Malaysia Electric Vehicle Market Outlook to 2026: Driven by government initiatives along with the need to curb vehicular emissions, and increasing charging infrastructure

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August 2022
Author(s): Khushboo Shah
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Region : Asia
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About the Report

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 player’s 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 focuses on Electric Vehicle Market segmentation by Type of Electric Vehicle, Type of Battery Capacity, Type of Battery Technology, Type of Voltage used, Type of Battery used, Type of Brand, and by Type of EV Class. 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.

Malaysia Electric Vehicle Market Overview:

The electric vehicle market in Malaysia recorded a negative growth on the basis of revenue in between 2016 and 2021. The slowdown in growth is attributed to the lack of domestic manufacturers in the ecosystem, resulting in imports of these vehicles which ultimately, shoots up the price of EVs. Coupled with that, the advent of COVID-19 also impacted the EV market due to consumer’s financial constraints and job losses. The electric vehicle market in Malaysia is heavily dependent on international manufacturers as national brands such as Proton and Perodua have not been able to establish its presence in the EV market as of 2021. However, consumers increasing awareness on environmental hazards along with favorable government initiatives such as income tax and sales tax exemptions for purchasing EVs will contribute in the growth of EV four-wheeler market in coming years. Malaysia wants to encourage people to adopt electric vehicles and other fuel-efficient vehicles. The electric vehicle market in Malaysia will witness rapid transformation with the advancement of solid-state battery technology which increases the efficiency of the battery performance. The Malaysian electric vehicle market is still in its early phases of development. The Malaysian government's EV rules and the continued introduction of new models contribute to the country's EV market growth.

Malaysia Electric Vehicle Market Segmentation

By Type of Electric Vehicle (4-Wheeler and 2-Wheeler): In 2021, Electric 4-Wheelers dominated the Electric Vehicle Market in Malaysia. Malaysia wants to encourage people to adopt EVs and other fuel-efficient vehicles.

By Type of Electric two-wheeler (e-scooter and e-motorcycle): E-Motorcycle dominated the Electric two-wheeler market in Malaysia in 2021. The rise of taxi and delivery services created demand for e-motorcycle.

By Type of E2V Battery Capacity (25Ah): In 2021, Electric 2-Wheelers using a battery capacity of

By Type of E2V Battery Technology (Removable Battery and Non Removable Battery): Non Removable Battery dominated the Electric two-wheeler market in Malaysia in 2021. The chassis of EVs with fixed battery packs are relatively simple, and are easy to manufacture.

By Type of E2V Voltage Type (24V, 36V, 48V, 60V, 72V): Electric 2-Wheelers using a voltage of 48V dominated the Electric 2-Wheeler market in Malaysia. A battery of voltage 48V lasts between 3 and 5 years if it is well maintained.

By Type of E2V Battery Type (Lead Acid and Lithium Ion): Improved discharge and charging efficiency coupled with longer life span contributed in enhancing the demand of lithium-ion batteries compared to lead acid batteries. Although, lithium-ion batteries are much more expensive that its counterpart but their maintenance free feature will match their higher price tag, which will be preferable to consumers.

By Type of E4V Brands (Mercedes Benz, BMW, Honda, Volvo, Hyundai, and Others): A large share of the revenue is captured alone by Mercedes Benz in Malaysia in 2021. BMW and Honda were also among popular EV brands in Malaysia in 2021.

By Type of E4V Technology (BEV, PHEV, and HEV): Hybrid Electric Vehicles (HEV) dominated the Electric Vehicle Market in Malaysia. Brands who offered HEV are Honda, Nissan, Audi, and Toyota.

By Type of E4V Class (Mid-priced (less than 300,000) and Luxury (more than 300,000)): In Malaysia, Luxury segment which is priced above 300,000 dominated the Electric 4-Wheeler market. Examples include BMW, Porsche, Tesla, Mercedes, etc.

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.

Malaysia Electric Vehicle Industry Future Outlook and Projections

Electric vehicle market in Malaysia is estimated to expand in between 2021 and 2026E. One of the major determinant for the surging growth in coming years is attributed to the government initiatives and policies supporting the EV industry such as exemption of import duty, excise and sales tax for CBU and CKD electric vehicles till 2023 and 2025 respectively. Coupled with that, income tax exemption for individuals up to RM 2,500 on the cost of installation, rent, hire or purchase for electric vehicle charging facilities will serve as a catalyst for the growth of the industry. Increasing awareness on environmental impacts and consumer’s consciousness towards limiting carbon footprint will also contribute in increasing the business potential of EV players.

