Taiwan's new vehicle market surged by almost 30% to 51,179 units in January 2021 from weak year-earlier sales of 39,417 units, according to local reports citing registration data compiled by the Directorate of Highways.

The market last month continued to benefit from strong demand for the new Toyota Corolla Cross, which has overtaken the RAV4 as the country's best-selling model since deliveries began in October.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

There were also more working days last month compared with a year ago due to the Lunar New Year falling in February this year. February sales are expected to decline as a result.

Sales of imported vehicles increased by 5% to 20,846 units in January while domestic sales jumped by 55% to 30,333 units. Toyota distributor Hotai Motor said its sales increased by almost 33% to 16,661 units, with sales of the Corolla Cross amounting to 6,195 units.

Local investment company Capital Investment Management Corporation suggested the market last month was also lifted by buyers rushing into the market ahead of potential delivery delays caused by the global shortage of semiconductors which is affecting vehicle production worldwide. It warned that the local vehicle market could be held back by this in the coming months.

The Taiwanese economy expanded by 3% last year, with fourth quarter growth at 4.9%, driven by strong rebound in exports.

The country has recorded very few COVID-19 infections since the outbreak began over a year ago and day-to-day domestic economic activity has largely been unaffected by the pandemic.

The vehicle market last year expanded by 4% to a near record 457,435 units from 439,836 units in 2019.