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- The total number of internet users within Taiwan is likely to reach around 23.3 million by the year ending 2023. This will further lead to an increase in demand for online shopping in the country.
- The total number of inbound trips to Taiwan is expected to grow at a CAGR of 4.3% to 13.7 million by the year ending 2023. This is also expected to give a boost to the expenditure made on online traveling in Taiwan. The online travel market is projected to grow at a CAGR of 13.2% in terms of GTV for the period 2018-2023.
- As per We Are Social statistical database, Taiwan was evaluated with a total of 21.0 million active social media users, therefore, making a social media penetration of 89.0% and 28.5 million mobile subscription users as of 31st December 2018. Moreover, the total increase in social media penetration within Taiwan alongside positive growth in the smartphone penetration will further aid in increasing the popularity of digital platforms in the country.
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Focus on Digital Infrastructure: The Executive Yuan – the executive branch of the government of The Republic of China on Taiwan, has announced plans as part of the “Forward-looking Infrastructure Construction Project” in 2017to invest TWD 46.05 billion (USD 1.51 billion) over the next eight years to upgrade Taiwan’s digital infrastructure and bridge the rural-urban divide and cultivate private investment in related industries. The infrastructure plan seeks to improve access to broadband Internet for rural residents, as well as develop a 5G mobile services network, which as per the National Communications Commission (NCC), should be ready by 2020, and an Internet of things (IoT) network. These initiatives towards digital infrastructure indicate e-commerce growth in the future.
Rising Tourism Expenditure in Taiwan: The expectation of increasing inbound traffic in Taiwan will surge the growth of the online traveling industry. The tourism expenditure in Taiwan is expected to grow at a CAGR of 5.5% during 2018-2023 leading to the growth of a number of travel packages and hotel bookings in Taiwan. Approximately 11.1 million tourist arrivals have been registered with spending of around TWD 413.3 billion in the year 2018 and the same is expected to increase over the long term.
Growing Need for Customization: Rapid technological innovation in the country will create the demand for customization/personalization in the market owing to a rapid increase in total social media users and smartphone users which are further expected to increase at a CAGR of 4.7% and 4.0%respectively during 2018-2023 in Taiwan.
Analysts at Ken Research in their latest publication “Taiwan E-Commerce Market Outlook to 2023 – Online Retail (By Product Categories, By Desktop and Mobile, By Gender); Online Travel (By Intermediary and Direct Online Sale and By Desktop and Mobile); Online Payment Gateway Market” observed that the E-commerce market in Taiwan will witness growth owing to factors such as rising tourism expenditure, an increase in the number of websites on desktop and mobile and increasing penetration of smartphones across the country. Taiwan E-commerce market including online retail and online the travel market is expected to register a positive CAGR of 4.4% in terms of gross merchandise value and 13.2% in terms of gross transaction value respectively during the forecast period 2018-2023.
Key Segments Covered: –
Online Retail Market
By Product Category Type (Apparel and Footwear, Consumer Electronics, Media Products, Beauty and Personal Care, Consumer Appliances, Consumer Health, Personal Accessories, and Eyewear, Food and Drink, Homewares and Home Furnishings, Traditional Toys and Games, Pet Care, Home Improvement & Gardening, Video Games Hardware, Home Care and Other Internet Retailing)
By Type of Device (Mobile and Desktop)
By Gender (Female and Male)
Online Travel Market
By Categories (Intermediary Online Sales and Direct Online Sales)
By Type of Device (Desktop Travel Sales and Mobile Travel Sales)
By Intermediary Online Sales (OTA Online Sales to Residents and Other Travel Intermediaries Online Sales to Residents)
By Intermediaries Corporate Business Online Sales and Intermediaries Leisure Online Sales
By Direct Online Sales to Residents (Airlines Direct Online Sales, Lodging Direct Online Sales, Car Rental Online Sales, and Other Transport Direct Online Sales)
By Intermediary Corporate Business Online Sales (Air Online Sales Only, Lodging Online Sales Only, Car Rental Online Sales Only, Transport Online Sales Only and Other Online Sales Only)
By Intermediary Leisure Online Sales (Package Holidays Online Sales Only, Air Online Sales Only, Lodging Online Sales Only, Cruise Online Sales Only, Car Rental Online Sales Only, Other Transport Online Sales Only and Other Online Sales Only)
Snapshot on Online Payment Gateways Market
Key Target Audience
Online Retail Companies
Third-Party Websites of Online Retail
Online Travel Companies
Online Payment Gateway Platforms
Government Association
Government Agencies
Private Equity and Venture Capitalist Firms
Time Period Captured in the Report:
Historical Period: 2013-2018
Forecast Period: 2018-2023E
Companies Covered:
Taiwan Online Retail Market:
Momoshop (Fubon Group)
PCHome Online
Sea Ltd. (Shopee)
President Chain Store Corp
Apple Inc
Eastern Media International Corp
Rakuten Inc.
A.S. Watson Retail (HK) Ltd.
Far Eastern Department Stores Ltd
Yahoo! Inc.
Taiwan Online Travel Market:
Lion Travel Service Co. Ltd.
Cola Tours Group
Ez Travel Co. Ltd.
South East Travel Service Co. Ltd.
Agoda Co. Pte Ltd.
Taiwan Payment Gateway Market:
ECPay
NewebPay
PayPal
PayDollar (AsiaPay)
Pay2Go
Key Topics Covered in the Report: –
Internet Retailing in Taiwan
Internet Travel Booking in Taiwan
Major Payment Gateway Platform Taiwan
Major Players in Taiwan Online Retail Market
Major Shopping Websites in Taiwan
Online Payment Gateway Taiwan
Payment Service Providers Taiwan
Taiwan Corporate Travel Booking
Taiwan Leisure Travel Bookings
Taiwan Online Retail Market Size
Taiwan Online Travel Agencies
Taiwan Online Travel Market
Taiwanese E-Commerce Market
Major Travel Booking Sites Taiwan
PayPal Taiwan Payment Gateway Competitors
PayDollar (AsiaPay) Payment Gateway Market
For More Information on the Research Report, refer to below links: –
Taiwan E-Commerce Industry Growth
Related Reports by Ken Research: –
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
