KUALA LUMPUR: The Malaysian Automotive Association (MAA) has revised its total vehicle sales forecast for 2024 to 765,000 units from the previous estimate of 740,000 units.
MAA president Mohd Shamsor Mohd Zain said the new forecast remains lower, by about four per cent, than the record-breaking sales of 799,731 units achieved in 2023.
"We expect the total industry volume (TIV) for passenger vehicles to shrink by about three per cent to 696,150 units in 2024.
"Meanwhile, the TIV for commercial vehicles is expected to decline more significantly, by about 14.5 per cent to 68,850 units," Mohd Shamsor said at a press conference here today.
According to Mohd Shamsul, the resilient domestic economy has contributed to positive TIV in 1H24.
He said the expected growth in Malaysia's gross domestic product (GDP) coupled with Bank Negara's decision to maintain overnight policy rate (OPR) at 3.00 per cent at its recent Monetary Policy Committee meeting may also help to stimulate domestic spending.
"Another factor contributing to the revised forecast is the healthy backlog of orders, particularly in the A-segment passenger cars market, indicating strong demand that will continue to drive sales in this segment," he said.
Malaysia's new vehicle sales or TIV rose 6.6 per cent or 24,120 units to 390,269 in the first six months of 2024 from 366,176 units registered in the corresponding period of 2023.
Of this, passenger vehicles (PV) accounted for 356,859 units and commercial vehicles (CV) 33,437 units, according to the latest data by the MAA.
"This increase in TIV can be attributed mainly to the strong showing by the Passenger cars sub- segment which contributed the biggest volume increase," it said.
On a year-on-year (YoY) basis, except for March and June, the monthly total vehicle sales were consistently higher in the first half of 2024 (1H2024) compared to similar corresponding month in 1H2023.
As a result of the strong showing by Perusahaan Otomobil Kedua Sdn Bhd, MAA said the combined market share of the two national makes rose to 62 per cent or 241,937 units in 1H2024 compared with 60.3 per cent (220,702 units) in 12023.
The non-national makes registered a higher sales volume of 148,360 units or a two per cent growth compared with 145,474 units for 1H2023.
"Total production volume in the first half of 2024 increased 8.1 per cent 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 1H2024 was in tandem with the surge in demand for new vehicles," it said.
Mohd Shamsul said MAA members are continuing their aggressive promotional strategies, providing value-added services and more options to customers.
"These efforts are anticipated to improve demand and contribute positively to the overall sales forecast," he added.