Malaysia Electric Vehicle Market 2024-2030

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    Published- Sep 2022 Number Of Pages -101




    1. In 2021, The Malaysian EV market reported sales volumes of 7,592 units and generated revenue of $xx Million and the market is estimated with a CAGR of 16 percent, to reach an overall market value of $xx Million by 2027 from 2022.
    2. As the Budget 2022, introduced incentives such as SST (Sales and Services Tax) reductions and Duty (Import and Excise) exemptions, thus the sales volumes are expected to rise rapidly till 2025.
    3. The Passenger cars segment in Vehicle type accounts for almost xx% of the total volumes in 2021.
    4. The PHEV segment in EV type accounts for almost 60% of the total volumes in 2021.
    5. Currently, Malaysia has around 600 charging stations and the Malaysian government has plans to set up 10,000 charging stations for electric vehicles in Malaysia by 2025 under the Low Carbon Mobility Blueprint (LCMB) 2021-2030.
    6. The Domestic production of electric Two wheelers and buses are being done in Malaysia, but those companies don’t concentrate much in the region and rather sell to foreign clients, again leading to limited variety in the market
    7. In 2021, Top 5 players sold volumes of 7,060 which accounted for xx% of the overall market volume.
    8. The major players in the market are Volvo, BMW, Toyota and Mercedes-Benz and Honda, out of which Volvo is at the top with ~xx%, followed by BMW and Toyota at second position with ~xx%.



    Malaysia is located in Southeast Asia, one of the developing nations.  In the past its economy was strongly supported by its natural resources. As time passed its economy expanded towards tourism, science , commerce and other sectors as well.


    Malaysia is the only federal country in Southeast Asia; they are known to make a neutral relation and peace with their neighboring country and rest of the world.




    Malaysia is emerging as a new industrialized market economy. The GDP growth rate of Malaysia is one of the most competitive in the world; in 2014-2015 it had a growth rate of 6.5% annually which was 20th in the world surpassing countries like New Zealand, Australia. Malaysia is one of the largest producers of tin, rubber in the world.


    According to ERIA (Economic Research Institute for ASEAN and South Asia), to support for EVs market the country has launched National Green Technology policy in 2009, they also formulated the Greentech Malaysia in which they have mentioned to that until 2020; 100,000 Passenger EVs, 2000 bus EVs, 100,000 Electric motorcycle or scooter will be available on national roads.


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    Reaching this goal in Malaysia came out to be a little difficult as the said goal is not achieved till now. The reason might be that the Malaysian government is not providing an attractive incentive and subsidy plan for EV manufacturers and buyers. Some leading businessmen in Malaysia are criticizing the government for not taking enough initiative to promote the EV sector.


    In spite of having an advantage as a shipping hub and availability of resources, Malaysia still has limited manufacturing industry, the standard workforce wages are higher than many south Asian countries is an disadvantage as well. However the government of Malaysia is trying their best to introduce the new model and policies to make a significant participant in the development of EVs in their countries in near future.


    GE and EV World Pte Ltd (“EV World”) have announced a collaboration on technology development and strategic efforts to assist the rollout of electric cars (“EVs”) in Malaysia and Singapore.


    Both firms have signed a Memorandum of Understanding (“MoU”) under which they would work on developing electric vehicle technologies for commercial application and deployment in Malaysia and Singapore.


    Recognizing the potential of electric vehicles to revolutionize transportation, GE has been working on a plan for an EV Infrastructure Framework in Malaysia with both governmental and private sector entities.


     GE’s partnership with EV World, a collaborative research and development (“R&D”) center of excellence for electric vehicle technology, would allow the two companies to work together to bring commercial EV applications to Malaysia and the region.


    To know more about Malaysia EV Charger Market , read our report


    Buses have an average range of 275km, where BYD K9 and SKS Bus have a range of 250 km and Kuching’s buses have a bit higher range of 300km on a single charge.


