Frost & Sullivan mobility senior vice president and associate partner Vivek Vaidya said new product launches have assumed more importance than ever for total industry volume (TIV) growth.
“New models that offer smart connectivity features such as remote vehicle access through smartphone apps will get higher consumer interest and will induce purchase,” he said at a briefing today.
He however said factors such as the ongoing global headwinds and repeated postponement of the National Automative Policy (NAP) could create uncertainty and may have an impact on consumer sentiment.
“The industry is expecting the NAP to provide clear direction to transform itself in a new decade.
“There is an urgent need for the Malaysian automotive industry to modernise itself and offer exciting products and services in line with the global trends.”
Vivek said TIV grew 1% in 2019 on the back of strong performance of new model launches in the sports utility vehicle segment, notably the Proton X70.
He said overall sales was cautious throughout the year but saw an upsurge in vehicle sales due to year-end promotions.
The Malaysian Automotive Association will announce last year’s official TIV figures later this month.
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