According to Frost and Sullivan’s partner and head of Automotive and Transportation Practice for Asia Pacific, Kavan Mukhtyar, the most significant contributor to the recovery would be in the replacement car market segment. On top of that, the growth of vehicle sales would also be boosted with the announcement of new key models since last year as well as the younger population in the country.
He said “A substantial number of Malaysians who purchased their vehicles from 2003 to 2005 may look at replacing their cars in 2010. There are also prospective buyers, who deferred their purchase in 2009, [who] are also expected to replace their cars in 2010 as the economy recovers. The vehicle sales will be aided by the key models launched late last year such as Perodua Alza and Kia Forte. Proton’s new C/D segment model scheduled to be launched this year will also boost vehicle sales growth. Malaysia’s significant young population will also provide an impetus for vehicle sales growth in the long term. I foresee that the number of first-time car buyers will increase in the next few years and this will be a key growth driver for entry-level cars,”
The fastest growing segment will be in the MPV (Multi Purpose Vehicle) segment while on the other side of the spectrum, passenger cars would record the slowest growth. Mukhtyar added that “The multi-purpose vehicle will be the fastest segment, increasing [by] 12.7 per cent in 2010 to 68,000 units due to the intense competition among Proton Exora and Perodua Alza. Passenger cars will be the slowest growth segment at 3.2 per cent year-on-year due to the lack of new mass market model, as well as some passenger car customers opting for the entry-level MPVs. However, passenger cars will remain as the biggest contributor to the Malaysian total vehicle sales, accounting for about 75.3 per cent. Demand for commercial vehicles is expected to increase by 5 per cent year-on-year to 52, 345 units while 4×4 sports utility vehicles is likely to grow by 7.9 per cent year-on-year to 11,210 units,”
For the year ending 2009, Frost and Sullivan had forecasted the TIV at 501,500 but the year ended with 531,000 where Mukhtyar said “The better than expected TIV for 2009 was due to the Malaysian government’s stimulus package, scrapping incentive scheme for Proton and Perodua and continued strong sales of Perodua’s Myvi and Viva and Proton Saga. In 2009, the commercial vehicles segment increased at 11.5 per cent year-on-year in East Malaysia, reflecting a more robust economy in Sabah and Sarawak due to increased development activities,”
At the moment, Malaysia’s leading car maker is Perodua for year 2009 holding 33.4% while Proton holding 30.4% is second and since its launch of the Exora, has managed to garner an additional 1.9% of the market share.
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