Malaysia’s Vehicle Sales Set New Record In 2024

Malaysia's 2024 car sales have crossed the 800,000 milestone for the first time in the history of the nation, according to preliminary data. In 2023, the country sold 799,731 cars, almost reaching the 800,000 milestone.
The total industry volume (TIV) is 814,000 units, representing the second straight year of record-breaking sales. The country's two national carmakers, Perodua and Proton, account for the majority of sales growth.


According to CIMB research, this would keep Malaysia as the second-largest vehicle market in Asean, after Indonesia. Once a fierce rival, Thailand has witnessed a sharp reduction in car sales, with a 26.7% year-over-year (y-o-y) dip in the first 11 months of 2024.

CIMB Research predicts a more modest outlook for 2025, with a TIV of 755,000 units, reflecting a 7% year-over-year fall, regardless of the excellent success in 2024. The research firm states that the anticipated drop is mostly due to prospective obstacles, such as the potential elimination of the RON95 petrol subsidy in the middle of 2025 and a probable change to the open market value calculation method that would result in higher excise taxes.


However, the sub-RM100,000 market, which is still dominated by national brands and a few entry-level Japanese models, will continue to see strong demand. According to the research firm, the segment made up at least 73% of the total TIV in 2024, with national brands controlling more than 80% of the market.
Regarding EVs, it stated that, according to data from the Road Transport Department (JPJ), the total number of electric vehicle (EV) registrations in Malaysia increased by 79% year over year to 28,048 units in 2024, signifying a 3.3% market penetration.



The influx of new EV models and the entry of new companies into the local market are expected to generate another good year for the EV segment in 2025, particularly from national vehicle makers Proton and Perodua, CIMB research says.
For the record, national automaker Proton unveiled the first electric vehicle (EV), the Proton e.MAS 7 EV crossover, which is offered in two guises: the standard "Prime" and the more expensive "Premium." The base Prime version now costs RM109,800 without insurance, while the Premium version costs RM123,800.