PETALING JAYA: New vehicle sales are expected to pick up significantly next year due to economic recovery post-pandemic, improved consumer spending and new car model launches, according to research analysts.
AmInvestment Research said in a report that the automotive sector’s total industry volume (TIV) is forecast to grow 12% year-on-year to 560,000 units in 2021, premised on projected economic growth of 6.5% to 7% in 2021.
The research unit also expected consumer spending to improve on big-ticket items, such as passenger vehicles, after the distribution of Covid-19 vaccines.
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