Motorbike sales in Indonesia dropped 2.9% year-on-year to 558.7 thousand units in February 2024, slowing from a 3.7% decrease in the previous month. The softer decline came as the effects of a 25bps rate hike in October 2023 from the central bank waned. Monthly, sales of motorbikes shrank 5.7%, reversing sharply from a 38.8% jump in January. The Association of Indonesia Motorcycle Industry (AISI) forecasts domestic sales to reach 6.2 – 6.5 million units in 2024 amid hopes of easing interest rates and rising employment rates later this year. In 2023, motorbike sales surged 19.4% to 6.2 million units, within AISI’s target range of 6.1 – 6.2 million units.
