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Taiwan auto parts industry taps into emerging markets

Source: Taiwantrade | Updated: 22 December 2015

The Taiwan auto parts industry has many competitive advantages: a well-established supply chain, numerous small and medium enterprises forming an extensive industry cluster, and a seamless connection of central factories with peripheral plants. With a highly integrated supply network, the industry can improve production flexibility, optimize cost-efficiency and diversify product range.


As more and more vehicles utilize an intelligent system, the demand for active and passive safety auto electronic products and other electronic accessories is expected to grow significantly. This bodes well for the industry since it has the backing of the nation’s high-tech information communication technology and electronics sector.


Original equipment manufacturer (OEM) and aftermarket (AM) are two important components of the auto parts market. OEM parts are produced strictly to contractors' specifications and AM products are replacement parts sold under a maker’s own brand name. In Taiwan, there are approximately 3000 auto parts and accessories makers. Most of them develop products, such as collision parts, lamps, back mirrors etc., mainly for the automotive aftermarket.


Although Taiwan enjoys a production advantage in the automotive market, its limited domestic market is forcing the majority of local auto parts makers to tap into overseas markets for collision parts, lamps, and rubber and plastic parts, which account for 80% to 90% of the global aftermarket output.


As a result of years of effort, the quality of Taiwan auto parts is on a par with the world’s best, and satisfies international standards. The industry’s main export destinations include the U.S. and EU countries. However, the North American, the EU, and Japanese automotive markets are currently experiencing a slowdown. And the Taiwan auto parts industry, which relies substantially on export, is adversely affected.


Meanwhile, emerging markets, such as BRICs, ASEAN, Central and Eastern Europe, and Central and South America, are expanding with growth surpassing developed countries. These regions account for nearly half of the global auto sales.


The Taiwan auto parts industry focuses on the rising demand for auto parts in the Asia Pacific, Latin America, Eastern Europe, and Mainland China. Taiwanese auto parts makers have been investing in China and emerging markets for several years, establishing plants and deploying resources locally in order to seize every business opportunity.


From April 26th to 29th, 2016, the Taiwan External Trade Development Council (TAITRA) will lead an exhibition delegation to participate in Auto China 2016 and showcase some of the latest products from Taiwan. Auto China is one of the leading motor shows in China. It takes place biannually in Beijing. This is a great platform for automakers and auto parts manufacturers to showcase their sophisticated vehicles and high quality products, respectively.

 


Andy Lu(yenfenglu@taitra.org.tw)

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