In 2023, the Indonesia used car market experienced a notable surge in revenue, showcasing an impressive year-on-year growth rate of 15%. This growth trend underscores the burgeoning potential of the Indonesia Used Car Market, reflecting the increasing demand for pre-owned vehicles among consumers. Such growth is particularly pronounced in Jakarta, where the sales of both new and used cars are approaching a state of equilibrium, indicating a mature and vibrant automotive market landscape.
The Indonesia Used Car Market stands as a dynamic and multifaceted domain, shaped by a multitude of factors ranging from brand preferences, distribution channels, popular car models, body types, fuel variants, and regional inclinations to age group predilections. As one of Southeast Asia's premier automotive markets, Indonesia offers a rich array of choices for individuals seeking to purchase second-hand vehicles.
Delving into the intricacies of this market is essential for stakeholders aiming to navigate its competitive terrain successfully. This analysis endeavors to unveil the nuances of the Indonesia Used Car Market, furnishing insights into the pivotal factors influencing its growth trajectory and future prospects.
The Indonesia used car market is witnessing fierce competition among key players, all vying for a larger market share in this rapidly evolving sector. Leading companies such as Carsome, PT Serasi, Carro, Oto, and OLX Indonesia are at the forefront of this competition, employing innovative strategies and expanding their presence to meet the increasing demand for high-quality pre-owned vehicles.
As the market grows, online platforms are gaining popularity, with companies striving for market dominance by offering superior service quality, competitive pricing, and leveraging technological advancements. Overall, competition in Indonesia's used car market is dynamic, driven by technological advancements, the growth of organized dealerships, and infrastructure developments.
Companies that prioritize innovation, target younger consumers, and engage in strategic partnerships are well-positioned to capitalize on emerging opportunities and maintain a competitive advantage in this evolving landscape.
Key Highlights of Major Players in the Indonesia Used Car Market
PT Tunas, a prominent player in the Indonesia Used Car Market, operates through its subsidiary, PT Tunas Asset Sarana. With strategic outlets in Jakarta and Bandung, PT Tunas Asset Sarana is strategically positioned to cater to the growing demand for quality used vehicles across key urban centers.
Carro, another significant player in Indonesia's automotive scene, has left a formidable mark with its innovative approach. Boasting a network of over 5,000 used car dealers, Carro has captured approximately 30.6% of new automotive sales in Southeast Asia. The company's revolutionary Buyback platform has been instrumental in empowering dealers, enabling them to expand their inventory size and boost sales and profitability by up to three times, as attested by the company itself.
Indonesia's ambitious goal of manufacturing 600,000 electric vehicles (EVs) by 2030 is poised to revolutionize the automotive landscape further. This monumental target marks a substantial increase from the number of EVs sold in the country during the initial half of this year. Such a trend is anticipated to fuel the growth trajectory of the used car market, propelling market revenue to an impressive IDR 1,485 trillion (USD 79.87 billion) with a robust growth rate of 6.68%.
Factors Influencing Popular Used Car Brands in Indonesia
When considering a pre-owned vehicle purchase in Indonesia, it's essential to factor in the cost of spare parts, as cars with pricey components may fetch lower resale values due to limited demand. This factor significantly influences the popularity of specific brands in the Indonesia used car market. Among the country's favored models are the Toyota Avanza, Toyota Veloz, Toyota Rush, Toyota Agya, Toyota Kijang Innova, Toyota Calya, Toyota Fortuner, Daihatsu Xenia, Daihatsu Terios, Daihatsu Sigra, and Daihatsu Ayla. Carsome, a leading online platform, boasts an extensive inventory of over 26,000 used cars from renowned brands like Toyota, Honda, Daihatsu, Suzuki, and Mitsubishi in Indonesia. The Indonesia used car market is experiencing significant growth, with an increasing volume and size. As a result, various companies and competitors are vying for a share of the Indonesia used car industry's revenue.
Major Acquisitions in Indonesia Used Car Market
Carsome Group's acquisition of iCarAsia solidifies its presence, tapping into Indonesia's burgeoning used car segment. With an 80.1% stake in Catcha Group, they position themselves as a dominant force in the market. This move aligns with the company's strategy to capitalize on the growing demand for quality pre-owned vehicles.
Furthermore, Carro's collaboration with Genie Financial Services introduces innovative insurance solutions tailored to Indonesian consumers. This AI-driven pay-per-kilometer program not only enhances affordability but also reflects the industry's shift towards data-driven, customer-centric offerings.
Carsome Group's recent fundraising round, raising USD 200 million, underscores investor confidence in Indonesia's used car sector. Coupled with a USD 60 million acquisition of CarTimes in 2022, the company demonstrates its commitment to expansion and market leadership.
As competition intensifies, industry players must navigate dynamic market conditions and consumer preferences. Strategic partnerships, innovative offerings, and financial backing are pivotal in capturing a larger share of Indonesia's lucrative used car market.
Future Growth Opportunities in Indonesia Used Car Market
The future outlook for the Indonesia used car market appears promising, buoyed by the increasing adoption of online platforms, rising demand for affordable transportation, and the digitalization of the automotive industry. These trends are expected to drive market growth and innovation, providing consumers with more convenient and accessible options for buying and selling used cars, especially in new and emerging towns across the country. Companies that adapt to these trends and effectively utilize technology are likely to thrive in this evolving market. Overall, the Indonesia used car market is poised for continued growth and development in the years ahead. The growing demand for used cars in Indonesia is anticipated to be a major growth driver, supported by the increasing presence of organized players, with revenue expected to reach more than IDR 1,000 trillion. Despite this growth, unorganized players are also expected to maintain a presence in the market during the forecast period.
