The Malaysian Automotive Affiliation (MAA) says it’s optimistic that the native automotive market will rebound in 2021, and has confidently forecast that the whole business quantity (TIV) will develop by practically 8% from 2020, wherein 529,434 items had been shifted.
Buoyed by the business’s efficiency within the second half of 2020, the place sturdy demand and gross sales ensured that the ultimate TIV surpassed the 470,000-unit forecast made earlier within the yr, the affiliation is projecting a TIV of 570,000 items for 2021. Passenger autos are anticipated to ship 513,000 items out of the whole.
In delivering the bullish forecast, it mentioned that quite a few financial and environmental components had been taken under consideration, amongst them the continuation of the gross sales tax (SST) exemption for passenger autos beneath the Penjana stimulus bundle, which was purported to have ended on December 31 final yr however has been prolonged till June 30.
This, together with continued promotional campaigns by automobile firms to push gross sales and to take care of market share in addition to decrease rent buy mortgage rates of interest, will assist maintain shopping for curiosity, the affiliation added.
The MAA additionally supplied a forecast of the TIV going into 2025. It mentioned that by 2022, it anticipates that the yearly quantity will return to that of 2019, wherein 604,281 items had been bought (the latter determine is barely revised from the 604,287 items reported initially of final yr).
In 2023, this can climb to 622,300 items, and the roughly 3% progress is projected to proceed in 2024, with 641,600 items being the TIV forecast for that yr. By 2025, that is anticipated soar to 662,100 items, successfully bringing the TIV again to the extent final seen in 2014 and 2015.
