Motorcycles - Peru

Peru

Highlights

Revenue in the Motorcycles market in Peru is projected to reach US$588.40m in 2024.
The market is expected to show an annual growth rate of 3.72% (CAGR 2024-2029), resulting in a projected market volume of US$706.30m by 2029.
The largest segment in the market is On-road Motorcycles, with a projected market volume of US$281.20m in 2024.
The unit sales of Motorcycles market are expected to reach 283.40k motorcyles in 2029.
The volume weighted average price of Motorcycles market in Peru in 2024 is expected to be US$2.39k.
In Peru, Honda Motorcycles is expected to have the highest market share in the selected region, with a motorcycle unit sales share of 23.5% in 2024.
The value market share of Honda Motorcycles in Peru is expected to be 27.3% in 2024.
From an international perspective, it is shown that the most revenue will be generated India, with US$32.11bn in 2024.
Peru's motorcycle market is booming as the country's rugged terrain and traffic congestion make motorcycles an ideal mode of transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Peru is experiencing significant growth and development in recent years.

Customer preferences: Peruvian customers are increasingly opting for motorcycles as a mode of transportation due to their affordability and fuel efficiency. Motorcycles are particularly popular among young adults and urban dwellers who are looking for convenient and cost-effective ways to navigate through congested city streets. Additionally, motorcycles are also favored by businesses for delivery services, as they offer a more efficient and agile means of transportation compared to traditional vehicles.

Trends in the market: One of the key trends in the Peruvian motorcycles market is the growing demand for electric motorcycles. With the increasing awareness of environmental issues and the need for sustainable transportation options, consumers are showing a preference for electric motorcycles that produce zero emissions. This trend is also driven by government initiatives to promote the use of electric vehicles and reduce pollution. Another trend in the market is the rise of online sales channels. E-commerce platforms and online marketplaces have gained popularity as a convenient way for consumers to browse and purchase motorcycles. This trend is further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries.

Local special circumstances: Peru's geography and infrastructure play a significant role in the development of the motorcycles market. The country's diverse terrain, including mountains, deserts, and coastal regions, makes motorcycles a practical choice for transportation, especially in areas with limited access to public transportation. Additionally, Peru's rapid urbanization has led to increased traffic congestion, further driving the demand for motorcycles as a means to navigate through crowded streets.

Underlying macroeconomic factors: Peru's economic growth and rising middle class have contributed to the expansion of the motorcycles market. As the country's economy continues to develop, more people have the means to afford motorcycles as a mode of transportation. Additionally, favorable government policies and incentives, such as tax breaks and subsidies for electric vehicles, have also played a role in driving the growth of the motorcycles market. In conclusion, the motorcycles market in Peru is witnessing significant growth and development, driven by customer preferences for affordability and fuel efficiency, as well as the rise of electric motorcycles and online sales channels. The country's unique geography and infrastructure, along with favorable macroeconomic factors, further contribute to the market's expansion.

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.