Q1 2024 motorcycle sales dropped by 20 percent in Malaysia.
The figure was reported in the MotorCycles Data website which tracks the sales to customers, rather than sales from manufacturers and distributors to dealers.
A total of 135,717 motorcycles were delivered in Q1 2024, representing a -20% decline compared to the same period in 2023. All major brands recorded double-digit decline. On the other hand, sales for the entire 2023 was also a -11.9% decline from the high in 2022.
Yamaha’s sales were down by -18.3%, Honda saw a -11.9% decrease, and the top domestic brands such as SM was down by -35.8% and Modenas hit -51.0%.
The downward trend was possibly a consequence of the many long holidays during the first quarter, as Chinese New Year was in February, continued by the month of Ramadan through March, and Hari Raya Puasa in April.
Although Bank Negara expects the economy to grow between 4 to 5%, hence an improvement in sales, several subsidy “rationalisation” (just a high word for “reduction”) plans will surely impact the spending power of many citizens in the months to come.
The high sales figure in 2022 was partly due to the government of the time allowing for withdrawals from contributors’ Employee Provident Fund accounts. This was what some experts called “spurring a false economy.” The present government has just allowed the same now, albeit through a different withdrawal structure. Will this improve motorcycle sales for several short months?
Malaysia is the 13th largest motorcycle market in the world. The Top 3 now are India, China, and Indonesia. Truth is, almost all markets reported a decrease in sales in Q1 2024.
