The Motor Vehicles and Transport Equipment revenue in Malaysia has exhibited fluctuating trends over the past decade. In 2023, the revenue stood at 24.31 billion Malaysian Ringgits, representing a 1.73% year-on-year increase. Over the past two years, the growth has been relatively modest, with a 1.8% rise in 2022 and 1.73% in 2023. The five-year CAGR from 2018 to 2023 stands at 0.53%, indicating a slow but gradual recovery.
Historically, the sector has experienced periods of both growth and contraction, with notable declines in 2015, 2016, and 2020. The recovery phases in 2017 and 2019 were followed by more stable but incremental growth in the early 2020s. Forecasts for 2024-2028 suggest continuing growth, with a projected five-year CAGR of 1.22% and cumulative growth of 6.28% by 2028.
Future trends to watch for include the impact of increased adoption of electric vehicles, government policies on automotive emissions, and advancements in transport technology. Additionally, global supply chain dynamics and economic conditions will play significant roles in shaping the sector's trajectory.
