AAA weekly


Indonesia’s Automobile Sales Results in 2023

Automobile sales in Indonesia decreased by 4.0% from the previous year to 1,005,302 units in 2023. Due to factors such as the weak national currency, rising interest rates, and a wait-and-see mood regarding the results of the presidential election scheduled for February 2024, the year-on-year decline continued from the second half of the year.

Sales of passenger vehicles decreased by 0.5% from the previous year to 779,326 units. In this segment, the largest class of non-sedans with an engine displacement of 1.5 liters or less dropped by 13.5% year-on-year to 434,486 units due to the poor performance of small MPVs such as the Mitsubishi Xpander. Meanwhile, LCGC sales increased by 29.4% year-on-year to 204,705 units driven by the Honda Brio Satya, exceeding 200,000 units for the first time since the outbreak of the coronavirus. Commercial vehicles dropped by 14.4% to 226,476 units.

Sales of electric vehicles increased 3.4 times to 69,903 units, raising their market composition ratio by 4.9 points to 6.9%. The Toyota Kijang Innova has been newly equipped with a HEV powertrain system, as a result of which HEV sales have grown rapidly by 5.1 times to 52,733 units. BEV sales surged by 65.1% year-on-year to 17,051 units due to sales expansion of the Hyundai Ioniq 5.

There were no changes in the rankings of the top three brands. Market leader Toyota sold 336,777 units, an increase of 1.6% year-on-year, and its share was 33.5%, an increase of 1.9 points from the previous year. The Kijang Innova, whose fully remodeled version was released in November 2022, surged by 41.6% year-on-year to 66,459 units, overtaking the Avanza to become the best-selling model in Indonesia. Daihatsu’s sales decreased by 7.2% to 188,000 units, and its share fell by 0.6 point to 18.7%. Sales of the volume-seller Xenia fell by 45.1% year-on-year to 14,344 units. Honda’s sales went up by 5.9% to 138,967 units, led by the Brio Satya.

As for the market in 2024, the local automobile industry association GAIKINDO announced a forecast of 1.1 million units, a 9.4% increase from the previous year, at the beginning of the year. GAIKINDO believes that new brands entering the market will be a boost, and it does not see the presidential election as an impediment to growth. It predicts that sales will be the second highest in 2024 after 2018’s 1.15 million units.

Graph: Indonesia: Sales Volume of Automobiles by Usage Type (2014-2023)Graph: Indonesia: Market Share of Top 5 Brands (2018-2023)
Please log in or subscribe to AAA weekly to view the rest of this report.
Free trial subscriptions are available!