Key Market Indicators
In 2023, Malaysian car registrations saw a decline, registering approximately 252,000 units compared to around 277,000 units in 2022. This represents an 8.9% decrease from the previous year. Since 2010, the demand for cars in Malaysia has dropped by nearly 14% annually. In the global ranking for 2023, Malaysia held the 45th position, with Finland surpassing it with a similar number of registered units. The top spots were occupied by Indonesia, Austria, and Belgium, ranked 2nd, 3rd, and 4th respectively. Looking ahead, Malaysian car production is projected to increase, reaching about 636,000 units by 2028 from around 577,000 units in 2023. This marks an average annual growth rate of 1.5%. Since 2002, the country's car supply has experienced a yearly increase of 2.1%. In 2023, Malaysia ranked 18th globally in car production, with Thailand slightly ahead. Japan, Germany, and India were the frontrunners, occupying the 2nd, 3rd, and 4th positions respectively.
