Over the last decade, the Gross Value Added (GVA) of passenger transport services in Malaysia exhibited significant fluctuations. From 2013 to 2019, the sector showed moderate but consistent growth. However, 2020 experienced a sharp decline due to the COVID-19 pandemic, cutting the GVA nearly by half. Post-2020, the sector rebounded swiftly, with substantial year-on-year growth observed in 2021 and 2022, culminating in a GVA of 10.26 Billion Malaysian Ringgits in 2023.
Key historical variations include:
- From 2013 to 2018, consistent growth with minor fluctuations
- A sharp decline in 2020 followed by a robust recovery in subsequent years
The Compound Annual Growth Rate (CAGR) over the last 5 years stood at 3.12%, indicating a steady recovery post-pandemic. Forecasted data suggests continued growth with a 5-year CAGR of 2.17%, reaching 11.76 Billion Malaysian Ringgits by 2028.
Future trends to watch for include:
- Technological advancements in transport services
- Government initiatives to enhance public transportation
- Population growth impacting demand
- Shifts towards sustainable transport solutions