    A total of 25 units have been sold till now out of which 15 were bought by Sunway’s Bus Rapid Transit (BRT) and another project supplied 10 units for Putra Nuevo EV bus.


    The major growth driver for the two wheeler segment is the use of motorcycles and scooters for commercial purposes such as last mile delivery, patrolling and other applications. 




    Tesla Inc, a manufacturer of electric vehicles (EVs), will create a branch office there and build a charging infrastructure for its vehicles.


    The government of Malaysia has granted Tesla’s request to import battery-powered EVs, and the company will also open showrooms and servicing facilities. The U.S. company’s presence in Malaysia is anticipated to promote local company participation in the Tesla ecosystem and create skilled jobs. 


    The development of electric motorbikes in Malaysia would be accelerated by a new initiative dubbed Malaysia Electric Vehicle Empowerment (My EVE), according to Blue shark Ecosystem Sd Bed (Blue shark), a Malaysia-based electric vehicle (EV) tech mobility firm. 


    Blue shark has launched its battery leasing and swapping programmer to allay the main worries that motorbike riders have about electric vehicles, which are the price and waiting time for charging.


    The My EVE initiative will make the most cutting-edge EV features, aesthetics, and technology accessible to people from all walks of life in order to improve people’s lives and enable electric mobility for everyone while preserving the environment.






    The business that runs the Park Easy mobile app, Pixel byte, has purchased a 50% stake from Shell Malaysia. The software enables speedy parking for motorists in malls and other retail spaces, and it is the first service in the nation to provide a reserved slot for EV Charging.


    The Powering Progress strategy’s cornerstones are the decarbonization of mobility and the facilitation of better customer services through digital innovation. The business plans to invest in projects that will enable it to better serve its consumers as a result of the energy transition and the demands of modern living.


    They appreciate the chance to collaborate with a fledgling start-up in Malaysia and are confident that their combined strengths will enable them to create better mobility goods and services for their clients.


    The company has expanded its business over the past three years from a parking reservation app to other services like the selling of its unique smart parking solutions and electric vehicle charging bay management systems.


    This will be Shell’s first investment in a Malaysian tech startup, giving the oil major a direct route to a regional parking and e-mobility platform. Despite the takeover, ParkEasy will carry on under its current name and management.





    • Hybrid Electric Vehicles
    • Plug-In Hybrid Electric Vehicles
    • Battery Electric Vehicles



    • Passenger Vehicles
    • Commercial Vehicles
    • Two & Three Wheelers



    • <10kWh
    • 10-50 kWh
    • >50kWh



    • <75km
    • 75-200km
    • >200km



    COVID has affected the market all over the world. Main sector responsible for the GDP of the country has a severe impact. The report says the continuous contraction of the economy in the 4th quarter as well.


    The production of finished goods shortage of material and equipment, labor. In 2020, Malaysia’s Total Industry Volume has dropped to 12.4% overall production and sales of vehicles have also decreased. The country is trying their best to overcome the crisis.




    In March 2022, Volvo Malaysia announced that it will assemble its first electric vehicles (EV) from completely knocked-down units at its factory in Shah Alam.


    Volvo Malaysia is ready to implement its global plan for a fully electric line-up by 2030, starting with the launch of the XC40 Recharge Pure Electric model.


    In July 2021, UMW Toyota Motor (UMWT) announced that it will invest a further RM270 million into expanding its current manufacturing operations and facilities. 


    This amount includes, amongst others, the introduction of a “new and technologically-advanced generation of HEVs.


    The company announced an EV strategy that will result in 15 new full EVs released by 2025. That will be part of 70 electrified vehicle models by 2025.


    Mercedes has made a total of MYR 1 billion investment in the production, sales, training and distribution of Mercedes-Benz vehicles reaffirms Mercedes-Benz Malaysia’s (MBM) commitment to the Malaysian market till date.


    Ho Wah Genting Bed announced plans to introduce their first full-electric vehicle from Seining Motor for the Malaysian market.


