Electric Vehicles - Malaysia

Malaysia

In 2024, the Electric Vehicles market in Malaysia is projected to reach a revenue of MYR US$176.5m.
It is expected to exhibit an annual growth rate of 4.98%, resulting in a projected market volume of MYR US$214.4m by 2028.
Furthermore, the unit sales of Electric Vehicles market are anticipated to reach 4.23k vehicles in 2028.
The volume weighted average price of Electric Vehicles market in 2024 is expected to be MYR US$51.7k.
From an international perspective, it is evident that in China will generate the highest revenue in the Electric Vehicles market, amounting to MYR US$319,000m in 2024.

"Malaysia is experiencing a surge in electric vehicle adoption as the government implements policies to promote sustainable transportation."

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in Malaysia has been experiencing significant growth in recent years.

Customer preferences: Customers in Malaysia are increasingly opting for electric vehicles due to their lower operating costs and environmental benefits. Electric vehicles are more fuel-efficient than traditional gasoline-powered vehicles, resulting in lower fuel expenses for consumers. Additionally, the government has implemented various incentives and subsidies to encourage the adoption of electric vehicles, further driving customer preferences towards these vehicles.

Trends in the market: One of the key trends in the Electric Vehicles market in Malaysia is the increasing availability of charging infrastructure. The government has been actively promoting the development of charging stations across the country, making it more convenient for electric vehicle owners to charge their vehicles. This has alleviated one of the major concerns for potential electric vehicle buyers, which is the availability of charging infrastructure. Another trend in the market is the introduction of new electric vehicle models by both local and international manufacturers. As the demand for electric vehicles continues to rise, manufacturers are expanding their product offerings to cater to the growing market. This has resulted in a wider range of options for consumers, allowing them to choose electric vehicles that suit their preferences and needs.

Local special circumstances: One of the unique circumstances in Malaysia is the presence of a strong automotive industry. The country has a well-established automotive manufacturing sector, with several local manufacturers producing electric vehicles. This not only contributes to the growth of the Electric Vehicles market but also creates job opportunities and promotes technological advancements in the industry.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in Malaysia can be attributed to several underlying macroeconomic factors. The government's commitment to reducing carbon emissions and promoting sustainable transportation has played a significant role in driving the adoption of electric vehicles. Additionally, the country's strong economic growth and rising disposable incomes have made electric vehicles more affordable and accessible to a larger segment of the population. In conclusion, the Electric Vehicles market in Malaysia is experiencing rapid growth due to customer preferences for lower operating costs and environmental benefits. The availability of charging infrastructure and the introduction of new electric vehicle models are key trends in the market. The presence of a strong automotive industry and underlying macroeconomic factors such as government incentives and economic growth further contribute to the development of the Electric Vehicles market in Malaysia.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).