Malaysia Electric Vehicle Market Overview, Key Players,
Malaysia’s Electric Vehicle Market Set for Exponential Growth Forecast To 2029
Malaysia Electric Vehicle Market Overview:
The Malaysia Electric Vehicle (EV) market is poised for substantial growth, with projections estimating a rise from USD 15.54 million in 2021 to nearly USD 39.76 million by 2029, at a compound annual growth rate (CAGR) of 12.46%. This surge reflects Malaysia’s strategic efforts to establish itself as a modern, sustainable market economy.
Despite policy support, the Malaysian EV market faces challenges, including limited consumer awareness and inadequate charging infrastructure. The National Transport Policy aims to promote low-carbon mobility, yet the market still grapples with these barriers. Companies like Proton and Perodua are spearheading local EV development, with Proton showcasing its Iriz EV at the 2021 International Genentech and Eco Products Exhibition and Conference Malaysia.
Malaysia’s government has introduced various incentives, including grants for R&D and training, to foster the growth of energy-efficient vehicles (EEVs). However, the high cost of EVs and limited subsidies remain significant hurdles. For instance, while the Tesla Model S costs over RM 650,000, more affordable options like the Renault Zoe and Nissan Leaf still range between RM 145,888 and RM 180,566, making them accessible primarily to the affluent T20 demographic.
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Malaysia Electric Vehicle Market Report Scope and Research Methodology:
The Market report delivers a comprehensive qualitative and quantitative analysis, covering market size, share by region and segmentations, pricing analysis, demand-supply gap analysis, and detailed competitive landscape, along with PESTLE and PORTER analysis which provides detailed market dynamics. It includes detailed information on mergers and acquisitions, investment, and expansion plans by key competitors, providing a thorough understanding of the market’s current state and future projections. The report’s segment analysis highlights the potential of different market segments, offering investors valuable insights into the industry’s future. It examines factors expected to impact the market both positively and negatively, ensuring a balanced perspective.
For the competitive analysis, the report profiles market leaders, followers, and new entrants in the industry, detailing their strategies, revenue, partnerships, and joint ventures. This offers a clear view of the competitive landscape. Both top-down and bottom-up approaches were employed to estimate the market size. Secondary research is extensively used to gather the information. Industry reports, government databases, corporate filings, academic research, and online databases, are some of the major secondary sources used in the Malaysia Electric Vehicle market study. This secondary data was then validated through primary research, to enhance the credibility and robustness of the findings. The comprehensive nature of this report provides stakeholders with essential insights into market dynamics and future trends.
Malaysia Electric Vehicle Market Regional Insights:
Malaysia’s GDP has shown remarkable resilience and competitiveness, growing at an annual rate of 7.2% between 2021 and 2023. This growth places Malaysia among the top 20 fastest-growing economies globally, surpassing nations like New Zealand and Australia. The Economic Research Institute for ASEAN and South Asia (ERIA) highlights Malaysia’s National Green Technology policy, which aims to bolster the EV market. By 2021, the Genentech Malaysia plan aimed to have 100,000 passenger EVs, 2,000 bus EVs, and 100,000 electric motorcycles or scooters on the road.
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Malaysia Electric Vehicle Market Segmentation:
By Type
• Two-Wheeler
• Passenger Car
• Commercial Vehicle
By Vehicle Type
• BEV
• PHEV
• HEV
Vehicle Type and Electric Vehicle Type are the two market segments that make up the Malaysia Electric Vehicle Market. The market is divided into three sub-sectors based on type: two-wheelers, passenger cars, and commercial vehicles. In 2021, the passenger car dominated Malaysia’s electric vehicle market. In contrast to Singapore, Malaysia was the first country to introduce electric buses. More than 40 units have already been supplied by Gemilang to Singapore, well exceeding the quantity sold in Malaysia.
Malaysia Electric Vehicle Market Key Players:
• Mercedes Benz
• Bollore
• Mistubishi
• Nissan
• Peugeot
• Tesla
• Volkswagen
• Renault
• BMW
• Hyundai
• Jaguar
• Proton
• Perodua
• Eclimo
Conclusion:
As Malaysia navigates the complexities of transitioning to a sustainable, electric-powered future, the EV market’s growth trajectory remains promising, signalling a significant shift towards greener mobility solutions.
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Table of Content: Malaysia Electric Vehicle Market:
• The Big Picture: Market size, overview, and key points.
• Our Focus: Specific areas, timeframe, and scope we’ll explore.
• Market Players: Who are the big businesses and up-and-comers?
• Market Size: How much money is flowing in this market?
• Market Breakdown: Different types of products/services and their segments.
• Competition Check: How easy (or tough) is it to compete in this market?
• Who’s Buying?: Understanding the customer base and their needs.
• Global Market: How does this market differ around the world?
• Decision Time: Making informed choices in this market.
• Market Shifts: What’s driving changes in the market?
• Future Look: Emerging trends that will shape the market.
• The Sellers: Who are the major companies selling in this market?
• Competition Analysis: Strengths and weaknesses of the key players.
Key questions answered in the Malaysia Electric Vehicle Market are:
• What is Malaysia Electric Vehicle?
• What was the Malaysia Electric Vehicle market size in 2023?
• What is the growth rate of the Malaysia Electric Vehicle Market?
• Which are the factors expected to drive the Malaysia Electric Vehicle market growth?
• What are the different segments of the Malaysia Electric Vehicle Market?
• What growth strategies are the players considering to increase their presence in Malaysia Electric Vehicle?
• What are the upcoming industry applications and trends for the Malaysia Electric Vehicle Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Malaysia Electric Vehicle Market?
• What is the demand pattern of the Malaysia Electric Vehicle Market?
• What major challenges could the Malaysia Electric Vehicle Market face in the future?
• What segments are covered in the Malaysia Electric Vehicle Market?
• Who are the leading companies and what are their product portfolios in the Malaysia Electric Vehicle Market?
• What segments are covered in the Malaysia Electric Vehicle Market?
• Who are the key players in the Malaysia Electric Vehicle market?
Key Offerings:
• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size & Forecast by Different Segment | 2023-2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
o Competitive landscape – Market Leaders, Market Followers, Regional player
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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