PT BMW Indonesia, a unit of Germany's BMW, is expecting a rosy outlook for premium-car sales in Indonesia due to consumers' increasing purchasing power, the company's chief executive said Thursday.
“All the ingredients for success are here: a political, democratic system, people feel secure, very good gross domestic product growth, rising middle class. Our sales are benefiting from that, and a closer collaboration with EU is a good thing for the whole market,“ Ramesh Divyanathan told Dow Jones Newswires on the sidelines of the first EU-Asean business meeting.
An academic paper prepared for the meeting between companies based in the European Union and the Association of Southeast Asian Nations noted that Indonesia's automotive sector provides “plenty of room to grow“ compared to Malaysia's “relatively saturated market.“
The paper also suggested that Indonesia could soon overtake Malaysia and become the biggest passenger-car market within the group of 10 countries in the Asean bloc, on the back of rising wealth.
World Bank data published in March showed that seven million Indonesians entered the lower-middle income band annually over the last seven years. BMW reported a 38% increase in vehicles sales to 1,240 units in 2010 from the previous year. This year until April 30, it sold 461 units, up 33% from the like period in 2010.
“As the economy improves, people would want to differentiate themselves. There will be greater demand for premium brands... We're glad to be here. The future is bright for Indonesia,“ said Divyanathan.
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