Indonesia Vehicle Sales To Experience Another Year Of Double-Digit Growth
Key View
- Indonesian vehicle sales will experience yet another year of double-digit growth in 2022 following a strong rebound in sales in 2021 as economic growth momentum spurred by rising commodity prices and private consumption raises demand for new vehicle.
- Demand for passenger vehicles (PVs) will be supported by the extension of the Sales Tax on Luxury Goods (PPnBM) suspension on new vehicles, which was first introduced in 2021 to stimulate demand for new PVs and favourable borrowing rates as Bank Indonesia sustains accommodative monetary policy.
- Commercial vehicle (CV) sales will be underpinned by rising construction activity, an expanding small and medium enterprise sector and rising commodity prices.
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