2024 New Vehicle Sales Breaks Records, 816,747 Units Shifted

The Automotive Association of Malaysia (MMA) has just announced that the Total Vehicle Industry (TIV) has just broken the 800k milestone, reaching an all-time high of 816,747 units sold. This is a 2.1% increase compared to 2023, where we saw 799,821 units shifted nationwide.

Surprisingly, only the sales of passenger cars have seen an increase (3.1%), whereas commercial vehicles had a decrease (13.8%) in sales. MAA states that the strong growth of 5.2% GDP in the first three quarters of last year have contributed to the record breaking numbers (3.8% GDP growth in 2023 for comparison). Additionally, they’ve credited that a decade low 3.2% unemployment rate paired with an unchanged 3% overnight policy rate have also significantly boosted sales.



The phenomenal success of Perodua has also been attributed to the sky-high numbers, with them setting the highest TIV record yet of 358,102 units last year. This makes an increase of 0.8% (505,689 units) on the combined share of national makes, whereas the non-national makes have seen a decrease of 2.3% (311,058 units) last year.

In tandem with this, the sales of electric vehicles (EVs) and hybrids have also soared with a 5.6% increase compared to 4.8% in 2023, totalling a 19% increase (45,562 units) in all xEVs (Hybrids and EVs).

Due to the removal of targeted diesel subsidies a few months prior, the demand for pick-up trucks has reduced by a significant 16.4% (49,003 units). Meanwhile, commercial vehicles have also seen a 13.8% decline with 69,567 units being registered last year.



December 2024 was crowned the highest TIV month in history, totalling at 81,735 units, surpassing the 80k mark for the first time.

Despite last year being a smashing success, MAA predicts 2025 to have lower TIV at 780k, citing several factors such as a 3.3% increase in global economic growth forecast by IMF, duties exemption for BEVs at the end of this year, as well as limited charging facilities nationwide. Other aspects include the US-China trade war unpredictability and targeted RON95 subsidies, though they acknowledge that it may bring up xEV sales.


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Read More: Perodua Sells Record Breaking 358,102 Units in 2024

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