Passenger Cars - Malaysia | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$15.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.07%, resulting in a projected market volume of US$18.1bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$7.3bn in 2024.
Passenger Cars market unit sales are expected to reach 824.00k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$21.64k in 2024.
With a vehicle unit sales share of 47.0% 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 27.6% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

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.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.