In 2024, Indonesia's automotive market faces numerous challenges. Despite a constant influx of new brands, the market has stagnated or even contracted, failing to break the million-unit mark for years. This year, Gaikindo's target is only 850,000 units. Manufacturers like Hyundai Motor are under pressure. The Chief Marketing Officer of PT Hyundai Motors Indonesia stated that macro factors such as rising interest rates and global uncertainties have cooled the market, and consumer credit for car purchases also carries risks.
Slow per capita income growth is another reason for stagnant sales. Looking back, sales peaked at 1.22 million units in 2013, with LCGC cars once driving market growth. Recent wholesale sales data shows market fluctuations, and without government collaboration with manufacturers on new products and supporting policies, the market could face even greater difficulties.
In 2024, Indonesia's automotive market faces numerous challenges. Despite a constant influx of new brands, the market has stagnated or even contracted, failing to break the million-unit mark for years. This year, Gaikindo's target is only 850,000 units. Manufacturers like Hyundai Motor are under pressure. The Chief Marketing Officer of PT Hyundai Motors Indonesia stated that macro factors such as rising interest rates and global uncertainties have cooled the market, and consumer credit for car purchases also carries risks.
Slow per capita income growth is another reason for stagnant sales. Looking back, sales peaked at 1.22 million units in 2013, with LCGC cars once driving market growth. Recent wholesale sales data shows market fluctuations, and without government collaboration with manufacturers on new products and supporting policies, the market could face even greater difficulties.