KUALA LUMPUR, Malaysia, July 23, 2024 /PRNewswire/ — As one of the largest automotive markets in Southeast Asia, Malaysia is a destination to watch in term of how it sets to transform into a regional powerhouse for new energy vehicles and a pioneer of mobility solutions. The development of AHTV should signal the country’s vision to promote digital transformation, tackle carbon emissions and spur on the adoption of new energy vehicles.
Already, sales of EVs are rising. According to the Malaysian Automotive Association, figures represent an increase of 112 percent from 1H2023, reaching 6,617 units – a positive indication of a strong growth trajectory in the latter half of 2024.
As such, the entry of EV brands into the Malaysian market is set to expedite the progression of the entire automotive supply chain, turning the country into a honeypot for FDI amongst global automakers. For instance, the AHTV expects to attract some RM 32 billion (USD 6.8 billion) worth of investments over the next 10 years. This growth is also fuelled by government initiatives and incentives, like tax investment allowances and pioneer status, duty exemptions, and more.
The transition is fusing into day-to-day life with the rise of e-commerce, ridesharing, and food delivery services becoming the norm. Consumers are also increasingly turning to online platforms and demanding more personalised, connected and environmentally-conscious options. These trends in lifestyle are introducing new opportunities to the entire automotive industry across OEM and aftermarket, powering the innovative advancements and sustainability.
Such solutions will be on full display at the upcoming edition of Automechanika Kuala Lumpur. Held from 1 to 3 August at the Kuala Lumpur Convention Centre (KLCC), the fair expects to welcome over 300 exhibitors from 20 countries and regions across 9,710 sqm of exhibition space, covering areas of the supply chain including parts and components, diagnostics and repair, body and paint, accessories, car care, oils and lubricants, customising as well as automotive mobility solutions.
In addition, the Automotive Mobility Solutions Conference is set to be a highlight during the first two days of the show. It will delve into various topics across the supply chain, including automotive mobility solutions, electrification and digitalisation, automotive logistics, warehousing and supply chain, as well as automotive manufacturing, transformation and automation.
Fringe events: www.automechanika-kl.com/events
Free registration: www.automechanika-kl.com/visitor
Source : Malaysia paves the way for an electrified automotive industry
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