Thursday, September 29, 2022

Email id: support@kenresearch.com, Contact Us : +91-9015378249

Home Automotive, Transportation and Warehousing Automotive and Automotive Components Malaysia Electric Vehicle Industry, Market Revenue, Sales and Forecast: Ken Research

Malaysia Electric Vehicle Industry, Market Revenue, Sales and Forecast: Ken Research

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.

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjY1

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.

malaysia-ev-four-wheeler-market

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

4-wheelers

2-wheelers

By Type of Electric 2-wheelers

Electric scooter

Electric motorcycle

By Type of Battery Capacity for electric 2 wheelers

<25Ah

>25Ah

By Battery Technology Type for electric 2 wheelers

Removable batteries

Non-removable batteries

By Voltage Type for electric 2 wheelers

24V

36V

48V

60V

72V

By Battery Type for electric 2 wheelers

Lithium-Ion

Sealed Lead Acid

By Brand of EV

BMW

Mercedes Benz

Honda

Volvo

Hyundai

Others

By Type of EV Technology

BEV

HEV

PHEV

By EV Class

Mid-priced

Luxury

Time Period Captured in the Report:-

Historical Period: 2016-2021

Forecast Period: 2022F-2026F

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjY1

Malaysia Electric Vehicles Industry Players:-

Electric 2 wheelers

Eclimo

Treeletrik

NIU

Electric 4 wheelers

Honda

BMW

Mercedes Benz

Volvo

Hyundai

Nissan

Porsche

Tesla

KIA

Mazda

Audi

For More Information on the research report, refer to below link:-

Malaysia Electric Vehicle Market

Related Reports:-

UAE Electric Vehicle Charging Equipment Market Outlook To 2026: Driven By Government Support And Incentives With The Increasing Focus To Achieve Green And Sustainable Economy

Sri Lanka, Bangladesh, Nepal and Bhutan Automotive (Light Vehicle, Heavy Vehicle, Two Wheelers, Taxi, Earth Moving Equipment, Power Tiller, Medium Vehicles, Heavy Buses, Tractor, Medium Buses, Electric Vehicle) Industry Outlook to 2025

Malaysia Electric Two-Wheeler Market Outlook to 2026: Driven by increase in awareness about alternative fuel, advancements in battery technology, and growing demand of two-wheelers in B2B Services

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

RELATED ARTICLES

Global Hydrogen Tube Trailers Industry Analysis: Ken Research

Buy Now The Global Hydrogen Tube Trailers Market has attained phenomenal growth in the past few years. The report accounts for the industry’s latest market...

Malaysia Automotive Aftermarket Service Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecast Till- 2025: Ken Research

Buy Now Malaysia Multi Brand Aftermarket Industry Overview: Malaysia's automotive aftermarket service sector sales were USD xx Bn in 2020, with a CAGR of 2.9% from 2015...

Kenya Logistics and Warehousing Market Outlook to 2023: Ken Research

Buy Now Market Overview Logistics are very crucial to the economic performance of every economy. Like other African countries, Kenya has structural issues with its logistical...

Most Popular

Global Electrical Discharge Machining Market, Industry Analysis and Forecast: Ken Research

Buy Now Electrical Discharge Market has grown at a bit rate within the past few decades. The report insights into the market shares, revenues, and...

The shift in the overall consumer behavior, along with the rise of digital payment solutions, is resulting in buy now, pay later (BNPL) becoming...

Buy Now UAE News The concept of delayed payment is not new. We all have credit cards, which de-facto are ‘Buy Now, Pay Later’ tools. Unfortunately,...

The Emerging Trends of RNA Sequencing Analysis Industry: Ken Research

Buy Now The Global RNA Sequencing Analysis Market has grown at a significant growth rate in the past few decades. The report insights into the...

Global Borates Market Research Report, Companies, Sales, Revenue, Issues and Challenges in the Market – Ken Research

The Global Borates Market has grown at a significant growth rate in the past few decades. The report insights into the market shares, revenues,...