With an increase in desire for travel, efficiency comes a blow-out to an entirely different corner of the market – and Taiwan has some numbers to bounce to the forefront.
According to a report from TaipeiTimes, the Ministry of Economic Affairs (MEA) has released that the two-wheeled industry is booming in all the best ways.
The value increase of the motorcycle and scooter spare parts industry was measured from 2012 to 2020 and showed a beefy 5.2 annual increase rate across the board.
Record highs were logged in 2019, with the output value of the first quarter alone reaching an average of USD$1.29 billion. As if that weren’t all, the end of the year saw the spare parts industry value balloon out to a mind-boggling USD$4.4 billion.
2020 saw an even larger increase, hitting USD $4.7 billion by the end of the year, despite ongoing restrictions.
The overall increase in industry value is also apparently due to the explosion of exports in both gas-powered and electricity-powered motorcycles and scooters and the sale of ebikes.
Some further specs for the industry:
2020
- The production value of gas-powered motorcycles and scooters rose 27.8%, compared to 2019.
- The production value of electric-powered scooters rose 29.8%, compared to 2019.
- The two main receivers of Taiwan exports for motorcycles and spare parts were the Netherlands and the US (Previously, Japan).
- Exports to the Netherlands reached USD $480 million, up 29.8%, compared to 2019.
- Exports to the US reached USD $400 million, up 20.7%, compared to 2019.
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Source: MotorbikeWriter.com