    In December 2021, The Ora Hamano or Good Cat was previewed at the Bumiputera Development Action 2030 convention. It was officially unveiled in 2022, the Ora Good Cat will be distributed by Go Auto. 


    Chery in Malaysia, will be mainly concentrating on their SUVs, the company has indicated that it would introduce EV, the EQ1.




    The Malaysia Electric Vehicle market size is estimated to be US $ XX Billion in 2023 and the growth rate of XX% by the year 2030. Malaysia has many industries that act as an ancillary for the international companies.


    Some companies in Malaysia have started making prototypes for future electric vehicles. Companies like Proton. Their model named Proton Iris EV displayed the first ever locally manufactured EV in 2015 International Greentech and Eco Products Exhibition and Conference Malaysia. Companies like Perdue are also conducting Research on electric and hybrid vehicles for the near future.


    MGTC is playing a key role in providing the charging station solution throughout Malaysia, companies like Okiya, a Singapore based startup is providing the battery swap facility for the electric motorcycle.


    Startups like My Kar have signed the Memorandum of agreement with the Malaysia Automotive, Robotics and IoT Institute (Mari) for completing the process of testing and designing of electric cars for manufacturing purposes.


    A large chunk of the population in Malaysia is not interested in buying electric vehicles because of the inefficient charging facility or maintenance cost of vehicles or the cost of electric vehicles. As of the ending of 2020, only 4 electric vehicles were sold in Malaysia. Currently, almost 300 charging stations are available in Malaysia concentrated near to Kling Valley.




    The iX1, i4, iX, and other new electric vehicles from BMW were introduced in Masai.  With numerous chargers scattered around the BMW booths, it appeared that BMW would continue to electrify its vehicle selection for some time to come.


    The First-Ever BMW iX1 was the undisputed star of the show when it arrived and made several rounds to allow the enormous crowd to have a good look at it.


    The iX1 is the popular X1’s all-electric variant; it is classified as a compact sports activity vehicle (SAV) and is designed to provide users with an active, mobile luxury lifestyle. It will only be available in Malaysia as the xDrive30 M Sport model.


    Wheels with two spokes measuring 19 inches long are made of light alloy by 871M. Inside, there is a curved display with a 10.25-inch instrument cluster and a 10.7-inch control screen that runs BMW Operating System 8.


    Additionally, a BMW Live Cockpit Professional is installed on the dashboard. Electric vehicle engines, which are typically quiet, are given some energy by Hans Zimmer’s composition BMW Iconic Sounds Electric.


    Interior upholstery options include Alcantara/Sensate Black with Blue Contrast Stitching, Leather Vernessa Black, and Leather Vernessa Mocha.


    The 64.7 kWh lithium-ion battery that is installed under the floor of the all-wheel drive iX1 provides the vehicle with a range of around 440 km. It had a 0 to 100 km/h time of 5.6 seconds and a top speed.


    According to BMW, the SAV can be fully charged from 0 to 80% in just 29 minutes using the iX1’s AC charging capacity of up to 11kW and DC fast charging capacity of up to 130kW.


    An eight-year/160,000-kilometre warranty on the EV battery, as well as other perks, are provided to owners of the vehicles with each purchase. There are six different colors available for the iX1: Alpine White, Black Sapphire, Cape York Green, M Portimão Blue, Storm Bay, and Space Silver. 


    For those who desire a bit more power and sportiness in their lives, the First-Ever BMW i4 M50 might be more appealing because this model looks to be best suited for people who seek a reliable, environmentally friendly family automobile.


    With its black M rear spoiler, black rear diffuser insert, and M Aerodynamics package, the i4 exudes a sporty appearance.


    The 20-inch 862 BMW Individual Aerodynamic Wheels in Bicolor, the Red High-Gloss M Sport Brakes, and the M High-Gloss Shadow line with Extended Contents can all be seen on the sides.


    The M interior trim, which includes Carbon Fiber trim finishers, M Anthracite Headliner, and amenities like M Sport seats up front, an instrument panel with Sensate, and an electronic glass roof, gives the interior of the luxury automobile a modern appearance.


