Forecast: Vehicles in Use in Malaysia

Malaysia's vehicle market demonstrated fluctuating growth from 2013 to 2023. Between 2013 and 2019, the market steadily increased from 11.81 million to 14.57 million units, reflecting a stable annual growth rate. However, there was an observable dip in 2020 with a significant 15.08% decline possibly due to external factors. The market quickly rebounded by 2021, reaching 14.47 million units again after a downturn. By 2023, the market reached 15.88 million units, showing stability with a modest growth rate of 2.04%, marking a promising recovery.

Over the last five years (2018-2023), the market had an average CAGR of 2.23%. Looking forward, the market is forecasted to grow from 16.17 million units in 2024 to 17.49 million units by 2028, with a CAGR of 1.58%, signifying more moderate growth rates.

Future trends to watch for:

• Technological advancements influencing vehicle longevity and usage.
• Government policies impacting vehicle ownership and regulations.
• Consumer behavior shifts towards sustainability and electric vehicles.