Forecast: New Vehicles Registrations in Malaysia

New vehicle registrations in Malaysia experienced fluctuations over the past decade. From a peak in 2015 at 666.68 thousand units, registrations dropped significantly by 12.98% in 2016 and continued a downward trend until 2017. Between 2018 and 2019, minor growths of 3.81% and 0.95% were observed, respectively. The market then faced a dramatic 85.24% fall in 2020, reaching only 89.2 thousand units due to pandemic-related disruptions. However, 2021 and 2022 saw recoveries with 27.35% and 354.14% increases. In 2023, registrations stood at 637.86 thousand, marking a 23.64% rise from 2022.

Looking forward, the forecast projects a steady upward trend with new vehicle registrations expected to reach 715.17 thousand by 2028, indicating an average annual growth rate (CAGR) of 1.82% over the next five years.

Future trends to watch include the impact of economic recovery post-pandemic, the increasing adoption of electric vehicles, government policies, and changing consumer preferences on new vehicle registrations in Malaysia.