SUVs - Malaysia | Statista Market Forecast

SUVs - Malaysia

Malaysia

Highlights

Revenue in the SUVs market is projected to reach US$7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.13%, resulting in a projected market volume of US$9bn by 2029.
SUVs market unit sales are expected to reach 331.1k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$25k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Malaysia has seen significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Malaysia are increasingly opting for SUVs due to their versatility, spaciousness, and higher driving position. SUVs offer a sense of safety and prestige, which appeals to a wide range of consumers, including families and young professionals. Additionally, SUVs are known for their off-road capabilities, which is particularly attractive to adventure-seeking Malaysians who enjoy outdoor activities.

Trends in the market: One of the key trends in the SUVs market in Malaysia is the increasing demand for hybrid and electric SUVs. As consumers become more environmentally conscious, there is a growing interest in vehicles that offer better fuel efficiency and lower emissions. Hybrid and electric SUVs provide an eco-friendly alternative without compromising on performance or comfort. This trend is in line with global efforts to reduce carbon emissions and promote sustainable transportation. Another trend in the market is the rise of compact SUVs. These smaller-sized SUVs offer the benefits of an SUV, such as higher ground clearance and ample cargo space, while being more maneuverable and fuel-efficient compared to larger SUVs. Compact SUVs are especially popular among urban dwellers who value practicality and ease of parking in congested city areas.

Local special circumstances: One of the unique factors influencing the SUVs market in Malaysia is the government's push for the development and adoption of electric vehicles (EVs). The government has implemented various incentives and initiatives to promote EVs, including tax exemptions and subsidies. This has created a favorable environment for the growth of the electric SUV segment in Malaysia. Additionally, the government has also invested in the development of charging infrastructure to support the widespread adoption of EVs.

Underlying macroeconomic factors: The overall economic growth in Malaysia has contributed to the increasing demand for SUVs. As the country's economy continues to expand, more Malaysians are able to afford SUVs, which were once considered luxury vehicles. The rising middle class and disposable income levels have fueled the demand for SUVs as a symbol of status and success. Additionally, low interest rates and attractive financing options have made SUVs more accessible to a wider range of consumers. In conclusion, the SUVs market in Malaysia is witnessing growth due to changing customer preferences, emerging trends such as hybrid and compact SUVs, local special circumstances such as government support for EVs, and underlying macroeconomic factors including economic growth and favorable financing options.

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).