The market in Taiwan has unique trends because this small country relies on export and industrialization. The country used to rely on agriculture, but the condition is not supportive enough. After the industrial era, Taiwan market trends changed according to the industrialization direction.
Three main sectors always generate trends in Taiwan, such as semiconductor manufacturing, apparel and clothing, and the industry of semiconductor manufacturing. These three are the biggest trends and their dynamics are required to learn for business.
Three Major Taiwan Market Trends
Apparel and Clothing
The textile industry in Taiwan is big. The focus of this industry is clothing and other parts that relate to apparel industrialization. The country is well-known as the market which offers the best quality. The sector has had its market since more than five decades ago though it competes with the ASEAN market.
Taiwan will have about 3900 apparel companies in 2023. However, the output of this industry is exported to other countries and it is not a brand from Taiwan itself. This market trend tends to bait more Taiwanese to work in their own country. Plus, labor is highly paid in this country.
Traveling activities are recovering after the pandemic. Taiwan has an excellent industry in travel and they cover tour operators, travel agencies, and reservation services. This industry is thriving in Taiwan and the number of companies reach 4000 companies. The growth is increasing because Taiwan accepts a lot of tourists.
In 2019, Taiwan welcomed about 12 million visitors as tourists, businessmen, expatriates, and some immigrant workers. The biggest number of tourists are from PRC. They usually don’t plan their trip alone but use the tour operator locally. Taiwan market research expects that this number will be higher after lifting the COVID restriction.
Another industry that is thriving in Taiwan that becomes a market trend based on Taiwan market research is semiconductor manufacturing. Taiwan has big production for discrete devices, integrated circuits, and chips for other electronics. They are the biggest exporter in the world, even for China and the US.
Though the revenue is rising and falling over the years, it is still impressive since Taiwan is the biggest producer in the world. With more advanced technology in IoT, servers, wireless communication equipment, computerization, and intelligent manufacturing, Taiwan is leading. This sector is a long-time agenda of Taiwan’s economy.
Taiwan market trends in 2023 are expected to thrive better than in previous years. After China opened the border, Taiwan will have a lot of tourists coming to the country and moving their travel agency sector. While apparel and semiconductor are still leading in Asia region and globally.