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Berita Hari Ini Car Sales
On Sunday (04.02.2024) Indonesia Investments released the January 2024 edition of its monthly report. The report offers analyses of various economic, political and social topics that are relevant in the present.
At the annual meeting of Indonesia’s central bank (Bank Indonesia) at the very end of November 2023, Bank Indonesia Governor Perry Warjiyo said the central bank is optimistic about accelerating economic growth in the next two years (2024 – 2025).
Like with most sectors, the automotive sector of Indonesia received a wave of fresh air as most of the COVID-19-related social and business restrictions were scrapped by the government at the end of 2022. And, when the government also scrapped the vaccine-booster requirement for traveling into, and across, the country in June 2023 we can argue that the COVID-19 crisis is truly over.
The risky decision of Indonesia’s central government and regional governments to (gradually) ease the various self-imposed social and business restrictions (that had been imposed in April 2020) has caused changes in economic activity in Indonesia, particularly in consumer behavior, starting from June 2020.
Also in 2017 Indonesia remained the biggest car sales market as well as the second-biggest car producer in the ASEAN region. Total car sales in ASEAN grew 5 percent year-on-year (y/y) to 3.3 million in 2017. Indonesia contributed almost one-third to the total. However, Thailand remains the dominant car manufacturer in the region, producing nearly 2 million vehicles in 2017.
Although it proves difficult for Indonesian car manufacturers to export their output to overseas markets, reflected by the declining number of local car exporters (declining from eight in 2013 to five at the start of 2018), Indonesia's car shipments have been rising steadily over the past five years. However, in absolute terms the figure remains modest with 231,169 exported car units from Indonesia in full-year 2017.
Indonesia's car sales rose 11.1 percent year-on-year (y/y) to 95,892 vehicles (wholesale) in January 2018 according to the latest data from the Association of Indonesian Automotive Industries (Gaikindo). This is a very promising start of the year as the January 2018 car sales figure is the highest January figure since 2014.
Research institute Frost & Sullivan expects car sales in Indonesia to rise 4.6 percent year-on-year (y/y) in 2018 supported by growing domestic demand for commercial vehicles, stable demand for low-cost green cars (LCGCs), the availability of affordable car prices, and the launch of new car models.
The Association of Indonesian Automotive Industries (Gaikindo) lowered its forecast for car sales in Indonesia in full-year 2017. Initially Gaikindo expected to see 1.1 million car sales in Indonesia this year. However, the target has now been revised to 1.06 million units. The revision was particularly attributed to weak sales within the (lower) middle class segment.
Based on the latest data from the Association of Indonesian Automotive Industries (Gaikindo), automotive sales in Indonesia rose 2.6 percent year-on-year (y/y) to 94,461 vehicles in October 2017 on the back of rising demand for commercial vehicles. Growing demand is boosted by recovering coal and crude palm oil (CPO) prices.
Artikel Terbaru Car Sales
Amid Indonesia’s slowing economic growth as well as looming higher prices of subsidized fuels (which will cause accelerated inflation and declining purchasing power), domestic car sales in Indonesia have fallen 6.3 percent to 104,916 units in October 2014 from the same month last year according to preliminary data from the Indonesian Automotive Industry Association (Gaikindo). Cumulatively, car sales reached 1.04 million units in the first ten months of 2014, a slight 1.6 percentage point increase from the same period last year.
After Indonesian President Joko Widodo and Vice President Jusuf Kalla have confirmed that prices of subsidized fuels (gasoline and diesel) will be raised in November 2014 in an attempt to ease the country’s wide current account deficit and government budget deficit (which are primarily caused by costly oil imports), domestic car manufacturers and dealers are expected to post declining earnings in 2015. Besides the subsidized fuel price issue, Indonesia’s car industry is also negatively impacted by the country’s slowing economic growth.
Car sales in Indonesia declined 8 percent to 98,198 units in May 2014 from 106,811 units in the previous month. The Indonesian Automotive Industry Association (Gaikindo) said that the decline was the direct consequence of several public holidays (International Labour Day and the commemorations of Buddha’s birthday as well as ascensions of Prophet Muhammad and Jesus Christ). These holidays caused a lower car production rate and a reduced number of car deliveries to wholesale dealers.
Despite higher car prices due to the depreciating rupiah exchange rate, domestic car sales in Indonesia rose 11 percent to 107,496 in January 2014 compared to the same month last year. January sales were particularly supported by sales of the low cost green car (LCGC) and low multipurpose vehicle (LMPV). Both these car types enjoy high popularity in Indonesia. In 2013, the Indonesian government provided tax incentives for the establishment of a domestic LCGC industry.
Indonesia's automotive industry experienced some drastic changes in recent years. Originally regarded as a mere production hub due to cheap productions costs (particularly wages), it changed into a major car sales market as per capita GDP continues to grow and gives rise to an expanding middle class. Since 2011, domestic car sales in Indonesia have reached record highs and given that the country's per capita car ownership is still relatively low, there is room for more growth. But Indonesia is also eager to become an important car exporting country.
In 2014, Indonesia is expected to see capital inflow of between USD $1 billion and USD $1.5 billion of funds for investments in the country's car components industry. About 20 to 30 companies are eager to expand or start business in this sector of Southeast Asia's largest economy (each investing about USD $50 million). Indonesia's car industry is attractive due to record high car sales in recent years (triggered by strong domestic GDP per capita growth) as well as double-digit export growth (although coming from a low base).
Indonesian car sales have already exceeded the one million mark in October 2013. In the January-October period, 1,018,786 car units were sold, a ten percent increase compared to car sales in the same period last year. Growing demand for cars in Indonesia indicates that this sector of Southeast Asia's largest economy is not influenced by current negative market sentiments, such as the sharply depreciated Indonesian rupiah exchange rate (against the US dollar), high inflation (8.32 percent yoy in October 2013), and slowing economic growth.
General Motors Company (GM), the American multinational holding corporation that engages in the automotive industry, aims to expand its partnership with China's SAIC Motor Corp by joining hands to enhance business activities in Indonesia. Recently, speculation emerged that both companies were drifting apart. However, both camps claim that the relationship has never been better. In fact, GM China and SAIC are opening four new plants in China which will add 1 million cars (per year) to the current production capacity of 3 million vehicles.
Car sales in Indonesia are expected to exceed the target set by the Indonesian Automotive Industry Association (Gaikindo) in 2013. The institution originally set a target of 1.1 million sold car vehicles in 2013, which is similar to the sales result in 2012. However, in September 2013 car sales recorded a new monthly record (115,921 sold units) after consumers sped up car sales as prices will increase in October. Up to the third quarter of 2013, total car sales have increased 11.2 percent compared to the same period last year.
In recent years, Indonesia's car sales have shown robust growth, culminating in a record high number of 1.12 million sold car units in 2012. This is an important statistic because car sales inform us about the state of the economy. Generally, rising car sales indicate an expanding economy while declining car sales indicate that the economy is slowing down. When we take a look at the table below, there is a link visible between Indonesia's GDP growth and rising car sales, except for 2011 to 2012 when GDP growth declined while car sales rose.
Bisnis Terkait Car Sales
