Malaysia Automotive Aftermarket Services Market Poised to register a CAGR of over 3% during the period 2020-25. Will it sustain? : Ken Research
The market shall witness a growth of CAGR 3% in the revenue share from the OEM/ Authorized service centers owing to the increased discounts and offers provided by these centers to retain their customers: Ken Research
1. Car Servicing in Malaysia Growing on the Back of Diminishing Average Age of Car Ownership
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Automotive aftermarket service started back in 1960’s in Malaysia. The companies seen during this period included Kah Motor (Honda Dealer), Tan Chong Motors (Nissan Dealer) and others. Car service industry in Malaysia is growing at a CAGR of over 3%during 2015-2020. Proton and Perodua are the most popular homegrown car brands in Malaysia. Malaysia automotive ecosystem consists of 25 vehicle manufacturers and assemblers, 600 local vendors and 50,000 aftermarket establishments. Malaysia automotive ecosystem consists of over 600,000 jobs.
2. Malaysia Automotive Aftermarket Service Industry Growing with Surging Used Car Sales
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The used car sales in Malaysia has been growing steadily, benefitting the aftermarket service industry. Used car sales in Malaysia steady despite pandemic, as it has deterred people from using public transport leading to higher demand for post warranty service from multi-brand workshops. The used car sales in Malaysia recorded a CAGR of over 4% during 2015-2020.No End of Life (ELV) Vehicle Policy is Malaysia is leading to the surging number of used cars in Malaysia.
3. Malaysia aftermarket service market anticipated to record a CAGR of over 3% during the period 2020-2025
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NAP2020 aims to enhance Malaysia’s automotive Industry in the era of digital industrial transformation from 2020-2030. The Malaysia automotive aftermarket service market is anticipated to witness a surge in the number of organized multiband service centers to cater to the demand of the post warranty car users. The car maintenance market is anticipated to evolve in the next few years with the entrance of EEVs which will demand different maintenance requirement away from the current maintenance practice. The Malaysian automotive market is anticipated to witness more number of player providing extended warranties which would lead to a higher demand for the car service from OEMs. The market is anticipated to grow at a CAGR of over 3% in the upcoming years.
