Is Buying an Electric Vehicle (EV) in Malaysia Really Worth It?

Buying an electric vehicle in Malaysia right now is like hopping on the BTS trend back in 2012. It’s exciting, potentially rewarding, but also comes with some challenges (and second-guessing).

Is it worth it? As much as the answer to that question depends on your priorities, for most Malaysians, it’s no.

But don’t get your knickers in a twist just yet. I’ve been keeping a close eye on the EV scene in Malaysia, and things are changing quicker than you think.

Powering your EV in Singapore.

Projections

First off, let’s talk numbers. Just this year, the EV market in Malaysia is projected to reach RM 176.5 million, which translates to about $42 million US dollars. You’re probably thinking “that’s it?” but this growth is also expected to rise nearly 5% every year. That means we’d be looking at a market worth over RM 214.4 million by 2028, with over 4000 EVs plying Malaysian roads annually. Even you can deny that wouldn’t be an insane growth trajectory.

But Why The Sudden Interest in EVs?

Well, there’s a couple of reasons why Malaysians now want to cop Electric Vehicles.

• Lower Operating Costs:
  If you were trying to purchase a regular, gasoline car, you’d have to consider how fuel-efficient that vehicle is. That bother is non-existent with electric vehicles. EVs are considered more fuel-efficient, which means you don’t have to spend so much on fuel. And with petrol getting more expensive, it’s now more appealing to consumers, especially those on a budget.
• Environmental Benefits:
  Recently, there’s been a lot of attention on environmental issues. People are more aware and are seeking ways to reduce their carbon footprint. EVs produce zero emissions. That’s the obvious greener and cleaner alternative.
• Government Incentives:
  The Malaysian government has implemented a lot of incentives and subsidies to make EVs more attractive and affordable to consumers. Such incentives include tax exemptions and rebates, significantly reducing the financial barrier for potential buyers.

“Sure this all sounds great but what about charging?” is what I thought while researching this topic. But don’t fret- the government’s on it. More and more charging stations are being set up across the country. And though it’s not perfect yet, it’s getting better. However, you should know this is still in its developing stages so it may be scarce in rural areas.

Market Share

Back in 2021, EVs were barely a blip on the radar. Out of over half a million cars sold, only 274 were electric. That’s a tiny 0.05% of the market.

Fast forward to early 2022, and the growth was incredible. In just five months, 390 EVs were sold, bumping the market share up to 0.17%. It’s still small, but that’s more than triple the share in less than a year. And it seems it’s only up from here.

Challenges Facing the EV Market

I’m not saying everyone should rush out and buy an EV tomorrow. There are still some challenges in the way of massive adoption, despite its insane benefits.

For example, one EV still costs more than your average petrol car, and while the charging network is growing, it’s not as convenient as the ubiquitous petrol stations yet.

Also, if you plan to travel long distances in a 7 seater MPV Malaysia electric vehicle, you’d also have to plan your journey carefully so you’ll always be in reach of a charging station. If there are no long trips on the horizon, an EV might just be worth it for you right now.

Despite these challenges, the future looks bright for EVs in Malaysia. There’s undoubtedly going to be continuous advancements in technology, and with that, increased efficiency and affordability. So, as time goes on, and charging infrastructure expands, it’ll become more convenient to own an EV.

Conclusion

My advice to anyone that’s considering getting an EV in Malaysia is quite simple: don’t rush to a dealership, but don’t dismiss it either. Keep a close eye on the market and the government. Check out the models available for purchase, their ranges, and most importantly, the charging options in your area and along your usual routes

Yes the EV market is still in its infancy period, but according to projections, it’ll be much bigger sooner than you think. With the rate things are changing, don’t be surprised if there’s a new charging station popping up in your neighborhood by the time you finish this article. It is that serious.