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Malaysian Automotive Market Recovers and Future Opportunities in the Ridesharing Market


News provided by

Frost & Sullivan

19 Jan, 2017, 04:35 GMT

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Frost & Sullivan's Mobility team forecasts Malaysia's vehicle sales to reach approximately 586,200 units in 2017 at a growth rate of 1.9%

KUALA LUMPUR, Malaysia, Jan. 19, 2017 /PRNewswire/ -- Frost & Sullivan forecasts Malaysia's vehicle sales to reach 586,200 units in 2017 at a growth rate of 1.9 per cent. With the expected stabilization of Crude Oil prices in 2017, Malaysia's economy is expected to recover from the market slowdown that it witnessed in 2015 and 2016.

Mr. Vivek Vaidya, Senior Vice President of Mobility at Frost & Sullivan expects the Ringgit to stabilize in 2017 although it is not likely to strengthen much. "However, the sharp decline the currency witnessed in 2016 is not likely to repeat in 2017. Stability in the Ringgit will also trickle down and bring stability to prices of imported parts as well as Complete Built-Up (CBU) models."

He continued, "Economic recovery will bring positivity to the market, reduce prices, create jobs and increase purchasing power. This will drive the sales of passenger vehicles."

Launch of key models in 2H of 2016 and in 2017 is also likely to have a positive impact on the total industry volume (TIV). With the launch of Perodua Bezza and Proton Ertiga in 2H 2016, TIV growth in 2017 is likely to be driven by "mass" passenger cars, particularly energy efficient vehicle (EEV) models.

Several passenger vehicle models are in the pipeline for launch in 2017. These include several new product launches and facelift versions of popular models such as Honda City, Honda BR-V, Honda Jazz, Toyota Altis, Mazda CX-9, and the All-New Peugeot 3008 SUV, and All-New Peugeot 5008 SUV.

Conversely, the strict Auto Finance loan approval policy by Bank Negara Malaysia will continue to affect TIV in 2017. This will have a direct impact on the purchase of vehicles in the market and would affect young buyers and small/medium enterprises as they may find it difficult to secure loans.

Recent boosts in public transport and ridesharing may also slowly takeaway the need of buying cars.

"The extension of LRT lines and launch of the MRT in 2016 have further enhanced the public transport modal share in the Klang Valley area. There are future opportunities in ridesharing services as it offers a hassle-free option to commuters. Ridesharing compliments public transport infrastructure by offering first and last mile connectivity," said Mr. Vaidya.

2016 Review

Vehicle demand in Malaysia fell by approximately 13.4 per cent in 2016 due to an unfavorable economy, depreciation of the Ringgit, stringent loan approvals and decline in consumer sentiments.

"Aggressive promotions and launch of new/facelift models acted as drivers for sales growth but were negated by restraints like economic downturn and stringent loan approvals," Mr. Vaidya said.

Passenger vehicles market share by OEMs in 2016

Passenger Vehicles sales reached approximately 512,000 units in 2016, which is a 13.7 per cent decline over 2015. Passenger Cars and MPVs declined where as SUVs grew 8 per cent. Perodua lead the market with 39.9 per cent share of the passenger vehicle segment while Honda claimed second position with a 17.6 per cent market share.

"Honda's growth has led to a decline in Proton's market position," said Mr. Vaidya. "In a declining market, SUVs were the most resilient and witnessed high growth, backed by strong sales of the Honda HR-V and launch of new and facelift models."

Despite a decline in the overall vehicle market in Malaysia, the luxury cars market increased by 3.9 per cent. Mercedes-Benz lead the market with nearly half the market share at 48.1 per cent while BMW followed closely behind at 36.4 per cent.

"Mercedes-Benz further consolidated its position with the launch of new key models such as the C & E class," said Mr. Vaidya. "Price reduction for BMW's cars resulted in better sales in 2016."

Commercial vehicles market share by OEMs in 2016

Mr. Vaidya said that commercial vehicle sales declined 16.0 per cent to 63,300 units in 2016. Unfavourable business sentiment caused by the slowing economy led to the overall commercial vehicles demand being depressed throughout the year.

He added, "Several infrastructure projects were stalled or were running behind schedule although the Government's Mega Infra projects continued as planned. Pick-up sales were significantly impacted and sales of other trucks also declined."

In spite of losing 6.7 per cent of its market share, Toyota continued to lead the commercial vehicles segment. Isuzu saw a sharp rise in market share with a facelift launch while strong pick-up sales resulted in a higher market share for Nissan.

The Frost & Sullivan Mobility practice provides global market intelligence, prescriptive research to execute market growth opportunities, and tailor-made advisory services within the personal and freight mobility market. To view current and upcoming research, please visit http://www.frost.com/c/10046/sublib/category-index.do?category=industry

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact us: Start the discussion

Media Contact:

Carrie Low
Corporate Communications – Asia-Pacific
Phone: 03-6204-5910
Email: carrie.low@frost.com

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