Frost & Sullivan is maintaining Malaysia's total vehicle sales forecast of 612,000 units for this year. Mr. Kavan Mukhtyar, Partner & Head of the Automotive & Transportation Practice, Asia Pacific at Frost & Sullivan said that Frost & Sullivan is maintaining its forecast as it is still achievable despite the stricter lending guidelines by Bank Negara Malaysia.
He added that the stricter lending rules mostly impacted entry-level vehicles such as Perodua Viva and Proton Saga. However, the impact is expected to be reduced as automakers step up marketing and sales campaigns such as giving higher discounts and implementing pre-screening approval process for hire purchase loans to entice consumers, he said.
He added that the rejection rate for loan applications for new vehicles has reduced since May 2012 as dealers and banks are getting used to the stricter lending guidelines, and are working together to shorten the process and makes it easier for consumers.
Mr. Mukhtyar also said that hybrid cars will continue to be in demand due to attractive incentives given by the Government. He also expects the upcoming review of the National Automotive Policy to provide more incentives for hybrid cars.
He said that the D-segment (premium & large sedans) will be the fastest growing segment, increasing 30 per cent year-on-year to 36,058 units in 2012, driven by catch-up sales from the new Toyota Camry and Honda Accord, new variant launches and high demand for luxury cars such as BMW and Mercedes Benz.
Mr. Mukhtyar said that the C-segment (mid-sized sedans) is likely to grow 5 per cent year-on-year to 234,482 units in 2012, making it the largest contributor to the total vehicle sales in Malaysia, accounting for about 38.3 per cent.
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