KUALA LUMPUR: Malaysia's car industry recorded a total industry volume (TIV) of 666,465 units for 2014, an all-time high, said the Malaysian Automotive Association (MAA).
The TIV eclipsed 2013's 655,793 units, it said.
Its president, Datuk Aishah Ahmad, said the strong 2014 performance was attributed to factors like a stable economy and employment rate, positive consumers' sentiment and steady consumer spending, particularly during the first half of the year.
For this year, Aishah said, MAA has put TIV forecast at 680,000 units.
"The forecast would be two per cent higher from last year's 1.6 per cent," Aishah said at a media briefing on industry market review for 2014 and outlook for 2015.
She said the forecast was in tandem with the challenge of the global economic uncertainties such as the declining crude oil prices, downgraded world economic outlook and the weakening ringgit.
Aishah said the continuation of the Economic Transformation Programme projects would contribute to the growth momentum of the local economies and help spur greater demand for new vehicles.
"Aggresive promotional campaigns by car companies, especially local players such as Proton and Perodua that have a higher market share of 49 per cent in 2014, are likely to boost TIV this year.
"However, with the tightening of hire purchase loans from the banks to curb household debts, it might be a challenge for the low-end cars."
