Minivans - Peru | Statista Market Forecast

Minivans - Peru

Peru

Highlights

Revenue in the Minivans market is projected to reach US$172m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.52%, resulting in a projected market volume of US$177m by 2029.
Minivans market unit sales are expected to reach 8.1k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$22k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Peru has been experiencing steady growth in recent years, driven by several factors including changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Peruvian customers have shown a growing preference for minivans due to their versatility, spaciousness, and practicality. With the rise of urbanization and increasing traffic congestion in major cities, minivans provide a comfortable and efficient transportation solution for families and businesses alike. Additionally, the affordability and fuel efficiency of minivans make them an attractive option for budget-conscious consumers.

Trends in the market: One of the key trends in the Peruvian minivans market is the increasing demand for electric and hybrid minivans. As environmental concerns continue to gain prominence, customers are seeking more sustainable transportation options. Electric and hybrid minivans offer lower emissions and reduced fuel consumption, making them an appealing choice for eco-conscious consumers. This trend is expected to further accelerate in the coming years as the government implements policies to promote electric vehicle adoption. Another notable trend is the integration of advanced technology and features in minivans. Customers now expect connectivity options, advanced safety features, and entertainment systems in their vehicles. Automakers are responding to these demands by equipping their minivans with the latest technology, enhancing the overall driving experience and attracting a wider customer base.

Local special circumstances: Peru's geography and infrastructure pose unique challenges for the minivans market. The country's diverse terrain, including mountainous regions and unpaved roads, requires minivans with robust capabilities and durability. Additionally, the limited availability of charging infrastructure for electric vehicles in certain areas may hinder the widespread adoption of electric and hybrid minivans.

Underlying macroeconomic factors: Peru's growing economy and rising disposable incomes have contributed to the expansion of the minivans market. As more Peruvians enter the middle class, there is an increased demand for personal transportation. Minivans provide a practical and affordable solution for families and businesses, driving market growth. Furthermore, favorable government policies and initiatives to promote automotive manufacturing and sales have attracted investments from global automakers. This has led to a wider range of minivan models being available in the market, offering customers more choices and driving competition. In conclusion, the Minivans market in Peru is experiencing growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for electric and hybrid minivans, integration of advanced technology, Peru's unique geography, and favorable macroeconomic conditions all contribute to the development of the market. As the market continues to evolve, automakers will need to adapt to meet the changing needs and preferences of Peruvian customers.

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).