Indonesia 2023. Mitsubishi Loses 21.6% In Vehicle Market Down 13.9% In October

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

Indonesian Vehicles Sales in October 2023 falls for the 4th month in a row after growing 4.3% in June, with new registrations at 80,270 (-13.9%). YTD figures at 835,123 are down 1.9% from the prior year. Mitsubishi falls 21.1% into 5th spot.

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.

Looking at the Indonesian Vehicle Market we can observe this loss in momentum, with sales in October 2023 falling for the 4th consecutive month after growing 4.3% in June, with new registrations at 80,370 (-13.9%). YTD figures at 835,123 are down 1.9% from the prior year.

Looking at cumulative data up to October 2023 brand-wise, the leader is still Toyota with 273,820 sales (-1.1%), followed by Daihatsu with 161,650 (+2.4%), Honda with 119,917 sales (+12.1%) and Suzuki with 66,530 sales (-7.9%).

Mitsubishi falls 1 spot into 5th with 64,082 sales (-21.1%), followed by Hyundai -up  2 spots- at 29,537 units sold (+6.0%).

Isuzu maintains 7th with 26,651 sales (-13.0%), in front of Mitsubishi Fuso at 26,453 (-12.1%), Hino in 9th at 23,040 registrations (-5.6%) and Wuling closing the Top 10 with 16,652 sales (-22.7%).

Looking at specific models the Honda Brio becomes the new best seller, rising 1 spot with a 9.8% year-on-year increase in sales, followed by the Daihatsu Sigra up 37.2%.

Medium-Term Market Trend

The market had spent four years in the sky, when, during 2010-2013 the market scored four all-time records in a row, almost doubling volume and not only outpacing the magic 1 million units quota but landing at a 2013 record of 1.22 million vehicles sales, before interrupting the run in 2015 with registrations at 1,031,808 (-14.5%).

Then a new positive pathway was taken ending 2016 at 1,074,000 units (including HCVs and Bus) and keeping a moderate recovery in 2017 as well. In 2018, the market was substantially flat, ending with 1,140,349 units sold. In 2019, the market registered a negative trend, with full-year sales at 1,079,474 (-5.3%).

Due to the COVID-19 pandemic sales fell in 2020. In fact, 582,298 units were sold, reporting a decline of 46.1% compared to 2019.

In 2021 the year started negatively for the Indonesian market, in fact, in Q1 178,451 units have been sold, reporting a 24.5% decrease in sales compared to Q1 2020, while in Q2 sales started growing extremely quickly, reporting a 771% increase in sales with 209,439 units due to the very low volumes in Q2 2020.

In Q3 sales kept rising quickly, gaining 100.6% sales with 212,498 units, and in Q4 sales gained 21.8% with 262,984.

Indeed, Full-Year sales for 2021 were 863,372, reporting a 48.3% increase compared to 2020.

Sales in 2022 totaled 977,527, a 21.1% increase from the prior year.

Tables with sales figures

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

This content is for members only.
Login Join Now