Indonesian Car Passenger Market in November 2024 fell for the 17th month in a row, registering 67,991 new sales (-12.3%). YTD figures reached 718,097 units, down 14.8% from the prior year. BYD notably climbed 20 spots and ranked 8th.
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 November 2024 fell for the 17th month in a row, registering 67,991 new sales (-12.3%). YTD figures at 718,097 were down 14.8% from the prior year.
Looking at cumulative data up to November 2024 brand-wise, the leader was still Toyota with 262,089 sales (-13.6%), followed by Daihatsu with 149,375 (-14.7%), Honda with 86,843 sales (-33.4%) and Mitsubishi -up 1 spot- with 65,285 sales (-9%).
Suzuki -down 1 spot- ranked in 60,089 sales (-18.4%), followed by Hyundai at 20,514 units sold (-37.1%).
Wuling ranked in 7th with 18,652 sales (-2.7%), in front of BYD -up 20 spots- at 13,866, Isuzu -down 1 spot- in 9th at 9,413 registrations (-21.6%) and Chery -up 1 spot- closing the Top 10 with 7,466 sales (+102.9%).
Looking at specific models, reported in the dedicated article, the Toyota Kijang became the new best seller, rising 1 spot while decreasing 9.1% year-on-year, followed by the Daihatsu Sigra -down 1 spot- who decreased by 11.5%.
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.
