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Malaysia’s Automobile Sales by Segment in 2023

The Malaysian automobile market in 2022 hit a record high of nearly 800,000 units up 11.0% year-on-year. The market expansion was driven by low interest rates and strong economic performance throughout the year. The top seven brands (Perodua, Proton, Toyota, Honda, Mitsubishi, Mazda, Isuzu), which accounted for 90.7% of the market sold 725,284 units.

Passenger car sales increased 12.6% to 424,130 units. Employment as well as GDP per capita rose from 2021 to 2023, resulting in rising demand for relatively inexpensive passenger cars. UV sales went up 8.8% to 184,061 units. Although the market composition ratio of the volume-selling small SUV segment dropped by 0.4 points from the previous year to 17.3%, sales rose by 8.3% from the previous year to 125,200 units. ales of premium brands went up 3.3% to 29,219 units; however, market share declined 0.2 points to 3.7%.

Graph: Malaysia: Sales Volume of Automobiles of the Top Seven Brands by Leading Segments (2018-2023)
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