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 sales of 81,735 units. 2024 TIV represents a two percent increase compared to 799,821 units in 2023.
Malaysian Automotive Association (MAA) president Mohd Shamsor Mohd Zain attributed the exceptional performance to Malaysia’s resilient economy.
“GDP 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% from May 2023 create a favorable environment for vehicle loans.
“In addition, a stable socio-political environment and a low unemployment rate of 3.1%, the lowest in a decade, have further boosted consumer confidence and purchasing power,” he said at a memorandum of understanding signing ceremony held in conjunction with Said at a press conference. MAA and Malaysia Automotive Robotics and IoT Institute (MARIi).
Looking ahead, he said the automotive market and Malaysia’s economy are expected to remain resilient in 2025.
“GDP growth is projected to remain between 4.5% and 5.5%, while Bank Negara Malaysia is likely to maintain the OPR at 3%, supporting continued 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 employees are expected to further boost vehicle purchases,” he said. – Bernama
