Indonesia Revving Up New Car Sales Growth through IIMS 2024

The onset of 2024 is expected to witness a decline in domestic car sales, attributed to the deceleration of Indonesia's economic growth.

Nuhansa Mikrefin Yoedo Putra

20 Feb 2024 - 17.36
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Indonesia Revving Up New Car Sales Growth through IIMS 2024

The 2024 Indonesia International Motor Show (IIMS) in Jakarta. Bisnis/Himawan L. Nugraha

Bisnis, JAKARTA – The 2024 Indonesia International Motor Show (IIMS), slated from February 15-24, promises a revitalizing boost for key players in the Indonesian automotive sector. In the initial months of the year, domestic sales experienced a decline owing to the repercussions of the election and a slowdown in economic expansion.

Early 2024 is expected to witness a dip in domestic car sales amidst Indonesia's decelerating economic growth. According to data released by the Association of Indonesian Automotive Industries (Gaikindo), wholesale domestic car sales plummeted to 69,619 units in January 2024, marking a significant 26.1% decrease compared to January 2023's figure of 94,270 units.

Similarly, retail sales displayed sluggish performance, with only 78,214 units realized in January 2024, reflecting a 13.9% decline from January 2023 with 90,892 units.

Gaikindo Co Chairman I Jongkie Sugiarto highlighted that the sluggish pace of domestic car sales is closely linked to the deceleration of Indonesia's economic growth. He noted that consumers are adopting wait-and-see approach, preferring to observe before committing to purchases.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.