Market Size of Malaysia Used Car Industry
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*Disclaimer: Major Players sorted in no particular order
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Malaysia Used Car Market Analysis
Malaysia used car market was valued at USD 25.14 Billion in 2021, and it is expected to reach a value of USD 35.25 Billion by 2027, registering a CAGR of 5.4% during the forecast period (2022 - 2027).
COVID-19 had a significant impact on the automotive industry all over the world and Malaysia is not the exception. The used car market has seen a significant increase in sales due to factors such as a drop in income, a lack of money, and an increasing preference for private cars to maintain social distance. The used car industry emerged during the pandemic, as the new car industry suffered. The market for used cars in Malaysia is expected to witness steady growth during the forecast period.
The high urban population and spending power in Kuala Lumpur and Selangor have resulted in 60 percent of used car sales in these areas. Furthermore, several government incentives and increased preference for personal transportation during the pandemic have resulted in increased demand for used cars, rather than a decline. For example, Datuk Tony Khor Chong Boon, president of the Federation of Motor and Credit Companies Associations of Malaysia (FMCCAM), stated that 347,000 used cars were sold between January and May, 2021.
The unorganized used car sales channel and a lack of standardization might hamper Malaysia Used Car Market growth.