Passenger Cars - Malaysia

  • Malaysia
  • Revenue in the Passenger Cars market is projected to reach US$12.0bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.48%, resulting in a projected market volume of US$12.2bn by 2028.
  • The market's largest segment is SUVs with a projected market volume of US$5.5bn in 2024.
  • Passenger Cars market unit sales are expected to reach 545.20k vehicles in 2028.
  • The volume weighted average price of Passenger Cars market is expected to amount to US$21.98k in 2024.
  • With a vehicle unit sales share of 45.6% in 2024, Perodua is expected to have one of the highest market share in the selected region.
  • The value market share of the make Perodua in the selected region is expected to stand at 25.6% in 2024.
  • From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

Key regions: United States, Germany, Europe, China, India

 
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Analyst Opinion

The Passenger Cars market in Malaysia has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Malaysia have been shifting towards more fuel-efficient and environmentally friendly vehicles.

This is in line with global trends, as consumers become more conscious of the impact of their choices on the environment. Additionally, there is a growing demand for technologically advanced vehicles with features such as connectivity and autonomous driving capabilities. These preferences are driving the development and adoption of electric and hybrid vehicles in the Malaysian market.

Trends in the market indicate a shift towards smaller, more compact cars. This can be attributed to the increasing urbanization in Malaysia, where space is limited and traffic congestion is a common issue. Smaller cars are more practical and easier to maneuver in crowded cities.

Additionally, the rising cost of living and stricter lending policies have also influenced consumer choices, leading to a preference for more affordable and economical vehicles. Local special circumstances in Malaysia, such as government policies and regulations, also play a significant role in shaping the Passenger Cars market. The government has implemented various initiatives to promote the adoption of electric and hybrid vehicles, including tax incentives and subsidies.

These measures have encouraged both consumers and manufacturers to invest in greener transportation options. Furthermore, the government's commitment to improving public transportation infrastructure has also contributed to the shift in consumer preferences towards smaller cars, as people rely more on public transportation for their daily commute. Underlying macroeconomic factors, such as GDP growth and disposable income levels, also impact the Passenger Cars market in Malaysia.

As the economy grows and incomes rise, more people have the means to purchase cars. This has led to an increase in vehicle ownership rates and a higher demand for passenger cars. Additionally, low-interest rates and favorable financing options have made it easier for consumers to afford cars, further driving market growth.

In conclusion, the Passenger Cars market in Malaysia is developing in response to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards more fuel-efficient and technologically advanced vehicles, the preference for smaller cars due to urbanization and affordability concerns, government policies promoting greener transportation, and favorable macroeconomic conditions are all contributing to the growth and evolution of the market.

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).

Overview

  • Unit Sales
  • Analyst Opinion
  • Technical Specifications
  • Revenue
  • Price
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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