The production of Light Commercial Vehicles in Taiwan has shown considerable fluctuation over the past decade. Initially, there was a decline from 2013 to 2014 with values dropping from 44.77 thousand units to 42.88 thousand units, followed by steady growth leading up to 2022 where production peaked at 60.76 thousand units. However, in 2023, there was a slight decrease to 58.25 thousand units. Over the last two years, the year-on-year variation showed a decline of 4.13% in 2023. The compound annual growth rate (CAGR) over the last five years stands at a modest 0.32%.
Looking ahead, forecasted data from 2024 predict a downward trend with production expected to fall to 46.5 thousand units by 2028. The forecasted five-year CAGR is -3.58%, indicating a significant average annual decrease. The overall projected five-year growth rate is -16.68% suggesting a notable decline.
Future trends to watch for include:
- Potential market shifts towards alternative fuel vehicles due to environmental regulations.
- Changes in global supply chains affecting production capacity.
- Technological advancements in vehicle manufacturing.
- Economic conditions impacting consumer demand for light commercial vehicles.
