The Motor Vehicles Parts and Accessories market in Malaysia exhibited significant variability over the past years, with a notable growth from 2012 to 2022. Starting from $4.5614 billion in 2012, the market peaked at $6.4417 billion in 2022. This period was marked by substantial year-on-year variations, with significant dips in 2016 (-4.35%) and 2020 (-16.63%), reflecting possible economic disruptions or sectoral setbacks. However, the market showed resilience, bouncing back with strong year-on-year growth in 2021 (16.47%) and 2022 (7.05%). The Compound Annual Growth Rate (CAGR) for the five years leading up to 2022 was 3.45%, indicating a moderate upward trajectory despite intermittent declines.
Future trends to watch for:
- The adoption of electric vehicle (EV) technologies and how it influences parts and accessories demand.
- Shifts in regulatory frameworks related to automotive manufacturing and environmental standards.
- Emerging technological advancements and their integration into vehicle parts and accessories.
- Potential economic fluctuations affecting consumer purchasing power and overall market dynamics.
How does Malaysia rank in Motor Vehicles Parts and Accessories Market Size Value?
| # | 45 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 235,410,000,000 | 2023 | +4.39% | +0.72% | View data |
| 2 | 2 Germany | 156,470,000,000 | 2023 | +1.79% | +1.62% | View data |
| 3 | 3 Japan | 115,890,000,000 | 2023 | -1.84% | -2.75% | View data |
| 4 | 4 France | 74,756,000,000 | 2023 | +0.83% | -0.36% | View data |
| 5 | 5 United Kingdom | 66,161,000,000 | 2023 | +0.35% | -0.9% | View data |
| 13 | 13 Australia | 10,214,000,000 | 2023 | -2.28% | -1.96% | View data |
| 14 | 14 South Africa | 6,985,600,000 | 2023 | +1.33% | +1.84% | View data |
| 15 | 15 Malaysia | 6,547,000,000 | 2023 | +1.63% | +1.96% | |
| 16 | 16 Saudi Arabia | 4,390,300,000 | 2023 | -1.39% | -0.64% | View data |
| 17 | 17 Colombia | 3,949,800,000 | 2023 | +1.83% | +1.13% | View data |