Vehicle sales in Malaysia hit all-time high in 2022

KUALA LUMPUR – Sales of new motor vehicles or total industry volume (TIV) hit an all-time high in 2022 after two consecutive years of declining sales, the Malaysian Automotive Association (MAA) said today.

The MAA said this was the first time the annual TIV exceeded the 700,000-unit mark and attributed it to increased overall demand.

According to the MAA, the total registration for passenger vehicles in 2022 rose to 642,773 units from the previous year’s 452,486. 

Likewise, registration of commercial vehicles also showed an improvement of 38.9% to reach a total of 78,885 units.

For sales of commercial vehicles, the MAA said companies had started to invest in anticipation of an economic rebound after the slowdown caused by the pandemic.

Another factor that contributed to the historic sales was suppressed demand for new vehicles during the first half of 2022. The low base effect or lower sales in the first half of 2021 due to Covid-19 lockdowns also spurred higher buying the following year.

The MAA also said the all-time high TIV can also be attributed to the authorities’ decision to allow consumers with confirmed bookings (without sales and service tax) to register their vehicles by the end of March this year. 

“On behalf of all MAA members, I would like to express our heartfelt and sincere thanks to the government of Malaysia for extending the registration period, which indeed had been very effective,” said MAA president Datuk Aishah Ahmad.

She also implied that the extension in the registration period helped the industry fulfil the many backlogged orders as well as ensure that people get to enjoy the benefit of cheaper cars.

Previously, the MAA projected that car sales for December last year would be higher than in November due to end-year promotions as well as many car companies rushing to fulfil outstanding bookings. – The Vibes, January 19, 2023