TAIPEI (TVBS News) — Sanyang Motor (SYM) maintained its stronghold on Taiwan's motorcycle market for the second consecutive year, securing a commanding 38.4% market share in 2023, according to the latest industry data released on Wednesday (Jan. 3).
The company's impressive performance saw it sell a total of 334,589 motorcycles, outpacing its closest competitors by a significant margin.
Kymco secured the second position, selling 267,217 units and holding a 30.7% market share. Yamaha Motor Taiwan followed closely with 138,803 units sold and a 15.9% stake in the market. Gogoro, coming in fourth, sold 56,693 units, resulting in a 6.5% market share. In total, 870,620 motorcycles were sold in the Taiwanese market in 2023.
SYM's dominance was particularly evident in December 2023 when the company recorded sales of 36,479 units. This marked a substantial increase of 6,537 units from the previous month and accounted for a remarkable 66.63% of the total monthly increase, as reported by the company.
The manufacturer's overall sales for 2023 surged by 79,154 units compared to the previous year, reflecting a significant increase of 30.99%. This surge in sales was reportedly bolstered by a special promotion launched by SYM. The initiative involved a NT＄3,000 discount on all models as part of an effort to phase out older motorcycle designs.
Among SYM's models, the WOO, Vivo, and all-new Duke stood out, registering an impressive sales increase of 38% compared to the previous month. Trendy models like CLBCU and Fiddle experienced a 24% surge in sales, while sports performance models such as JET, DRG, and MMBCU saw a 12% increase.
Although the government's NT＄2,000 subsidy program to encourage the replacement of old motorcycle models concluded in 2023, SYM has announced plans to continue its own initiative into 2024. This includes offering an additional NT＄2,000 subsidy to further stimulate sales.