Malaysia’s EV Market Surges, Anticipates Sustained Growth In 2024

Given that only 12,000 EVs have been registered in Malaysia since 2011, the number of new EVs registered this year is certainly impressive. Tengku Zafrul also stated that EVs will serve as a catalyst for the growth of Malaysia's manufacturing industry exports.

Zafrul disclosed that national targets have been set by the Ministry of Investment, Trade, and Industry (MITI) in order to accelerate the National Automotive Transition Plan (NETR), which was introduced in August of this year. It is projected that by 2030, twenty percent of Malaysia's yearly sales of new cars will be electric cars; by 2040, that number will rise to fifty percent, and by 2050, to eighty percent.

“There is a lot of potential in the new generation vehicles wherein more components, for example, semiconductor composite, chips component in a typical car today, or even a hybrid car will be around 1,500 chips (needed) in one car. When you look at EV cars, it can go up to at least 3,000 chips in one car and these chips come from the E&E sector,” he added.

It seems that more Malaysian consumers are open to adopting electric vehicles. when Proton and Perodua launch their electric vehicle (EV) products in 2025.