The MAA reported that Commercial Vehicles sector faced a complex July 2024 with decrease in production and slight increase in sales.
The MAA Cautiously Optimistic about the Commercial Vehicle Market’s Performance in August 2024
The Malaysian automotive industry’s Commercial Vehicle (CV) segment showed stability in July 2024, as per the latest data released by the Malaysian Automotive Association (MAA) on 16 August 2024.
In July 2024, the production of commercial vehicles saw a slight dip, with 4,285 units produced compared to 4,304 units in July 2023, marking a modest decrease of 0.4%. Year-to-date (YTD) figures for the commercial vehicle segment from January to July 2024 show a total production of 25,597 units. This represents a 5% decrease compared to the 26,993 units produced during the same period in 2023.
The better sentiment is shown in the sales figures. The commercial vehicle sales exhibited a slight upward trend in July 2024 with a total of 5,949 commercial vehicles sold during the month, representing a 3% increase from the 5,766 units sold in July 2023. This growth, although modest, indicates a steady demand for commercial vehicles despite market challenges.
However, the year-to-date sales figures reveal a more complex picture. By the end of July 2024, 39,448 commercial vehicles had been sold, marking a 13% decline compared to the 45,245 units sold during the same period in 2023.
Despite these challenges, the Total Industry Volume (TIV) for July 2024 across all segments (Passenger and Commercial Vehicles) showed a 24% increase compared to June 2024, reflecting overall industry resilience. However, the commercial vehicle segment continues to navigate a tough landscape.
Looking ahead, the MAA remains cautiously optimistic about the commercial vehicle market’s performance in August 2024. With upcoming National Day promotional campaigns by various car companies, there is potential for increased sales activity.
