The observed data for Malaysia's tourism supply of passenger transport services from 2013 to 2023 shows a strong upward trajectory with dips in 2020 due to the COVID-19 pandemic. By 2023, the supply value stood at 47.17 billion Malaysian Ringgits, marking a year-on-year increase of 11.39%. From 2019 to 2023, the sector shows an average annual growth rate (CAGR) of 4.09%, reflecting a robust recovery despite the pandemic. The forecast data indicates a continuing increase, with a projected CAGR of 2.71% from 2024 to 2028, reaching 55.96 billion Malaysian Ringgits by the end of this period.
Key future trends to watch for include:
- Further integration of digital technologies in passenger transport services.
- Increasing demand for eco-friendly and sustainable transport options.
- The potential impact of regional tourism partnerships and agreements on growth.
- Effects of global economic factors on tourism and transport service demand.
