Malaysia's annual auto TIV reached a record high in 2022, surpassing 2021 by a whopping 41.6%

Malaysia’s automotive annual total industry volume (TIV) reached a record high in 2022, with 720,658 vehicles sold. This is the first time it has breached the 700,000 mark, where it also beat the 508,883 units recorded in 2021.

That's an increase of 41.6%, according to The Edge Markets who analysed the latest report from the Malaysian Automotive Association (MAA).

According to The Edge, the higher TIV was attributed to pent-up demand for new vehicles, especially in the first half of 2022, and was further boosted by the decision to allow buyers with confirmed bookings — with sales tax exemption and submitted before June 30, 2022 — to register their new passenger cars until March 31, 2023.

“The extension of the period for registration of passenger vehicles not only ensured the rakyat will enjoy the benefit of lower price cars, but it also helped the industry to fulfil the many backlogged orders received,” said MAA president Datuk Aishah Ahmad at a press conference recently.

Aishah also thanked all government agencies who have worked hard to facilitate this extension, as without them, the local automotive industry would not have reached this record high.

As reported by The Edge, total new registrations of passenger cars rose to 641,773 units in 2022, up from 452,486 units in 2021, while the commercial vehicle segment also saw new registrations rise to 78,885 units in 2022 from 56,397 units in the previous year.

Apparently, the rise in commercial car sales is down to the belief that there would be an economic rebound after two years of decline due to the Covid-19 pandemic.