Consumer preferences and buying decision behavior
The electric vehicles market is at a very nascent stage. Public awareness needs to be strengthened to encourage more users to switch to EVs. This includes continuously raising awareness on the benefits of EVs – particularly about its range and reliability, ensuring the readiness of infrastructure, and promote benefits including the current incentives offered for electric cars & charging stations.
Consumers started preferring and realized the need for an electric vehicle, especially 2W, when the mechanical shops were closed during COVID-19 lockdown in 2020.
Consumers are thinking to shift to electric vehicles also because, during Budget 2022, the government proposed that EVs be completely exempt from import duty, excise duty and sales tax. EVs will also benefit from a road tax exemption of up to 100% under the proposal, while an income tax relief of up to RM2,500 will be provided on the cost of purchasing and installing, renting or taking up hire purchase facilities, as well as subscription payments of EV charging facilities.
Competitive Landscape in Malaysia’s Electric Vehicle Industry
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.
Impact of COVID-19 on Electric Vehicles Industry
The COVID-19 pandemic had a negative impact on the market as manufacturing activities were on halt for several months in the first half of the year 2020. Also, the disrupted supply chain and the shortage of raw materials in the year 2021 had a negative impact on the growth of the market. Malaysia is along major sea trade routes and due to the lockdown and shutdown of countries, the sea trade has also come to a halt, stopping transport of vehicles across the world. However, the gradual opening of the market in the later stages of 2020 and 2021 has paved way for economic revival of the market.
The Covid-19 pandemic also had a significant impact on household income according to a study conducted by the Department of Statistics. The Covid-19 impact study on household income in Malaysia for 2020 revealed that the number of poor households increased to 639,800 in 2020, up from 405,400 in 2019. This largely affected the sale of electric vehicles in Malaysia.
The publication titled “Malaysia Electric Vehicle Market Outlook to 2026: Driven by government initiatives along with the need to curb vehicular emissions, and increasing charging infrastructure” provides a comprehensive analysis of the electric vehicles industry by analyzing historical statistics and corresponding developments in the electric vehicles market. The market growth declined during COVID as manufacturing activities were on halt and the supply chain got disrupted. Given the consolidated structure in the electric vehicle industry, analysts have elaborated on competitive landscape of major electric 2-wheelers and 4-wheelers player on the basis of models launched, product prices, technology type and other operational parameters. The report also covers a snapshot on players business model, value chain analysis, growth drivers, Porters 5 forces analysis, impact of COVID-19 and factors governing the future outlook of industry. The report also provides comprehensive insight on the market size and segmentation of the industry. The report highlights the pain points of the electric vehicles industry along with detailed company profiles of major electric 2-wheeler and 4-wheeler brands. The report concludes with projections for future industry market size, market segmentations and analyst take on future market scenario.
Key Segments Covered in Malaysia Electric Vehicles Industry:-
By Type of EV
By Type of Electric 2-wheelers
By Type of Battery Capacity for electric 2 wheelers
By Battery Technology Type for electric 2 wheelers
By Voltage Type for electric 2 wheelers
By Battery Type for electric 2 wheelers
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By Brand of EV
By Type of EV Technology
By EV Class
Time Period Captured in the Report:-
Historical Period: 2016-2021
Forecast Period: 2022F-2026F
Malaysia Electric Vehicles Industry Players:-
Electric 2 wheelers
Electric 4 wheelers
Key Topics Covered in the Report:-
Ecosystem of Electric Vehicles Industry
Value Chain Analysis of Electric Vehicles Industry
Business Models of Major Entities in the Electric Vehicles Industry
Customer Preferences and Buying Decision Behavior in Electric Vehicles Industry
Market Size of Electric Vehicles Industry by Transaction Value and Sales Volume
Market Potential of Malaysia Electric Vehicles Market
Market Segmentation of Electric Vehicles Industry by type of EV, type of electric 2 wheelers, type of battery capacity, type of battery technology, type of voltage, type of EV class, type of EV technology, by type of brands, by battery type
Competitive Scenario of the Electric Vehicles Industry
Issues and Challenges in Electric Vehicles Market
Trends and Developments in the Electric Vehicles Industry
Porter’s Five Forces analysis of the Electric Vehicles Industry
Growth Drivers of Electric Vehicles Industry
Challenges and Restraints in the Electric Vehicles Industry
Government Rules and Regulations in the Electric Vehicles Industry
Impact of Covid-19 and Government Regulations on Electric Vehicles Industry
Future Market Size of Electric Vehicles Industry by Transaction Value and Sales Volume
Future Market Segmentation of Electric Vehicles Industry by type of EV, type of electric 2 wheelers, type of battery capacity, type of battery technology, type of voltage, type of EV class, type of EV technology, by type of brands, by battery type
For More Information on the research report, refer to below link:-
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
Ankur Gupta, Head Marketing & Communications