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backASIAtalk March, 2012
Indonesia's Car Market Takes the Fast Lane
The country has overtaken Thailand as the largest automotive market in Asia Pacific region.
Automakers from Japan to India are eyeing a bonanza in Indonesia, Southeast Asia's largest economy where a newly wealthy middle class are splashing out on cars like never before. With the economy growing at a brisk 6.5% a year, more Indonesians are climbing into the middle class, hungry for cars and other status symbols their newfound wealth affords.
It is welcome news for automakers who, starved of sales in the ailing economies of Europe and the United States, are now circling Southeast Asia's fastest-growing major economy.
Last year, Indonesians bought 890,400 cars and this year they are expected to snap up around 940,000, according to a report by business research group Frost & Sullivan.
"Indonesia has overtaken Thailand as the largest automotive market" in the Asia Pacific region, the report said.
This year "will witness the launch/facelift of around 25-30 new models in Indonesia that will further increase the sales volumes growth," it added.
The strong sales represent something of a gold rush for the industry, and automakers are sinking funds into new factories and showrooms to tap the money flooding the market.
"Last year, foreign automakers pledged to invest nearly $2 billion in Indonesia over the next few years. This year, we will see the realization of those promises," said Budi Darmadi, an industry ministry director.
Japanese manufacturers, who already hold 90% of the market, are leading the way.
To read entire article, please click here.
Source: IndustryWeek - GAI
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