiwan’s Motorcycles Industry 2022
Taiwan’s economy is likely to grow at a slower pace this year that initially forecast, due to global inflation and slowing consumer demand in major markets. Gross domestic product (GDP) for 2022 is now expected to be 3.76% higher than last year. The outlook is far slower than the 6.45% logged for 2021, which was the fastest rate since the economy expanded 10.25% in 2010.
The export is below expectation as well and the 2-wheeler industry is hit both in domestic and export sales.
Accordingly with data released by the Minister of Transportation, sales declined sharply in the first half with only 344.376 sales (-11.1%), before to partially recover in the second.
Full Year 2022 sales have been 752.631, down 8.1%, the lowest level out of last seven years.
The electric vehicles segment is growing up moderately with L1 segment up 1.2% and L3 segment up 68.9%.
Looking at the OEMs performance, the market leader is SYM which continue to gain market share thanks to the 278.640 sales (+17.6%), while the rival Kymco keeps losing after having lost the leadership, selling 212.206 (-20.2%)
The SYM surpass on top of the market represents a milestone. Kymco has been market leader in the last 20 years while SYM has been able to recover a wide gap. In 2016, Kymco sales doubled those of the rival!
Behind the two leaders, Yamaha is third although losing 29.9%, ahead of Gogoro (+2.7%), PGO (+25.9%), Suzuki (-59.7%) and Emoving (+37.9%).