The electric vehicle market in Malaysia will witness rapid transformation with the advancement of solid-state battery technology which increases the efficiency of the battery performance. The industry is expected to record less number of EVs sold after 2023E as the exemption period of tax and import duties are lifted.

Key Segments Covered in Malaysia Electric Vehicles Industry

By Type of EV

4-wheelers
2-wheelers

By Type of Electric 2-wheelers

Electric scooter
Electric motorcycle

By Type of Battery Capacity for electric 2 wheelers

<25Ah
>25Ah

By Battery Technology Type for electric 2 wheelers

Removable batteries
Non-removable batteries

By Voltage Type for electric 2 wheelers

By Battery Type for electric 2 wheelers

Lithium-Ion
Sealed Lead Acid

By Brand of EV

BMW
Mercedes Benz
Honda
Volvo
Hyundai
Others

By Type of EV Technology

BEV
HEV
PHEV

By EV Class

Mid-priced
Luxury

Time Period Captured in the Report:

Historical Period: 2016-2021
Forecast Period: 2022F-2026F

Malaysia Electric Vehicles Industry Players

Electric 2 wheelers

Eclimo
Treeletrik
NIU

Electric 4 wheelers

Honda
BMW
Mercedes Benz
Volvo
Hyundai
Nissan
Porsche
Tesla
KIA
Mazda
Audi

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
Industry Speaks
Analyst Recommendations
Research Methodology

Products

Key Segments Covered in Malaysia Electric Vehicles Industry

By Type of EV

4-wheelers

2-wheelers

By Type of Electric 2-wheelers

Electric scooter

Electric motorcycle

By Type of Battery Capacity for electric 2 wheelers

<25Ah

>25Ah

By Battery Technology Type for electric 2 wheelers

Removable batteries

Non-removable batteries

By Voltage Type for electric 2 wheelers

24V

36V

48V

60V

72V

By Battery Type for electric 2 wheelers

Lithium-Ion

Sealed Lead Acid

By Brand of EV

BMW

Mercedes Benz

Honda

Volvo

Hyundai

Others

By Type of EV Technology

BEV

HEV

PHEV

By EV Class

Mid-priced

Luxury

Time Period Captured in the Report:

Historical Period: 2016-2021

Forecast Period: 2022F-2026F

Companies

Malaysia Electric Vehicles Industry Players

Electric 2 wheelers

Eclimo

Treeletrik

NIU

Electric 4 wheelers

Honda

BMW

Mercedes Benz

Volvo

Hyundai

Nissan

Porsche

Tesla

KIA

Mazda

Audi

Executive Summary

1.1. How is Two-Wheeler EV Market Positioned in Malaysia?

1.2. How is Four-Wheeler EV Market Positioned in Malaysia?

2. Market Overview of EV Industry in Malaysia

2.1. Overview of the EV Industry

2.2. Ecosystem of Major Entities in EV Market

2.3. Different Stages in Electric Vehicle Manufacturing Process

2.4. Operating Model of Electric Vehicle Industry

2.5. Value Chain Analysis of 2-Wheeler Electric Vehicles

3. Market Size of EV Industry on the basis of Revenue, 2016-2021

3.1. Market Sizing of Electric Two-Wheeler Industry in Malaysia on the basis of Revenue, Volume and Average Price, 2016-2021

3.2. Market Sizing of Electric Four-Wheeler Industry in Malaysia on the basis of Revenue, Volume and Average Price, 2016-2021

