Malaysia: Passenger Car Market 2024

Passenger Car Market Size in Malaysia

In 2021, the Malaysian passenger car market decreased by -5.3% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +44.6% against 2016 indices. Passenger car consumption peaked at $X in 2020, and then dropped in the following year.

Passenger Car Production in Malaysia

In value terms, passenger car production fell to $X in 2021 estimated in export price. Overall, production, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2014 when the production volume increased by 65%. Over the period under review, production attained the maximum level at $X in 2020, and then contracted in the following year.

Passenger Car Exports

Exports from Malaysia

In 2021, overseas shipments of passenger cars were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2018 with an increase of 51%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports rose rapidly to $X in 2021. In general, exports posted a pronounced increase. The pace of growth appeared the most rapid in 2018 when exports increased by 72% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X units) was the main destination for passenger car exports from Malaysia, with a 42% share of total exports. Moreover, passenger car exports to Thailand exceeded the volume sent to the second major destination, Pakistan (X units), fourfold. Indonesia (X units) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+66.3% per year) and Indonesia (-18.5% per year).

In value terms, Thailand ($X) remains the key foreign market for passenger cars exports from Malaysia, comprising 59% of total exports. The second position in the ranking was held by Vietnam ($X), with an 11% share of total exports. It was followed by the Philippines, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+124.5% per year) and the Philippines (+113.7% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, reducing by -2% against the previous year. Over the period under review, the export price, however, recorded prominent growth. The pace of growth appeared the most rapid in 2014 when the average export price increased by 61%. The export price peaked at $X per unit in 2020, and then fell slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Egypt ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+25.2%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Malaysia

In 2021, purchases abroad of passenger cars was finally on the rise to reach X units after two years of decline. Over the period under review, imports, however, faced a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of 37% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, passenger car imports soared to $X in 2021. Overall, imports, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2018 with an increase of 28%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and Germany (X units) were the main suppliers of passenger car imports to Malaysia, with a combined 80% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +45.9%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X), China ($X) and Germany ($X) constituted the largest passenger car suppliers to Malaysia, with a combined 75% share of total imports.

China, with a CAGR of +62.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, rising by 9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 an increase of 14%. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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