KUALA LUMPUR: Malaysia’s automotive industry achieved a record total industry volume (TIV) of 816,747 units in 2024, surpassing the 800,000-unit mark for the first time.
December 2024 recorded the highest monthly TIV ever, with 81,735 units sold. The 2024 TIV represents a two per cent increase compared to 799,821 units in 2023.
Malaysian Automotive Association (MAA) president Mohd Shamsor Mohd Zain attributed this exceptional performance to Malaysia's resilient economy.
“Gross domestic product growth of 5.2% in the first three quarters of 2024, compared to 3.8% during the same period in 2023, along with the Overnight Policy Rate remaining at 3% since May 2023, created a conducive environment for vehicle loans.
“Additionally, a stable socio-political environment and a low unemployment rate of 3.1%, the lowest in a decade, further boosted consumer confidence and purchasing power,” he said at a press conference held in conjunction with a memorandum of understanding signing ceremony between MAA and the Malaysia Automotive Robotics and IoT Institute (MARii).
Looking ahead, he noted that the automotive market and Malaysia's economy are expected to remain resilient in 2025.
“GDP growth is forecast to range between 4.5% and 5.5%, while Bank Negara Malaysia is likely to maintain the OPR at 3%, supporting sustained demand for vehicles.
“An increase in the minimum wage to RM1,700 in February 2025 and a salary revision of up to 15% for government servants are expected to further boost vehicle purchases,” he said. – Bernama
