From 2013 to 2023, the tourism consumption of retail sale of automotive fuel in Malaysia has significantly evolved. Starting from 9.64 billion Malaysian Ringgits in 2013, it experienced consistent growth until 2019, with some fluctuations in the compound annual growth rate (CAGR). The value plummeted by 77.13% in 2020 due to the COVID-19 pandemic, reaching a low of 3.65 billion Ringgits. However, from 2021 onwards, there was a robust recovery with a pronounced increase of 177.6% in 2021 and with steady growth thereafter, culminating at 18.43 billion Ringgits in 2023.
Key Trends:
- The average yearly growth (CAGR) from 2018 to 2023 was 5.17%.
- The substantial drop in 2020 (-77.13%) was balanced by a swift rebound in 2021 (177.6%).
- The overall 5-year forecast CAGR from 2023 to 2028 is estimated at 3.57%, with a modest growth rate of 19.15% over the same period.
Future Trends to Watch For:
- Potential fluctuations due to geopolitical factors, fuel prices, and changes in travel restrictions.
- Rising importance of sustainable and alternative energy sources, potentially influencing automotive fuel consumption patterns among tourists.
- The economic recovery trajectory post-pandemic and its impact on tourism and consumer behavior.
