Indonesian Car Passenger Market in August 2024 fell for the 14th month in a row, registering 69,849 new sales (-14.6%). YTD figures reached 512,805, down 17.2% from the prior year. BYD climbed 17 spots and ranked 9th while Chery grew 97.5% into 10th.
Market Trend and Outlook
Indonesia is targeting 5.2% economic growth in 2024, potentially driven by consumption and investment, as highlighted in PwC Indonesia’s latest Economic Update. Despite challenges such as declining commodity prices and economic conditions in China, the key trade partner of Indonesia, Domestic consumption, which accounted for 57% of Indonesia’s GDP in 2023, is expected to remain as the main contributor in achieving this target especially after factoring in an 8% pay rise for 3.7 million civil servants as well as increased spending for election related activities.
After three year’s of recovery, the start of 2024 was negative for the Indonesian light vehicles market, which lost well above all expectations, although the economic outlook is still robust and one of the best among Top 20 World economies.
The Indonesian light vehicle market in August 2024 fell for the 14th month in a row, registering 69,849 new sales (-14.6%). YTD figures at 512,805 were down 17.2% from the prior year.
Looking at cumulative data up to August 2024 brand-wise, the leader was still Toyota with 182,639 sales (-17.1%), followed by Daihatsu with 112,571 (-15.1%), Honda with 61,887 sales (-36.2%) and Mitsubishi -up 1 spot- with 48,215 sales (-7.5%).
Suzuki – down 1 spot- ranked in 43,810 sales (-18.9%), followed by Hyundai at 15,563 units sold (-33.5%).
Wuling ranked in 7th with 11,895 sales (-4.7%), in front of Isuzu at 6,937 (-23.7%), BYD -up 17 spots- in 9th at 6,461 registrations and Chery -up 1 spot- closing the Top 10 with 5,241 sales (+97.5%).
Looking at specific models, reported in the dedicated article, the Toyota Kijang became the new best seller, rising 3 spots while increasing 10.2% year-on-year, followed by the Daihatsu Sigra -down 1 spot- who decreased by 2.7%.
Medium-Term Market Trend
Fueled by growing demand, with raising population and GDP increase above the average, the light vehicles market in Indonesia was growing steady up to reaching the all-time record in 2017 with 1.14 million sales, confirmed in the following year.
A 5 percent decline in 2019 was natural after the rapid growth, but the covid 19 arrival in 2020, caused a huge fall with the market plummet at 582.298, due to plants shutdown and distribution disruption.
In the following three years the market recovered and in 2023 reached again the over 1 million level.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
