Malaysian Automotive Industry Sees Continued Growth in May 2024 According to MAA
Malaysia’s automotive sector maintains momentum in May According to MAA.
The Malaysian automotive industry carried its strong momentum into May 2024, recording impressive production and sales figures according to the latest data released by the Malaysian Automotive Association (MAA). Automakers in the country capitalized on a longer working month and sustained demand from consumers to build and deliver more vehicles compared to the same period last year.
On the production side, total industry volumes climbed 14% year-over-year in May 2024 to reach 74,174 units. This increase was fueled primarily by heightened output in the passenger vehicle segment, where production surged 16% to 70,132 units as automakers ramped up popular models to meet healthy demand. Commercial vehicle production declined 11% to 4,042 units, though this segment makes up a smaller portion of the overall industry total.
The sales numbers followed a similar trajectory, with passenger vehicle deliveries to customers rising 11% compared to May 2023 to hit 62,862 units. Robust economic conditions, new model introductions from automakers, and incentives supporting vehicle purchases from the government all supported the solid passenger vehicle sales performance. Commercial vehicle sales fell 14% to 5,803 units for the month amid some softening in business and fleet demand.
When looking at the year-to-date figures spanning January through May 2024, the Malaysian auto industry’s trajectory becomes even more impressive. Total industry production volume grew 12% year-over-year, with passenger vehicle output up 13% to 323,188 units. Passenger vehicle sales also saw an 11% bump to 301,109 units in the first five months of 2024. Commercial vehicle production and sales showed declines of 5% and 15% respectively year-to-date. This in spite of the price of diesel increasing after the blanket subsidy was lifted. It remains to be seen if commercial vehicle sales will continue to rise in the following months.
The Malaysian Automotive Association noted that the strong May production and sales totals were driven in part by longer operational days during the month compared to April. The association also highlighted that national automotive brands, which have been investing heavily in new products and technology, performed particularly well in May amid rising consumer demand.
Looking ahead to June, the Malaysian auto industry is expected to sustain its current sales trajectory and production levels as economic conditions remain supportive and automakers continue to restock depleted inventories. Coming off pandemic-related disruptions in 2020 and 2021, Malaysia’s automotive industry has rebounded sharply and shown impressive growth through the first five months of 2024.
With a recovering economy, new vehicle launches attracting buyers into showrooms, and government policies incentivizing vehicle ownership and usage, the outlook remains quite positive for passenger and commercial vehicle sales in Malaysia during the second half of 2024. The country’s automotive sector appears poised to continue building on its recent momentum barring any unforeseen circumstances that could slow production or dampen consumer demand.
About the Author
Subhash Nair Written work on dsf.my. @subhashtag on instagram. Autophiles Malaysia on Youtube.
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