Key Market Indicators
Malaysian vehicle registration is projected to reach approximately 715,000 units by 2028, up from around 638,000 units in 2023. This represents an average annual growth rate of 1.8%. Since 2010, the Malaysian market has seen a yearly increase of 1.3%. In 2023, Malaysia ranked 36th in vehicle registrations, with Ecuador surpassing it with the same number of units registered. Canada, China, and Austria ranked second, third, and fourth, respectively. Meanwhile, Malaysian vehicle production is expected to decline to about 531,000 units by 2028 from approximately 554,000 units in 2023. This marks a compound annual growth rate (CAGR) decrease of 0.7%. Since 2002, Malaysia's vehicle supply has seen a yearly decline of 0.4%. In 2023, Malaysia ranked 22nd in vehicle production, with South Africa overtaking it with the same production numbers. The United States, Japan, and Germany took the second, third, and fourth spots in this ranking, respectively.
