Overview of Malaysia Electric Vehicle Industry And Market Size
The electric vehicle market in Malaysia recorded a negative CAGR of ~xx% on the basis of revenue in between 2016 and 2021. The slowdown in growth is attributed to the lack of domestic manufacturers in the ecosystem, resulting in imports of these vehicles which ultimately, shoots up the price of EVs. Coupled with that, the advent of COVID-19 also impacted the EV market due to consumer’s financial constraints and job losses.
The electric vehicle market in Malaysia is heavily dependent on international manufacturers as national brands such as Proton and Perodua have not been able to establish its presence in the EV market as of 2021. However, consumers increasing awareness on environmental hazards along with favorable government initiatives such as income tax and sales tax exemptions for purchasing EVs will contribute in the growth of EV four-wheeler market in coming years. Malaysia wants to encourage people to adopt electric vehicles and other fuel-efficient vehicles. The electric vehicle market in Malaysia will witness rapid transformation with the advancement of solid-state battery technology which increases the efficiency of the battery performance. The Malaysian electric vehicle market is still in its early phases of development. The Malaysian government’s EV rules and the continued introduction of new models contribute to the country’s EV market growth.
Along with being noisy, the mushrooming number of conventional cars, motorcycles and scooters is driving up energy consumption, air pollution and greenhouse gas emissions. To combat those problems, Malaysia, with support from the United Nations Environment Programme (UNEP), is encouraging drivers to trade in gas-guzzlers for electric motorbikes.
UNEP has worked with electric vehicle associations in Malaysia, the Philippines, Singapore and Thailand to develop comprehensive recommendations for policymakers to spur the adoption of electric two- and three-wheelers. The incentives announced in Budget 2022 are expected to kick start EV adoption among the general public and the plans for government fleet electrification will further pave the way to instill public confidence and interest. In Malaysia, the launch of the National Low Carbon Cities 2030 plan, entails the establishment of 200 low carbon zones across the country, which may bring about a greater push for green vehicle options, including EVs.
Competitive Landscape in Malaysia Electric vehicle Market, 2021
Malaysia’s Electric Vehicle Industry is consolidated with presence of limited players for 2-wheelers as well as 4-wheelers in Malaysia. These players compete with each other on the basis of products offered, product quality, value added services, product pricing, its features, battery technology type, battery capacity, battery type, voltage type etc. All the electric 4-wheeler brands available in Malaysia are imported. Local 4-wheeler brands such as Proton and Perodua are yet to launch electric 4 wheelers in Malaysia. Companies like Eclimo has adopted a B2B model, where they rent/sell their electric 2-wheelers to corporates such as KFC. Renting electric 2-wheelers and 4-wheelers has been increasing in Malaysia.
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Future outlook of Malaysia Electric vehicle, 2021-2026E
Electric vehicle market in Malaysia is estimated to generate a revenue of USD xx Million in 2026E, expanding at a CAGR of xx% in between 2021 and 2026E. One of the major determinants for the surging growth in coming years is attributed to the government initiatives and policies supporting the EV industry such as exemption of import duty, excise and sales tax for CBU and CKD electric vehicles till 2023 and 2025 respectively. Coupled with that, income tax exemption for individuals up to RM 2,500 on the cost of installation, rent, hire or purchase for electric vehicle charging facilities will serve as a catalyst for the growth of the industry. Increasing awareness on environmental impacts and consumer’s consciousness towards limiting carbon footprint will also contribute in increasing the business potential of EV players.
The electric vehicle market in Malaysia will witness rapid transformation with the advancement of solid-state battery technology which increases the efficiency of the battery performance. The industry is expected to record less number of EVs sold after 2023E as the exemption period of tax and import duties are lifted.
Key Segments Covered in Malaysia Electric Vehicles Industry:-
By Type of EV
By Type of Electric 2-wheelers
By Type of Battery Capacity for electric 2 wheelers
By Battery Technology Type for electric 2 wheelers
By Voltage Type for electric 2 wheelers
By Battery Type for electric 2 wheelers
Sealed Lead Acid
By Brand of EV
By Type of EV Technology
By EV Class
Time Period Captured in the Report:-
Historical Period: 2016-2021
Forecast Period: 2022F-2026F
Malaysia Electric Vehicles Industry Players:-
Electric 2 wheelers
Electric 4 wheelers
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Ankur Gupta, Head Marketing & Communications