    The 83.9 kWh lithium-ion battery within the i4 allows it to travel 510 miles on a single charge and accelerate from 0 to 100 km/h in 3.9 seconds. Its maximum speed is 225 km/h.


    The standard Adaptive M Suspension and shock absorbers with individual electronic control for each wheel help to optimize comfort when driving.


    The most affordable EV was introduced in Malaysia as the Neta V. With a price tag of RM 10,000, this specific model is the most inexpensive EV to date. The Neta V has a wheelbase of 2420 mm and comes in Sakura Pink, White Storm, Sky Blue, Cyan, and Midnight Grey finishes.


    It is 4070 mm long, 1690 mm wide, and 1540 mm tall. It is undoubtedly one of the smallest crossover EVs available with these specs, but its extended rear does provide you with an estimated 335 litres of cargo capacity. Also, unlike several EVs from other manufacturers, it doesn’t have a storage space under the front hood.


    Other exterior features include automatic halogen projector headlights, LED DRLs, and LED tail lights. The 16-inch alloy wheels with 185/55 profile tires.


    Three USB ports (a data + charge port in front, a dashcam port under the rearview mirror, and a charging-only port in the back) are inside the recently released electric vehicle, along with leatherette seat upholstery, a 12-inch digital instrument panel, a vertical 14.6-inch central touchscreen infotainment interface, automatic air conditioning with HEPA N95 filter, a six-speaker sound system, and three USB ports.


    Keyless entry and start are also included, and the aforementioned infotainment display can be used to cast wirelessly or wired smartphone screens.


    Internally, the Neta V has a ternary 38.54 kWh battery that powers its front-mounted electric motor. According to the NEDC standard, this motor is stated to have 70 kW (94 hp), 150 Nm of torque, and a range of 380 km.


    The EV can reach 0 to 50 kilometers per hour in 3.9 seconds and a top speed of 120 kilometers per hour, claims the firm. When it comes to charging, it offers 6.6 kW AC (Type 2) and 100 kW DC (CCS2) fast charging, allowing for a complete battery top-up in either 30 minutes or eight hours, respectively.


    Aside from multiple systems like ABS, EBD, braking assist, and traction control, the recently released automobile has two airbags in the front and other onboard safety measures.




    The first BYD electric vehicle (EV) for the passenger market arrived on Malaysian soil today, marking a significant milestone for Sime Darby Motors, the automotive division of Sime Darby Ber had.


    Following Sime Darby Motors’ recent selection as the official exclusive distributor of BYD vehicles in Malaysia, the company has unveiled the BYD Energy Awaken ATTO 3, an all-electric sports utility vehicle (SUV).


    Malaysia is planning to invest RM500 million to build a vast network of BYD showrooms to meet the nation’s surging demand for EVs, ushering in a new era for the country’s EV future. With the assistance of dealer partners, Sime Darby Motors and BYD aim to increase the number of showrooms in the nation to 20 by the end of 2023. This number will double in 2024.


    The relationship between Sime Darby Motors and BYD is a component of the automaker’s dedication to speeding Malaysia’s transition to EVs and a zero carbon mobility future. Sime Darby Motors is taking the initiative to lead Malaysia’s EV ecosystem and assist the country’s development as a sustainable hub in the region by introducing BYD’s ground-breaking EVs to the market.


    Aeon Company Malaysia and Aeon Big signed a memorandum of cooperation (Mock) with Yinson’s subsidiary, Yinson Green Tech, to establish an EV charging station network throughout Aeon’s retail locations in Malaysia, according to Yinson.


    According to the agreement, Yinson Green Tech would install EV chargers in 28 shopping centers, 34 retailers, and 21 Aeon Big outlets around the nation, along with value-added services like customer support and reward programmers.


    For Aeon’s future battery-powered logistic fleet, which it will manage through its EV leasing program me, the business also wants to establish a charging hub.


