Indonesia’s new vehicle market grew by just over 4% to 91,086 units in November 2022 from 87,435 units a year earlier, according to member wholesale data compiled by local automotive industry association Gaikindo.
The vehicle market has now fully recovered to its pre-pandemic levels, after rebounding strongly over the last two years. The country’s economy has grown strongly this year, helped by a return of international tourism after two years of restrictions, rising private investment and strong consumer spending. Bank of Indonesia hiked its benchmark interest rate by 50 basis points in October to 4.75% to help control surging price inflation.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Total vehicle sales in the first eleven months of the year increased by over 19% to 942,499 units from 790,524 units a year earlier, with passenger vehicle sales rising by over 21% to 711,000 units while commercial vehicle sales were up by 13% at 231,499 units. The overall market is expected to exceed one million units this year, a level last seen in 2019.
Toyota’s eleven-month sales increased by over 15% to 303,282 units, helped by recent new model launches including the all-new popular Avanza compact MPV at the end of last year, the Raize small crossover vehicle and the new Rush compact SUV. Daihatsu’s sales rose by almost 20% to 178,850 units in this period, lifted by equivalent models including the new Rocky small crossover vehicle and replacements for the Xenia and Terios; while Honda’s sales increased by 46% to 118,638 units, helped by the recent launch the new HR-V, BR-V and Mobilio models.
Mitsubishi’s sales declined by over 6% to 88,239 units year-to-date after the company outperformed last year, while Suzuki’s sales were slightly lower at 80,418 units.
