MAA reports that November 2024 saw a drop in sales of cars versus October.
The Malaysian automotive industry is demonstrating resilience amid fluctuating market conditions, according to the latest Malaysian Automotive Association (MAA) press release for November 2024. While facing some headwinds in sales and production, the sector shows signs of stability and potential year-end recovery.
Production Landscape: A Nuanced Picture
The November 2024 production figures reveal a complex narrative for Malaysian automotive manufacturers. Total vehicle production declined by 10% compared to the same month in 2023, with 60,927 units manufactured. However, a year-to-date perspective tells a different story. Cumulative production for 2024 stands at 725,173 units, representing a modest 2% growth compared to the previous year.
Diving deeper into segment performance, passenger vehicles (PV) have been the more stable performer. While November saw a 10% production decline, year-to-date PV production has grown by 3%, reaching 683,262 units. Commercial vehicles (CV), by contrast, experienced more significant challenges, with both monthly and year-to-date production showing declines.
Sales Dynamics: Consumer Sentiment at Play
Sales figures mirror the production trends, with total vehicle sales dropping 8% in November 2024 to 67,532 units. The commercial vehicle segment bore the brunt of this decline, experiencing a substantial 24% reduction in monthly sales. Passenger vehicles showed more resilience, with a more moderate 6% sales decrease.
Market Insights and Consumer Behavior
The MAA report highlights an intriguing market phenomenon: consumers are adopting a “wait and see” approach, anticipating potential year-end promotions. This strategic pause is influencing current sales volumes. Despite the November slowdown, the Total Industry Volume (TIV) for 2024 remains 1.4% higher than the corresponding period in 2023.
Looking Ahead: Promising December Forecast
The outlook for December 2024 appears promising. The MAA anticipates higher Total Industry Volume, driven by aggressive year-end promotions from companies concluding their financial year on 31 December 2024. This suggests potential market stimulation and an opportunity for automotive manufacturers to close the year on a positive note.
Key Takeaways
- Total vehicle production: 60,927 units in November 2024 (-10% year-on-year)
- Year-to-date production: 725,173 units (+2% growth)
- Sales volume: 67,532 units in November 2024 (-8% year-on-year)
- Consumer sentiment: Waiting for potential year-end promotions
The Malaysian automotive industry remains adaptive, balancing short-term challenges with long-term growth potential.
