The motor vehicle wheels market in Malaysia saw fluctuating trends over the past decade. After a period of rapid growth from 2013 to 2015, reaching $229.86 million, the market experienced a dip in 2017, before recovering slightly. The value in 2023 stands at $234.19 million. Over the last two years, a positive year-on-year variation of 6.71% in 2022 and 1.33% in 2023 was observed. The average annual growth rate over the last five years (CAGR) was around 1.3%. Forecasts show steady growth, with a five-year CAGR of 1.06% expected, leading to a market size of $249.56 million by 2028.
Future trends to watch for include:
- Increased adoption of electric vehicles (EVs), potentially demanding different wheel specifications.
- Innovation in lightweight and durable materials, influencing wheel production.
- Regulatory changes that may affect manufacturing processes and costs.
- Economic factors and consumer spending trends impacting vehicle sales.
