SUVs - Indonesia

Indonesia

Revenue in the SUVs market is projected to reach US$6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.15%, resulting in a projected market volume of US$6bn by 2028.
SUVs market unit sales are expected to reach 199.6k vehicles in 2028.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$31k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$275bn in 2024).

Key regions: United Kingdom, China, Worldwide, Germany, United States

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Analyst Opinion

The SUVs market in Indonesia has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Customers in Indonesia have shown a growing preference for SUVs due to their versatility, spaciousness, and ruggedness. SUVs are seen as a practical choice for Indonesian families, offering ample seating capacity and cargo space for their needs. Additionally, SUVs provide a sense of safety and security, which is important in a country with varying road conditions.

Trends in the market: One of the key trends in the SUVs market in Indonesia is the increasing demand for compact and mid-size SUVs. These vehicles offer a balance between size and fuel efficiency, making them suitable for urban driving conditions in Indonesian cities. Additionally, the popularity of SUVs with advanced technology features, such as touchscreen infotainment systems and driver assistance systems, is on the rise.

Local special circumstances: Indonesia's geography and infrastructure play a significant role in the development of the SUVs market. The country's vast and diverse terrain, including mountains, jungles, and coastal areas, requires vehicles with off-road capabilities. SUVs are well-suited for navigating these challenging environments, making them a popular choice among Indonesian consumers. Furthermore, the government's efforts to improve road connectivity and infrastructure development have contributed to the growth of the SUVs market.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in Indonesia have also contributed to the development of the SUVs market. As the middle class expands, more consumers are able to afford SUVs, which were previously considered luxury vehicles. Additionally, the availability of financing options and competitive pricing by automakers have made SUVs more accessible to a wider range of consumers. In conclusion, the SUVs market in Indonesia is experiencing growth due to changing customer preferences, market trends, and local special circumstances. The demand for compact and mid-size SUVs, as well as SUVs with advanced technology features, is on the rise. Indonesia's geography and infrastructure, along with the government's efforts to improve road connectivity, have further fueled the growth of the SUVs market. Economic growth and rising disposable incomes have also made SUVs more affordable and accessible to Indonesian consumers.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).