In conclusion, the Indonesia used car market is dynamic, driven by evolving consumer preferences and technological advancements. Key players are continuously innovating and expanding to meet the increasing demand for quality pre-owned vehicles, particularly through online platforms. The market's growth potential is highlighted by ongoing mergers, acquisitions, and strategic investments aimed at expanding market reach and offering comprehensive solutions. As the market evolves, companies that can adapt to changing trends and prioritize customer needs are likely to succeed and establish a strong presence in this dynamic sector.
Scope of Indonesia Used Car Market Report
The research report titled "Indonesia Used Car Market Analysis and Forecast (2019-2030) - by Brand, Car Type, Body Type, Fuel Type, Cities and Age Group" by Makreo Research aims to provide a comprehensive analysis of the performance and future growth potential of Indonesia's used car market. The objective of the report is to assess the market's historical performance and current status while identifying key drivers that will shape its future growth trajectory. It offers detailed insights into various market aspects, including car types, fuel types, car brands, different cities and regions, channel types, and dealer types. Ultimately, the research report seeks to offer stakeholders a thorough analysis of Indonesia's used car market, helping them understand its current state, anticipate future growth opportunities, and identify potential investment and strategic decision-making prospects.
2018–2023: Past and Present Scenario
2023: Base Year
2024–2028 : Future Outlook of the Market
Toyota
Daihatsu
Honda
Toyota Avanza
Daihatsu Sigra
Mitsubishi Xpander
Honda Mobilio
Sedan
SUV
Hatchbacks
MPV
Commercial
LCGC
Jakarta
Sumatra
Surabaya
Medan
Petrol
Diesel
Hybrid
EV
Mergers/Acquisitions/Divestments
Funding Timeline
Company Profiles
Carsome
mobil88
Toyota Trust
PT Tunas Ridean Tbk
iCarAsia
PT Serasi Autoraya (SERA)
Oto.com
Carro
Autopedia Sukses Lestari Tbk
How has the Indonesia used car market performed historically, and what is the current scenario?
What is Indonesia's position in global trade, and how does this relate to the present state of the used car trade market?
How has the trade in Indonesia's used car industry impacted the market?
What are the various challenges faced by the used car market in Indonesia?
Which city exhibits the highest demand for used cars in Indonesia?
What are the key segments of the used car market in Indonesia?
Which types of used cars are experiencing increased demand in Indonesia's market?
Which city shows the most potential for growth in the future?
Which fuel type dominates the used car market in Indonesia?
How is the electric vehicle (EV) industry expected to grow in the future in Indonesia?
Who are the leading players in the Indonesia used car market, and what is the current investment scenario?
What opportunities are expected to drive revenue growth in the Indonesia used car market?
1.1. Research Objective
1.2. Research Design and Procedure
1.3. Data Collection Methods
1.4. Research Methodology
1.5. Analytical Framework
2.1. EPTD Analysis: Indonesia Economic Overview
2.1.1. Indonesia Economic Overview: FDI in Motor Vehicle Industry
2.2. EPTD Analysis: Indonesia Political Overview
2.3. EPTD Analysis: Indonesia Technological Overview
2.4. EPTD Analysis: Indonesia Demographic Overview
3.1. Indonesia Overall Trade Performance
3.2. Indonesia Import of Motor Vehicles by Countries
3.2.1. Indonesia Import of Motor Vehicles by Products
3.3. Indonesia Top Exporting Countries of Used Vehicle
3.3.1. Indonesia Export of Motor Vehicles by Countries
3.3.2. Indonesia Export of Motor Vehicles by Products
4.1. Indonesia Used Car Market – Past and Present Analysis
4.2. Indonesia GDP Contribution to Automobile Industry
4.2.1. Indonesia Automobile Production Facts
4.2.2. Indonesia Used Car Market Automotive Sales
4.3. Indonesia Car Ownership Key Facts
4.4. Indonesia Used Car Market: An Overview
4.5. Indonesia Positioning in Car Ownership among South East Asian Countries
4.6. Demand of New Cars vs Used Cars
4.7. Indonesia BEV Roadmap Formulated by the Ministry of Industry
4.8. Indonesia Used Car Market Regulatory Policies and Laws
5.1. Indonesia Used Car Market Segmentation
5.2. Indonesia Used Car Market Segmentation by Car Brands
5.3. Indonesia Used Car Market Segmentation by Car Type
5.4. Indonesia Used Car Market Segmentation by Channel and Vehicle Mileage
5.5. Indonesia Used Car Market Segmentation by Body Type
5.6. Indonesia Used Car Market Segmentation by Cities
5.7. Indonesia Used Car Market Segmentation by Fuel Type
5.8. Indonesia Used Car Market Segmentation by Age Group
5.8.1. Indonesia Used Car Market Segmentation by Age Group
6.1. Indonesia Used Car Market: Competitive Landscape
6.2. Market Mergers /Acquisitions/ Investments 2018 – 2023
6.3. Funding Timeline
7.1. Company Profile: Carsome
7.2. Company Profile: mobil88
7.3. Company Profile: OLX Indonesia (Prosus)
7.4. Company Profile: Toyota Trust (PT Astra Auto Trust)
7.5. Company Profile: PT Tunas Ridean Tbk
7.6. Company Profile: Oto.com (PT. Carbay Services Indonesia)
7.7. Company Profile: iCarAsia
7.8. Company Profile: PT Serasi Autoraya (SERA)
7.9. Company Profile: Carro
7.10. Company Profile: Autopedia Sukses Lestari Tbk.
8.1. Indonesia Used Car Market Future Outlook
9.1. Indonesia Used Car Market Challenges
9.2. Indonesia Used Car Market Opportunities
Limitations of the Study