Small Cars - Peru | Statista Market Forecast

Small Cars - Peru

Peru

Highlights

Revenue in the Small Cars market is projected to reach US$386m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.03%, resulting in a projected market volume of US$386m by 2029.
Small Cars market unit sales are expected to reach 25.0k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$15k.
From an international perspective it is shown that the most revenue will be generated China (US$13bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Small Cars market in Peru has been experiencing significant growth in recent years.

Customer preferences: Peruvian consumers have shown a strong preference for small cars due to their affordability and fuel efficiency. Small cars are seen as a practical choice for navigating Peru's congested urban areas and narrow streets. Additionally, the rising cost of fuel has made fuel efficiency a top priority for many consumers.

Trends in the market: One of the key trends in the Small Cars market in Peru is the increasing demand for electric and hybrid vehicles. As environmental concerns become more prominent, Peruvian consumers are becoming more conscious of their carbon footprint and are seeking greener transportation options. Electric and hybrid small cars offer a more sustainable alternative to traditional gasoline-powered vehicles. Another trend in the market is the growing popularity of compact SUVs. While technically not classified as small cars, compact SUVs offer similar benefits such as fuel efficiency and maneuverability. These vehicles provide consumers with a higher seating position and more cargo space, making them appealing to those who want the practicality of a small car with the added versatility of an SUV.

Local special circumstances: Peru's geography and infrastructure play a role in shaping the Small Cars market. The country's mountainous terrain and challenging road conditions make small cars a practical choice for many Peruvian consumers. Small cars are easier to maneuver on narrow and winding roads, and their compact size allows for easier parking in crowded urban areas. Additionally, the lower price point of small cars makes them more accessible to a wider range of consumers in Peru.

Underlying macroeconomic factors: Peru's stable economic growth and rising middle class have contributed to the growth of the Small Cars market. As more Peruvians enter the middle class, there is an increased demand for affordable and reliable transportation options. Small cars offer a cost-effective solution for many consumers who are looking to upgrade from motorcycles or public transportation. Additionally, the availability of financing options and the expansion of dealerships across the country have made small cars more accessible to a larger segment of the population. In conclusion, the Small Cars market in Peru is experiencing growth due to customer preferences for affordability and fuel efficiency, as well as the increasing demand for electric and hybrid vehicles. The popularity of compact SUVs is also contributing to the growth of the market. Peru's geography and infrastructure, along with the country's stable economic growth and rising middle class, are important factors shaping the market.

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).