Forecast: Motor Vehicles Revenue in Malaysia

Analyzing the motor vehicle market in Malaysia from 2013 to 2023 reveals significant shifts. From 2013 to 2019, the market experienced steady growth with yearly variations ranging from 4.28% to 11.96%. However, from 2020 onwards, a sharp decline began, with values dropping from RM 23.27 billion in 2020 to RM 16.63 billion in 2023, marking a -10% year-on-year variation in the latest year analyzed. The last five years (2018-2023) recorded an average annual decrease of -7.58% CAGR.

Future trends to watch for include further declines in revenue, as forecast data predicts a continued downward trajectory, reaching RM 8.84 billion by 2028. The five-year forecast anticipates an average annual decline of -9.9%, signaling an overall market contraction of -40.61% by 2028. Emerging factors such as economic uncertainties, supply chain disruptions, and shifts in consumer preferences toward electric and autonomous vehicles will be crucial to observe.