Large Cars - Peru | Statista Market Forecast

Large Cars - Peru

Peru

Highlights

Revenue in the Large Cars market is projected to reach US$238m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.26%, resulting in a projected market volume of US$241m by 2029.
Large Cars market unit sales are expected to reach 7.0k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$34k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Peru has been experiencing steady growth over the past few years. Customer preferences in Peru have been shifting towards larger cars due to several factors.

Firstly, there has been an increase in disposable income among consumers, allowing them to afford larger and more luxurious vehicles. Additionally, the growing middle class in Peru has led to a rise in demand for larger cars as a status symbol. Trends in the market indicate that SUVs and pickup trucks are becoming increasingly popular among Peruvian consumers.

This can be attributed to their versatility and ability to handle rough terrain, which is important in a country with diverse landscapes. Furthermore, SUVs and pickup trucks offer ample space for both passengers and cargo, making them ideal for families and businesses alike. Local special circumstances in Peru have also contributed to the growth of the Large Cars market.

The country's infrastructure has been improving, with the construction of new roads and highways. This has made it easier for consumers to travel long distances and has increased the demand for larger cars that can handle these journeys. Additionally, Peru's tourism industry has been booming, attracting a large number of visitors who require transportation to explore the country.

Underlying macroeconomic factors have played a significant role in the development of the Large Cars market in Peru. The country has experienced steady economic growth, which has led to an increase in consumer purchasing power. Additionally, low interest rates and favorable financing options have made it easier for consumers to afford larger cars.

In conclusion, the Large Cars market in Peru has been growing steadily due to customer preferences for larger vehicles, trends in the market towards SUVs and pickup trucks, local special circumstances such as improved infrastructure and a booming tourism industry, and underlying macroeconomic factors such as economic growth and favorable financing options.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us 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 relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).