The Malaysian Automotive Association (MAA) revealed today that total industry volume for the full year of 2022 breached the 700,000-unit mark for the first time to chart the all-time high of 720,658 vehicles sold in Malaysia, and although there will be gains made from 2023 to 2027, these will be at volumes lower than the just-announced record figure, the association said.
Specifically, a near-10% drop has been forecast for 2023, and the MAA said that it expects the total industry volume (TIV) for this year to reach 650,000 units, which is 70,568 units or 9.8% less than the figure in 2022.
Slow and steady gains have been forecast beyond the drop in sales volume for this year, and thus the MAA expects a 1.0% increase in TIV from 2023 to 2024, to 656,500 vehicles, of which will be 590,850 passenger vehicles (PVs) and 65,650 commercial vehicles (CVs).
Marginally larger gains have been forecast for the years after next, with growth of 2.0% expected for a 2025 TIV of 669,630 units comprised of 602,630 PVs and 67,000 CVs.
Growth is expected to continue at similar rates for the two years after that, with the 2026 TIV forecast to gain 2.1% to 683,692 units (615,322 PVs, 68,370 CVs) and the 2027 TIV forecast to grow 2.2% to 698,733 units (628,733 PVs, 70,000 CVs). Therefore, the TIV for each year from 2024 to 2027 has been forecast to stay below the 700,000-unit mark.
This forecast comes after the 2022 TIV which marked a considerable rebound, gaining 41.6% over the TIV of 2021 at 508,883 units in the country. The significant increase came after two consecutive years of TIV decline, as 2021 recorded a drop of 20,603 units or 3.9% from 2020, and 2020 in turn was down 12.4% from the 2019 TIV of 604,281 units.
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