Although Malaysia is still recovering from the Covid-19 pandemic, demand in the automotive industry is stronger than ever. As we head into 2023, here are some trends that you should look out for:
1. Auto Parts Supply Chain Issues Will Continue
Here at Windscreen2U, we will always do our very best to have the parts you need available when you need them. Whether it’s your front windscreen, rear window, driver’s, or passenger’s side window, Windscreen2U services every make and model with OEM (Original Equipment Manufacturer) quality glass to ensure a perfect glass-to-frame fit. Even during these challenging times with supply chain issues, we will never sacrifice quality or safety.
2. Electrical Vehicle Sales Will Rise
EVs, PHEVs, and hybrids are getting more and more attention here in Malaysia, Dato’ Zailani Hj Hashim, the Director General of JPJ, mentioned that there are more than 10,000 EVs that are currently registered with JPJ in Malaysia. Moreover, the government recently announced that it is looking into ways to further promote mass EV adoption by introducing more affordable EVs under RM100,000 in Malaysia. As more people opt for electric vehicles, the number of used electric vehicles on the market will increase.
3. Lower Prices for Used Vehicles
Disruptions in the supply chain have caused havoc for dealers this past year, leading to a shortage of new vehicles and a price hike for new and used cars. Fortunately for car buyers, the price of used vehicles is expected to come down in 2023, and sales are expected to rise. According to J.P. Morgan, the prices of used vehicles are expected to drop by 10% to 20%.
4. Higher Prices for New Vehicles
Pricing for new vehicles was expected to decrease in 2022. With the pandemic winding down, experts believed that the semiconductor chip shortage wouldn’t be an issue anymore. While that’s partly the case, automakers are still struggling with supply chain issues and materials are more expensive than they were last year. Unfortunately, it looks like shoppers will be paying more for vehicles in 2023.
5. More SUV Vehicles
According to an article by Paul Tan, the sales of SUVs are skyrocketing by 43 percent in Malaysia. In fact, take a look at your surroundings – do you notice that there are more SUVs on the road in Malaysia these days? It is estimated that soon, 1 in every 3 vehicles sold in Malaysia will be SUVs. Why SUVs are popular? It’s simple. A global report of the SUV owners surveyed report that their favorite things about SUVs are (in descending order) the exterior styling, driving dynamics, interior design, seats, and engine/transmission. All of the above reasons to love an SUV are already provided in sedans and hatchbacks, so the real reason is the high driving position due to less-than-ideal conditioned roads Malaysia is known for, potholes, dirt roads, and speed bumps.
Here at Windscreen2U, we like to keep up with trends as a way to better serve our customers!