Forecast: Passenger Cars in Use in Indonesia

The number of passenger cars in use in Indonesia stood at 17.26 million units in 2023. Over the last two years, the passenger car market saw substantial growth, with an 8.31% increase in 2022 and a more modest 2.76% rise in 2023. CAGR over the past five years from 2018 to 2023 was calculated at 3.05%, indicating a gradual but steady increase.

Future trends to watch for include:

- Continued moderate growth, with a forecasted 2.08% CAGR from 2023 to 2028. - An overall growth rate of 10.84% forecast for the next five years, suggesting incremental but steady expansion.- Potential market shifts driven by advancements in electric vehicles, changes in government policies, and economic factors impacting consumer purchasing power.