Plug-in Hybrid Electric Vehicles - Malaysia

Malaysia

Highlights

In 2024, the revenue in Malaysia's Plug-in Hybrid Electric Vehicles market is projected to reach US$255.8m.
The market is expected to show a compound annual growth rate (CAGR 2024-2029) of -5.26%, resulting in a projected market volume of US$195.3m by 2029.
By 2029, the unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 1.34k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Malaysia in 2024 is expected to amount to US$145.8k.
From an international perspective, it is shown that the most revenue will be generated China, with US$166bn in 2024.
The demand for Plug-in Hybrid Electric Vehicles in Malaysia is steadily increasing due to government incentives and growing environmental consciousness.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Malaysia is experiencing significant growth and development.

Customer preferences: Customers in Malaysia are increasingly opting for Plug-in Hybrid Electric Vehicles due to their environmental benefits and cost savings. Plug-in Hybrid Electric Vehicles offer lower fuel consumption and reduced emissions compared to traditional gasoline-powered vehicles, making them more eco-friendly. Additionally, the availability of government incentives and subsidies for Plug-in Hybrid Electric Vehicles has attracted customers who are looking to save on taxes and enjoy lower maintenance costs.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Malaysia is the expansion of charging infrastructure. As more customers switch to Plug-in Hybrid Electric Vehicles, the demand for charging stations has increased. To meet this demand, both the government and private companies are investing in the development of charging infrastructure across the country. This expansion of charging infrastructure is crucial for the growth of the Plug-in Hybrid Electric Vehicles market as it addresses the issue of range anxiety and provides convenience to customers. Another trend in the market is the introduction of new models and brands of Plug-in Hybrid Electric Vehicles. As the market grows, more automakers are entering the Malaysian market with their Plug-in Hybrid Electric Vehicles offerings. This increased competition has led to a wider range of options for customers, with different models and features to choose from. This trend is driving innovation and pushing automakers to improve their Plug-in Hybrid Electric Vehicles offerings to attract customers.

Local special circumstances: Malaysia has set ambitious targets to reduce its carbon emissions and promote sustainable transportation. The government has implemented various policies and initiatives to encourage the adoption of electric vehicles, including Plug-in Hybrid Electric Vehicles. These policies include tax incentives, grants, and subsidies for customers who purchase Plug-in Hybrid Electric Vehicles. The government's commitment to promoting sustainable transportation is creating a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market in Malaysia.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in Malaysia are also contributing to the growth of the Plug-in Hybrid Electric Vehicles market. As the economy expands, more people have the purchasing power to afford Plug-in Hybrid Electric Vehicles. Additionally, the increasing awareness of environmental issues and the desire to reduce carbon footprints are influencing customers' decisions to choose Plug-in Hybrid Electric Vehicles over traditional gasoline-powered vehicles. In conclusion, the Plug-in Hybrid Electric Vehicles market in Malaysia is experiencing growth and development due to customer preferences for eco-friendly and cost-effective transportation options. The expansion of charging infrastructure, the introduction of new models and brands, the government's support through incentives, and the underlying macroeconomic factors are all driving the growth of the Plug-in Hybrid Electric Vehicles market in Malaysia.

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).