The Indonesian automotive industry faced significant challenges in the first half of 2024, with vehicle sales experiencing notable declines. Despite these difficulties, there are signs of potential recovery as the industry adapts to changing economic conditions and consumer behaviors. This report provides an in-depth look at the latest sales volumes, key market players, and factors influencing the automotive market in Indonesia.
In June 2024, Indonesian vehicle sales were recorded at 72,936 units, marking an 11.8% decline compared to June 2023. This downturn was reported by the Association of Indonesia Automotive Industries (GAIKINDO).
Key Highlights:
- Toyota: Up 2.7% y/y to 25,464 units (34.9% market share).
- Daihatsu: Down 17.4% to 14,967 units (20.5% market share).
- Honda: Down 34.1% to 7,618 units (10.4% market share).
- Mitsubishi: Up 17.6% to 6,470 units (8.9% market share).
- Suzuki: Down 41.5% to 4,584 units (6.3% market share).
For the first half of 2024, sales decreased by 19.4% to 408,012 units. Factors influencing the decline include economic slowdown, increased interest rates, and reduced purchasing power. Despite these challenges, GAIKINDO remains optimistic about market recovery, supported by the 2024 Gaikindo Indonesia International Auto Show (GIIAS) expected to boost sales in the second half of the year.
Indonesian Sales Down 13.3% to 71,263 in May
The Association of Indonesia Automotive Industries (GAIKINDO) reported that Indonesian vehicle sales in May 2024 were 71,263 units, marking a 13.3% decrease compared to May 2023.
Key Highlights:
- Toyota: Down 16.7% y/y to 23,482 units (33.0% market share).
- Daihatsu: Down 6.4% to 14,983 units (21.0% market share).
- Honda: Down 34.6% to 7,294 units (10.2% market share).
- Mitsubishi: Up 22.0% to 6,976 units (9.8% market share).
- Suzuki: Down 9.6% to 5,762 units (8.1% market share).
For January-May 2024, sales dropped by 21.0% to 334,969 units. Factors include low consumer demand and high interest rates. Despite this, GAIKINDO remains hopeful for market recovery, projecting a target of 1.1 million units for 2024, subject to adjustments.
Indonesian Sales Down 17.5% to 48,637 in April
In April 2024, Indonesian vehicle sales were recorded at 48,637 units, marking a 17.5% decrease compared to April 2023. The decline was influenced by fewer operating days at factories and dealers due to the Islamic festival of Lebaran.
Key Highlights:
- Toyota: Down 29.4% y/y to 15,201 units (31.3% market share).
- Daihatsu: Down 12.0% to 9,481 units (19.5% market share).
- Suzuki: Up 6.8% to 4,986 units (10.3% market share).
- Honda: Down 6.9% to 4,611 units (9.5% market share).
- Mitsubishi: Down 34.7% to 4,006 units (8.2% market share).
For January-April 2024, sales dropped by 22.8% to 263,706 units.
Indonesian vehicle sales in March 2024.
According to the Association of Indonesia Automotive Industries (GAIKINDO) and other sources, vehicle sales totaled 74,724 units, a decrease of 26.2% compared to March 2023.
Key points include:
- Toyota sales dropped 28.3% year-on-year to 21,142 units, capturing a 28.3% market share.
- Daihatsu sales fell 16.8% to 16,552 units, holding a 22.2% market share.
- Honda experienced a 37.3% decrease in sales to 10,572 units, with a 14.1% market share.
- Suzuki’s sales declined 20.9% to 6,670 units, representing an 8.9% market share.
- Mitsubishi sales decreased by 12.8% to 6,153 units, with an 8.2% market share.
For the period of January to March 2024, overall sales were down 23.9%, totaling 215,069 units. Despite the decline, GAIKINDO set a sales target of 1.1 million units for 2024 as of the end of February.
Indonesian vehicle sales for February 2024.
According to the Association of Indonesia Automotive Industries (GAIKINDO) and other sources, sales reached 70,657 units, down 18.8% compared to February 2023.
Key points include:
- Toyota sales fell by 13.9% year-on-year to 23,525 units, achieving a 33.3% market share.
- Daihatsu sales decreased by 7.2% to 15,088 units, holding a 21.4% market share.
- Honda sales were down 36.8% to 9,081 units, representing a 12.9% market share.
- Mitsubishi saw a 13.5% drop in sales to 5,994 units, capturing an 8.5% market share.
- Suzuki sales declined by 32.7% to 4,993 units, with a 7.1% market share.
Overall sales from January to February 2024 were down 22.6%, totaling 140,274 units. The chairman of GAIKINDO, Jongkie Sugiharto, attributed part of the decline to consumer caution ahead of the election results, which led to reduced spending. Despite the sluggish start to the year, Jongkie expressed optimism that sales would recover in March 2024 and beyond.
Indonesian vehicle sales for January 2024.
According to the Association of Indonesia Automotive Industries (GAIKINDO) and other sources, vehicle sales were 69,619 units, down 26.1% compared to January 2023.
Key points include:
- Toyota sales decreased by 27.6% year-on-year to 20,988 units, with a 30.1% market share.
- Daihatsu sales dropped 21.1% to 14,363 units, capturing a 20.6% market share.
- Honda experienced a 46.7% decline in sales to 8,413 units, representing a 12.1% market share.
- Mitsubishi sales fell 12.4% to 6,962 units, achieving a 10.0% market share.
- Suzuki saw a 6.8% decrease in sales to 6,138 units, with an 8.8% market share.
GAIKINDO’s chairman, Jongkie Sugiarto, mentioned that the decline in car sales was partly due to the effects of slower national economic growth. Additionally, high benchmark interest rates and inflation have led some consumers to delay or avoid purchasing new vehicles in early 2024. Despite these challenges, GAIKINDO remains confident that the national car sales target of 1.1 million units for 2024 can still be achieved.
