MAA has recently announced the sales of new motor vehicles by MAA members is gaining momentum for the first six months of 2024.
En. Mohd Irhash Zamani, KIA Malaysia Sdn Bhd
En. David Nah Soon Seng, Isuzu Malaysia Sdn Bhd
En Mohd Tahir Kader Mohideen, Mercedes-Benz Malaysia Sdn Bhd
En Syed Ahmad Muzri Syed Faiz, Jaguar Land Rover Malaysia Sdn Bhd
En. Tan Keng Meng, Tan Chong & Sons Motor Co Sdn Bhd
En. Mohd Shamsor Mohd Zain, MAA President (UMW Toyota Motor Sdn Bhd)
En. Sarly Adle Sarkum, Honda Malaysia Sdn Bhd
En. Arman Mahadi, Daihatsu Malaysia Sdn Bhd
En. Hoffen Teh, Mitsubishi Motors Malaysia Sdn Bhd
En. Joey Lin Choon Yik, Sime Darby Hyundai Sdn Bhd
Pn. Ng Li Seong, Tan Chong Industrial Equipment Sdn Bhd
The Total Industry Volume (TIV) registered in the first six months of 2024 was 390,296 units against 366,176 units registered in the corresponding period of 2023, an increase of 24,120 units or 6.6%.
This increase in TIV can be attributed mainly to the strong showing by the Passenger cars sub-segment which contributed the biggest volume increase.
On a year-on-year (y-o-y) basis, except for March and June, the monthly total vehicles sales were consistently higher in 1H2024 compared to similar corresponding month in 1H2023.
Factors contributing to a higher TIV in 1H2024 were:
i) Resilient domestic economy. The country GDP grew at a higher rate of 4.2% in the first quarter of 2024 (4Q 2023: 2.9%);
ii) The Overnight Policy Rate (OPR) has remained stable at 3% since May 2023, thus providing a favourable economic environment
iii) Stable socio-political environment;
iv) Stable employment market;
v) There were many backlog orders, particularly in A segment.
vi) Successful New Model Launches: Many new models with exciting features and affordability were launched and well received by the market.
vii) Increased BEV Sales: Battery Electric Vehicles (BEVs) sales surged due to the introduction of many new models in the first half of 2024.
As a result of the strong showing by PERODUA, the combined market share of the two national makes rose to 62% (241,937 units) in 1H2024 compared with 60.3% (220,702 units) in 12023.
Meanwhile, the non-national makes also registered a higher sales volume of 148,360 units or 2% growth compared with 145,474 units for 1H2023.
Total production volume in the first half of 2024 increased 8.1% to reach a total of 392,052 units compared to 362,535 units in the same period last year.
The higher total production volume in first half 2024 was in tandem with the surge in demand for new vehicles.
MAA has taken the following factors into account in revising our forecast for the Total Industry Volume 2024:
i) Resilient domestic economy. The Government is optimistic that Malaysia’s gross domestic product (GDP) is well placed to expand within the official forecast range of 4% to 5%;
ii) Bank Negara’s decision to maintain OPR at 3% at its recent Monetary Policy Committee meeting may help to stimulate domestic spending including for big ticket items like new cars;
iii) Healthy backlog orders especially in A segment passenger cars market;
iv) New players and more new model launches including exciting newer and affordable models with newer features (for both internal combustion engine (ICE) vehicles and electrified vehicles or xEV);
v) MAA members’ continuation of aggressive promotional strategies and providing value-added services and more options to customers will lead to improve demand.
MAA’s revised industry forecast for 2024 as shown in table 3 below:
Note: * TIV 2024 original forecast announced at the MAA Annual Conference on 16 January 2024.