    Many car manufacturers in Malaysia are now investing in EV technology. Companies in the automotive industry are entering into various partnerships and joint venture agreements with other companies to create new opportunities for electric vehicle development and sales. 


    Malaysia’s Proton recently announced its partnership with China’s Greely Holding to develop electric models for the Malaysian market. Geels has been investing heavily in electric vehicles, with its Lync & Co brand set to launch a new line-up of electric vehicles. The partnership between Proton and Geels marks an important development in Malaysia’s electric vehicle industry.


    Mercedes-Benz Malaysia entered into an agreement with China’s BYD to develop the full-electric EQV300. The EQV300 features a 300-kilowatt motor, which is powered by an 80-kilowatt hour lithium-ion battery pack. The car has a range of up to 300 km on a single charge and has quick charging capabilities. 


    Malaysian car rental company Zoom in has also partnered with Volvo to offer a fleet of electric vehicles. The move is part of an effort to reduce emissions and offer customers a more sustainable option for transportation. Zoom in already has a fleet of over 300 electric vehicles, with plans to expand further.


    My vi maker Perdue partnered with Panasonic to co-develop an electric version of their popular hatchback. The car is expected to come to market in 2022, with the first two models including a hybrid and an all-electric variant. 


    Finally, Honda Malaysia has recently teamed up with its Thai counterpart to develop an electric vehicle for the ASEAN region. The car is expected to launch in 2025 and will be based on the Honda N-WGN and N-ONE models. 


    These partnerships and joint ventures reflect the growing interest in electric vehicles in Malaysia. As more companies enter the market, Malaysia can move closer to its goal of achieving total electrification.




    Automotive sector contributes almost 4% to Malaysian GDP. They have more than 25 Vehicle producers and more than 600 component manufacturers, and give employment to a large number of Malaysian citizens.


    Proton is an automotive manufacturer founded in 1983, focuses on design and manufacturing of automobiles. Over the period of time they had a partnership with many international companies for the growth and development of organization and country like Mitsubishi, Honda, Suzuki, Geels, Youngman, etc… which helped them out for continuous development and know the international market requirement in a better manner.


    Perdue is an automotive manufacturer founded in 1992, focuses on design, development, distribution and sales of car manufacturers. It is the largest car manufacturer in Malaysia. In the starting phase they had focused on manufacturing of mini-car for their potential customers. In recent news, it is seen that the company is discussing its future plan with its partner Daihatsu regarding electrification.


    Elim is a Malaysian Electric Vehicle Startup founded in 2008, HQ in Penang Island. They are focused on contributing towards the sustainable development of the country and world, manufacturing of electric motorcycles and lithium-ion batteries.



    National Automotive Policy 2020, released in late February 2020 with 5 objectives:

    1. Development of a Next Generation Vehicles (NV) Technology Ecosystem.
    2. Expansion of the Mobility-as-a-Service (MAs) Sector.
    3. Supporting the domestic automotive industry to cope up with IR4.0.
    4. Ensuring that the overall ecosystem benefitted from the NXR GV Ecosystem.
    5. Reducing carbon emission


    In the above objective they did not describe the exact details about the expansion of EV in the country. It is not clearly mentioned about the incentives and subsidies for the manufacturer and for customers as well, due to this the government is not able to encourage the citizens to move towards EV.




    With Major automobile OEMs such as Proton and Perdue, yet to enter the EV market, there are not many budget EV options.


    Very few are available, from OEMs such as Nissan, Renault, Hyundai and Honda, and even less pure EVs. Thus the sales is also not as high as its ASEAN neighbors, Thailand and Indonesia. 


    In September 2021, Mercedes-Benz Malaysia is looking into local assembly (CKD- Completely Knocked Down) of electric vehicle (EV) models at its Pekan plant, as well as upgrading its production network and supply chain


    Elim till date has generated a revenue of around $4M in total across all of its operations and with its expansion plans is expected to contribute hugely.


    Teletrac also investing in its infrastructure to produce domestic EVs, to be sold in Indonesia, might also sell locally which would give more options for the consumers. 




    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
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