Malaysia Vehicle Market hit a decade-high in 2024, with sales rising 2.1% to 806,270 units, driven by strong economic growth. Chery and BYD led with standout performances.
Market Trend and Outlook
In 2024, Malaysia’s GDP growth slowed to 1.8% in Q3, but the economy is projected to expand by 5.1% in 2025 and 4.8% in 2026, driven by strong domestic demand. Private consumption will remain robust, supported by favorable labor market conditions and rising wages, while external demand is expected to boost exports. Investment will benefit from new opportunities in technology-intensive sectors and infrastructure projects. Inflation may rise temporarily due to the planned withdrawal of fuel subsidies, but it is expected to stay below its long-term average.
Fiscal consolidation efforts will focus on reducing public debt through higher tax revenues and subsidy reductions, while maintaining targeted support for vulnerable groups. The central bank is expected to keep its neutral monetary policy stance but remains ready to adjust interest rates if inflationary pressures increase. Expanding social protection, improving childcare access, and aligning education with labor market needs will help reduce inequalities and enhance workforce participation. Structural reforms, including carbon pricing and a planned carbon tax, will support sustainable growth and Malaysia’s decarbonization efforts.
Supported by favourable economic conditions, Malaysia’s vehicle market reported 806,270 full-year sales in 2024, up 2.1% compared to the prior year.
Looking at full-year data up to December 2024 brand-wise, the leader was still Perodua (+8.4%), with an impressive 44.4% share. Proton ranked 2nd, with a 18.3% market share despite losing 2.2%, while Toyota followed in 3rd with a 5.2% loss and a share of 12.5%.
Honda ranked 4th with a 2.1% growth, while Chery reported the best performance of the leaderbord, climbing 7 spots and growing 338.1%. Mitsubishi -down 1 spot- followed in 6th, down 25.6% while Mazda -down 1 spot- ranked 7th, down 24%. In 8th, Isuzu dropped 21.5% and lost one spot, while BMW dropped 1 spot and lost 12.1% to rank 9th. BYD closed the Top 10 with the second-best performance, up 129.9% and climbing 3 spots.
Medium-Term Market Trend
The Malaysian vehicle market saw strong sales in 2014 and 2015 before experiencing a slowdown due to the depreciation of the ringgit and tighter credit conditions. In 2016, sales dropped by 13%, falling below the 600,000-unit threshold.
The COVID-19 pandemic further strained the market, causing a 12% decline in vehicle sales due to movement restrictions, factory shutdowns, and weakened consumer purchasing power. By 2021, sales had plummeted to 503,741 units, the lowest level of the decade.
However, the post-pandemic recovery was remarkably strong. Economic rebound, pent-up demand, and government stimulus measures fueled a sharp 57% increase in sales in 2022. This upward trend continued in the following years, with sales reaching 806,270 units in 2024, marking a 2.1% annual growth.
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Groups.
