Zero Emission Vehicle (ZEV) Market size was valued at USD 300 Billion in 2024 and is projected to reach USD 1,200 Billion by 2033, exhibiting a CAGR of 17.3% from 2026 to 2033.
Malaysia's Zero Emission Vehicle (ZEV) market is experiencing significant growth, driven by governmental initiatives and industry participation. The Malaysian government has set ambitious targets for electric and hybrid vehicles, aiming for them to constitute 20% of new car sales by 2030, 50% by 2040, and 80% by 2050. This strategic vision underscores the nation's commitment to sustainable transportation and reducing carbon emissions.
To encourage the adoption of ZEVs, the government has introduced favorable policies, including a new road tax structure effective January 1, 2026. This revised tax system is designed to be 85% lower than existing rates, making ZEVs more accessible to the public. The tax rates are structured based on the vehicle's electric motor power, with the intention of promoting the use of environmentally friendly vehicles.
The automotive industry is responding proactively to these initiatives. Proton, Malaysia's national automaker, launched its first electric vehicle, the Proton e.MAS 7, in December 2024. This move aligns with the national agenda to boost EV usage and integrate local manufacturers into the global EV supply chain. The e.MAS 7 is available in both basic and premium models, priced competitively to attract a broad range of consumers.
International collaborations are also shaping the Malaysian ZEV landscape. In October 2024, Stellantis, in partnership with Chinese automaker Leapmotor, introduced an electric SUV in Malaysia. This partnership aims to leverage Malaysia's strategic position to penetrate the Southeast Asian market, further enhancing the country's role in the regional EV industry.
Sales figures reflect the growing consumer interest in ZEVs. In the first half of 2024, Malaysia recorded a 112% year-on-year increase in battery electric vehicle sales, totaling 6,617 units. This surge indicates a positive shift in consumer preferences towards sustainable transportation options and suggests that Malaysia is on track to meet its 2030 target for EV adoption.
Infrastructure development is crucial to support this transition. As of September 30, 2024, over 3,171 charging stations have been installed nationwide, including 813 DC fast chargers. This expansion aims to alleviate range anxiety among consumers and facilitate the widespread use of electric vehicles across the country.
Industry associations are also playing a pivotal role in this ecosystem. The Zero Emission Vehicle Association (ZEVA) has proposed strategies to increase the number of EVs on Malaysian roads from approximately 2,000 to 700,000 by 2030. Such initiatives highlight the collaborative efforts between the government and industry stakeholders to achieve national sustainability goals.
In conclusion, Malaysia's ZEV market is poised for substantial growth, driven by supportive government policies, active industry participation, and increasing consumer acceptance. The concerted efforts of all stakeholders are essential to realize the nation's vision for a sustainable and environmentally friendly transportation future.
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Hyundai (South Korea)
BMW (Germany)
Chevrolet (U.S.)
Toyota (Japan)
Nissan (Japan)
Volkswagen (Germany)
Tesla (U.S.)
BYD (China)
Kia (South Korea)
Fiat (Italy)
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By 2030, Malaysia is expected to witness significant momentum in the market research industry, aligning with the global projection of surpassing $120 billion, driven by a compound annual growth rate (CAGR) of over 5.8% from 2023 to 2030. The industry in Malaysia is being reshaped by technological disruptions, particularly through the adoption of machine learning, artificial intelligence, and advanced data analytics. These technologies provide businesses with predictive analysis and real-time consumer insights, enabling smarter and more precise decision-making. As part of the broader Asia-Pacific region, Malaysia is positioned to contribute substantially to the over 35% revenue growth expected from this region. Additionally, the adoption of innovative techniques such as mobile surveys, social listening, and online panels is rapidly gaining ground in Malaysia, emphasizing speed, precision, and customization, and driving a new era of data-driven strategies across industries.
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Growing demand for below applications around the world has had a direct impact on the growth of the Malaysia Zero Emission Vehicle (ZEV) Market
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Fuel Cell Electric Vehicles (FCEVs)
Residential Users
Commercial Fleets
Public Transportation Organizations
Government Agencies
Lithium-Ion Batteries
Solid-State Batteries
Nickel-Metal Hydride (NiMH) Batteries
Lead-Acid Batteries
Home Charging Stations
Public Charging Stations
Fast Charging Networks
DC Fast Chargers
Passenger Cars
Light Commercial Vehicles
Heavy-Duty Trucks
Buses and Coaches
1. Singapore
Relationship: Strong economic ties; major trading partner.
Highlights: Advanced financial and logistics hub; shares deep cross-border business and travel links with Malaysia.
2. Indonesia
Relationship: Largest ASEAN economy; close cultural and linguistic ties.
Highlights: Major market for Malaysian exports; shared initiatives in palm oil, labor, and regional security.
3. Thailand
Relationship: Land-border neighbor with active cross-border trade.
Highlights: Strong tourism, agricultural, and automotive collaboration.
4. Brunei
Relationship: Close diplomatic and energy-sector ties.
Highlights: Joint ventures in oil & gas; similar Malay cultural heritage.
5. Philippines
Relationship: Regional partner in ASEAN; maritime neighbor.
Highlights: Collaborations in education, labor migration, and disaster relief.
6. Vietnam
Relationship: Growing trade and investment partner.
Highlights: Rising manufacturing hub; strong demand for Malaysian technology and services.
7. Cambodia, Laos, and Myanmar
Relationship: Developing ASEAN members with growing economic ties to Malaysia.
Highlights: Opportunities in construction, retail, and financial services.
For More Information or Query, Visit @ Malaysia Zero Emission Vehicle (ZEV) Market Research Analysis
1. Introduction of the Malaysia Zero Emission Vehicle (ZEV) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Malaysia Zero Emission Vehicle (ZEV) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Malaysia Zero Emission Vehicle (ZEV) Market, By Type
6. Malaysia Zero Emission Vehicle (ZEV) Market, By Application
7. Malaysia Zero Emission Vehicle (ZEV) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia
Vietnam
8. Malaysia Zero Emission Vehicle (ZEV) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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