Taiwan Used Cars Market Revenue is projected to grow at a CAGR of 7.6% during 2024E-2030

SUV segment by Vehicle Type held the highest revenue share of Taiwan Used Cars Market -6Wresearch

In 2023, The SUV segment had high volume share in Taiwan used car industry driven by consumers' strong preference for versatile and practical vehicles, a robust supply from previous new SUV sales, and the appeal of affordable, durable, and technologically advanced models​.

According to 6Wresearch, Taiwan Used Cars Market Revenue is projected to grow at a CAGR of 7.6% during 2024E-2030. Taiwan's economy has shown significant progress, with GDP per capita rising from $28.6 thousand in 2020 to $32.4 thousand in 2023, and it is forecasted to reach $40.5 thousand by 2027. As incomes continue to grow, purchasing power is improving, further fuelling demand for personal vehicles.

Historically known as the world's scooter capital, Taiwan is now experiencing a shift towards four-wheelers as rising incomes allow more consumers to afford cars. Given the higher costs and rapid depreciation of new cars, second-hand vehicles have become a more attractive and affordable option. This trend is driving the growth of the used car market, which is expected to expand further as urbanization accelerates and consumer purchasing power continues to rise. Taiwan's population, estimated at 23.9 million, has a GDP per capita (PPP) of $65,746, further reinforcing the demand for affordable transportation options like used cars.

According to Sumit, Senior Research Analyst, 6Wresearch, Gasoline vehicles dominate Taiwan's used car market due to their widespread availability, consumer preference for reliable performance, and the extensive network of fueling stations. Additionally, their lower initial and maintenance costs make them a practical and popular choice for buyers​

Taiwan Used Cars Market (2024-2030) report provides an in-depth analysis with 16 figures and 5 tables, covered in 66 pages. The report thoroughly covers the market by vehicle type, vendor and fuel type. Taiwan Used Cars Market Outlook report provides an unbiased and detailed analysis of the ongoing Taiwan Used Cars Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.