Malaysia's automotive market experienced a notable dip in October 2024, with vehicle sales falling by 8% compared to September. This marks a slowdown in the industry’s momentum after several months of steady growth.

Monthly Performance Snapshot

According to the latest data from the Malaysian Automotive Association (MAA), 61,189 units were sold in October, a decline from the 66,859 units recorded in September. This decrease affected both passenger and commercial vehicle segments, reflecting a combination of market-specific challenges and evolving consumer preferences.

Despite the drop, the year-to-date total industry volume (TIV) stands strong at 610,957 units, which remains an improvement over the 585,795 units sold during the same period in 2023. This indicates the industry’s resilience and continued recovery from pandemic-related disruptions.

What’s Driving the Decline?

Several factors may have contributed to the October slowdown:

1. Shorter Working Month: Public holidays in October could have reduced the number of business days, impacting sales opportunities.
2. Economic Pressures: Rising living costs and cautious consumer spending may have influenced purchasing decisions.
3. Supply Chain Challenges: Ongoing supply chain disruptions, though improving, still pose hurdles for vehicle availability and deliveries.

Outlook for the Year

The MAA remains optimistic about achieving its 2024 TIV target of 725,000 units, buoyed by year-end promotions and a potential rebound in consumer demand. The industry’s strong year-to-date performance suggests that the October dip could be a temporary adjustment rather than a long-term trend.

What This Means for Car Sellers

For car owners looking to sell their vehicles, market fluctuations like these can impact trade-in values and demand. At Mobee, we help car sellers navigate these changes by providing accurate market valuations and a hassle-free selling experience. Whether you’re upgrading your car or simply looking to sell, our platform ensures you get the best possible value for your vehicle.

Looking to sell your car in Malaysia? Visit Mobee Malaysia today to get a transparent valuation and connect with potential buyers.