3.3. Market Sizing of Electric Vehicle Industry in Malaysia on the basis of overall Revenue and Volume, 2016-2021

4. Market Segmentation of EV Industry in Malaysia

4.1. Market Segmentation by Type of EV (4-Wheeler and 2-Wheeler), 2021

4.2. Market Segmentation by Type of E2V (e-scooter and e-motorcycle), 2021

4.3. Market Segmentation by E2V Battery Capacity (25Ah), 2021

4.4. Market Segmentation by E2V Battery Technology (Removable Battery and Non Removable Battery), 2021

4.5. Market Segmentation by E2V Voltage Type (36V, 48V, 60V, 72V), 2021

4.6. Market Segmentation by E2V Battery Type (Lead Acid and Lithium Ion), 2021

4.7. Market Segmentation by Brand (Mercedes Benz, BMW, Honda, Volvo, Hyundai, and Others), 2021

4.8. Market Segmentation by Technology Type (BEV, PHEV, and HEV), 2021

4.9. Market Segmentation by EV Class (Mid-priced (less than 300,000) and Luxury (more than 300,000)), 2021

5. Industry Analysis

5.1. Trends and Developments in Malaysia EV Market

5.2. Porter Five Forces Analysis: Malaysia EV Market

5.3. Growth Drivers of Malaysia EV Market

5.4. Government Rules and Regulations for Malaysia EV Market

5.5. Merger, Acquisitions and Key Investments

5.6. Issues and Challenges in Malaysia EV Market

5.7. Impact of COVID-19

6. Demand Analysis

6.1. Demand Analysis of Electric Vehicle Market in Malaysia

6.2. Demand Side of Malaysia 2W Electric Vehicle Market

6.3. Demand Side of Malaysia 4W Electric Vehicle Market

6.4. Consumer Demographics and Consumer Preferences

7. SKU Mapping

7.1. SKU Mapping for Market Segmentation of Electric 2W, 2021

8. Competitive Analysis

8.1. Pricing Analysis of Electric Four Wheelers (Company Name, Model, Launch Year, Model Technology Type, Price (RM), No. of EVs Sold (Units), as of 2021, Revenue from Sales of EVs (USD Million), EV Range, Battery Type, Battery Capacity)

8.2. Company Profile of Eclimo (Company Overview, Operational and Financial Parameters,Unique Selling Propositions, Battery Specification and Pricing of ES11 Models, Recent Developments, Competitors on road, Mergers and Acquisitions, Clientele and Future Plans)

8.3. Company Profile of Treeletrik (Company Overview, Operational and Financial Parameters,Unique Selling Propositions, Battery Life and Pricing of Major E-Scooter Models, Recent Developments, Renting Rate, Mergers and Acquisitions and Future Plans)

8.4. Company Profile of NIU (Company Overview, Operational and Financial Parameters,Unique Selling Propositions,Battery Life and Pricing of Major E-Scooter Models)

9. Future Outlook and Projections of the Industry, 2021-2026E

9.1. Future Market Size of Electric Two-Wheeler Industry in Malaysia on the basis of Revenue, Volume and Average Price, 2021-2026E

9.2. Future Market Size of Electric Four-Wheeler Industry in Malaysia on the basis of Revenue, Volume and Average Price, 2021-2026E

9.3. Future Market Size of Electric Vehicle Industry in Malaysia on the basis of Revenue and Volume, 2021-2026E

9.4. Future Segmentation of Electric Vehicle Industry by Type of Electric Vehicle (4-Wheeler and 2-Wheeler) on the basis of Volume and Value 2021-2026E

9.5. Future Segmentation of Electric Two-Wheeler Industry by E2W Type (e-scooter and e-motorcycle), 2021-2026E

9.6. Future Segmentation of Electric Two-Wheeler Industry by Battery Capacity (25Ah), 2021-2026E

9.7. Future Segmentation of Electric Two-Wheeler Industry by Technology Type (Removable Battery and Non Removable Battery), 2021-2026E

9.8. Future Segmentation of Electric Two-Wheeler Industry by Voltage Type (36V, 48V, 60V, 72V), 2021-2026E

9.9. Future Segmentation of Electric Two-Wheeler Industry by Battery Type (Lead Acid and Lithium Ion), 2021-2026E

9.10. Future Segmentation of Electric Four-Wheeler Industry by Brands (Mercedes Benz, BMW, Honda, Volvo, Hyundai, and Others), 2026E

9.11. Future Segmentation of Electric Four-Wheeler Industry by Type of EV Technology (BEV, PHEV, and HEV), 2021-2026E

9.12. Future Segmentation of Electric Four-Wheeler Industry by EV Class (Mid-priced (less than 300,000) and Luxury (more than 300,000)), 2021-2026E

10. Analyst Recommendations

10.1. Analyst Recommendations for Electric 4-Wheeler Market

10.2. Analyst Recommendations for Electric 2-Wheeler Market

11. Industry Speaks

12. Research Methodology

12.1. Market Definitions and Assumptions

12.2. Abbreviations

12.3. Market Sizing Approach

12.4. Consolidated Research Approach

12.5. Understanding Market Potential through In-Depth Industry Interviews

12.6. Primary Research Approach

12.7. Limitations and Future Conclusion

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