Passenger Cars - Peru | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$3.0bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.13%, resulting in a projected market volume of US$3.0bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$1.1bn in 2024.
Passenger Cars market unit sales are expected to reach 119.70k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$25.22k in 2024.
With a vehicle unit sales share of 23.5% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 25.8% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Peru has experienced significant growth in recent years.

Customer preferences: Peruvian customers have shown a strong preference for compact and mid-size cars, which offer a good balance between affordability and practicality. These types of vehicles are well-suited for navigating the country's narrow streets and congested urban areas. Additionally, Peruvian consumers are increasingly interested in eco-friendly options, such as hybrid and electric vehicles, as they become more aware of environmental issues. This shift in preferences is in line with global trends towards more sustainable transportation options.

Trends in the market: One of the key trends in the Peruvian Passenger Cars market is the increasing popularity of SUVs. These vehicles offer a higher driving position and more space, which appeals to Peruvian consumers who prioritize comfort and versatility. The demand for SUVs is driven by both urban and rural customers, as they are equally suitable for city driving and off-road adventures in Peru's diverse landscape. Another trend in the market is the growing demand for connected cars, which offer features such as GPS navigation, smartphone integration, and advanced safety systems. Peruvian consumers are increasingly interested in these technologies, as they enhance the overall driving experience and provide added convenience and safety.

Local special circumstances: Peru's geography and infrastructure present unique challenges for the Passenger Cars market. The country's mountainous terrain and unpaved roads require vehicles that are capable of handling rough conditions. As a result, there is a demand for cars with high ground clearance and robust suspension systems. Additionally, Peru's high altitude can affect engine performance, making it necessary for vehicles to have engines that are specifically designed to operate at higher elevations. These factors influence the types of cars that are popular in the Peruvian market and contribute to the unique characteristics of the Passenger Cars segment.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Peru can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased consumer purchasing power and disposable income. This has allowed more Peruvians to afford cars and has driven demand in the market. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase cars, further stimulating demand. The government has also implemented policies to support the automotive industry, such as tax incentives for the purchase of eco-friendly vehicles. These factors, combined with a growing population and urbanization, have created a favorable environment for the Passenger Cars market to thrive in Peru.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.