Portland, OR, Dec. 14, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the Indonesia passenger car market was estimated at $15.62 billion in 2020 and is expected to hit $23.33 billion by 2030, registering a CAGR of 4.2% from 2023 to 2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
Significant increase in foreign direct investment (FDI) in Indonesia’s automotive industry, high demand for multi-purpose vehicles (MPVs) & special utility vehicles (SUVs), and introduction of the Low-Cost Green Car (LCGC) initiative drive the growth of the Indonesia passenger car market. On the other hand, surge in prices of passenger cars and developments in public transportation impede the growth to some extent. However, rise in efforts toward the adoption of electric & hybrid vehicles and surge in the domestic auto industry is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Massive slowdown of the supply chain, falling business confidence, and increasing panic among customers impacted the Indonesia passenger car market negatively, especially during the initial phase of the pandemic.
- However, as the overall situation is getting better, the market is expected to revive soon.
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The Indonesia passenger car market is analyzed across propulsion, body type, and weight. Based on propulsion, the internal combustion engine segment contributed to more than four-fifths of the total market share in 2020, and is anticipated to lead the trail by the end of 2030. On the other hand, the electric & hybrid vehicles segment would register the fastest CAGR of 32.1% during the forecast period.
Based on body type, the SUV segment accounted for nearly two-fifths of the total market revenue in 2020, and is expected to dominate by 2030. The hatchback segment, on the other hand, would cite the fastest CAGR of 6.2% throughout the forecast period.
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Based on weight, the 3001 to 5000 pound segment held nearly half of the total market share in 2020, and is projected to maintain the lion’s share by 2030. The less than 3000 pound segment, however, would exhibit the fastest CAGR of 4.9% from 2023 to 2030.
The key market players analyzed in the Indonesia passenger car market report include Honda BMW AG, DFSK Motors, Honda Motor Co., Ltd., Isuzu Motors Limited, Mazda, Mitsubishi Motors Corporation, Nissan Motor, Suzuki Motor Corporation, Toyota Motor Corporation, and Wuling Motor (SGMW Motors). These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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