Indonesia 2023. Vehicle Market Slightly Falls (-4.2%) Hit By Economic Environment

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The 2023 Mazda CX-60
The 2023 Mazda CX-60

Indonesian Vehicles Sales slightly fall back in 2023. New vehicles sales in 2023 have been 1,02 million (-4.1%),  breaking a 3 year positive streak. Toyota remains best-selling brand (+1.6%).

 

Market Trend and Outlook

Indonesia’s economy was expected to grow by 5.0% in 2023 as domestic demand took over from commodity exports as the driver of growth. This being said the economy undershot market expectations and grew at the slowest pace in two years in Q3 on cooling domestic demand: public spending swung into contraction and private consumption growth cooled, outweighing a stronger expansion in fixed investment.

The effects have been visible on the consumer demand and in our industry. Indeed, the new light vehicles market braked the recovery in place, losing momentum after 3 years of growth.

New vehicles sales in 2023 have been 1,02 million (-4.1%). 

Looking at cumulative data up to December 2023 brand-wise, the leader is still Toyota with 336,777 sales (+1.6%), followed by Daihatsu with 188,0 (-7.2%), Honda with 138,939 sales (+5.8%) and Suzuki with 81,057 sales (-10.3%).

Mitsubishi falls 1 spot into 5th with 77,343 sales (-21.9%), followed by Hyundai -up  2 spots- at 35,500 units sold (+11.1%).

Mitsubishi Fuso down 1 spot into 7th with 31,553 sales (-16.1%), in front of Isuzu -down 1 spot- at 31,417 (-14.3%), Hino in 9th at 28,448 registrations (-7.8%) and Wuling closing the Top 10 with 23,540 sales (-21.5%).

Looking at specific models the Toyota Kijang becomes the new best seller, rising 6 spots with a 41.6% year-on-year increase in sales, followed by the Toyota Avanza up 7.2%.

 

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

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