Auto sales in Malaysia fell by a smaller-than-expected 2 percent in 2009 but will rebound and could hit a record high this year amid the global economic recovery, an industry group said Wednesday.
Sales in Southeast Asia's largest passenger car market fell to 536,905 vehicles last year, the Malaysian Automotive Association said.
It exceeded the association's forecast of 500,000 vehicles as sales perked in the last quarter of the year, buoyed by government stimulus measures which boosted consumer spending, improved business confidence, said its president Aishah Ahmad. There were also aggressive sales campaigns.
The stronger performance in the fourth quarter, underpinned by Malaysia's economic recovery, is expected to extend into 2010, with auto sales seen rising 2.4 percent to 550,000 vehicles, Aishah said. It could beat the record high of 552,614 units sold in 2005, she said.
"This could be a record year," she told reporters.
Malaysia's economy is forecast to rebound to grow 2 percent to 3 percent in 2010 after a slump last year. However, the government has cut spending for 2010 to rein in a swollen budget deficit and plans to revamp expensive fuel subsidies in the next few months.
Aishah said the restructuring, which could see subsidies withdrawn for bigger engine cars, would not have a long-term impact on sales in that category as buyers of luxury cars could afford to pay higher fuel prices.
She said the 2010 sales forecast was also based on expectations that interest rates would remain at record low levels amid the economic recovery.
The association, which groups some 40 car manufacturers and distributors, projected sales to rise to 566,500 vehicles in 2011, and to surge to 618,000 by 2014.
Compact car maker Perodua was the best-selling car brand in 2009, retaining its leadership for a fourth straight year. Its market share rose to 31.1 percent from 30.5 percent in 2008, the association said.
National carmaker Proton gained ground with a 27.6 percent share, up from 25.9 percent in 2007. Japanese carmaker Toyota Motor Corp. secured 15.2 percent of the market, followed by Honda Motor Co. with 7.2 percent and Nissan Motor Co., with 5.9 percent.
Aishah said Malaysia's 2 percent drop in auto sales last year was small compared to a 28 percent decline in Singapore, 20 percent in Indonesia and 16 percent in Brunei.
Thailand registered an 11 percent decline but remained the largest auto market in Southeast Asia with total sales of 548,871 units, mostly commercial vehicles, she said. Only Vietnam and Philippines posted higher auto sales.
Malaysia maintained its status as the largest passenger car market in Southeast Asia with sales of 486,342 units, or nearly 91 percent of its total auto sales in 2009.
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