Peru: Passenger Car Market 2024

Passenger Car Market Size in Peru

In 2021, the Peruvian passenger car market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, showed a perceptible reduction. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Exports

Exports from Peru

Passenger car exports from Peru fell remarkably to X units in 2021, which is down by -65.8% compared with the previous year. Overall, exports saw a deep contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 735% against the previous year. As a result, the exports reached the peak of X units, and then declined remarkably in the following year.

In value terms, passenger car exports contracted dramatically to $X in 2021. Over the period under review, exports faced a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when exports increased by 211%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car exports from Peru, accounting for a 248% share of total exports. Moreover, passenger car exports to the United States exceeded the volume sent to the second major destination, Guatemala (X units), more than tenfold. Spain (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +149.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+8.0% per year) and Spain (+8.0% per year).

In value terms, the United States ($X) emerged as the key foreign market for passenger cars exports from Peru, comprising 88% of total exports. The second position in the ranking was taken by Spain ($X), with a 16% share of total exports. It was followed by Ecuador, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +121.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+21.0% per year) and Ecuador (+15.2% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, increasing by 29% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 90% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per unit), while the average price for exports to Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+197.2%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Peru

In 2021, purchases abroad of passenger cars was finally on the rise to reach X units after three years of decline. Over the period under review, imports, however, continue to indicate a mild decline. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. In general, imports, however, saw a pronounced setback. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), India (X units) and Brazil (X units) were the main suppliers of passenger car imports to Peru, together accounting for 65% of total imports. These countries were followed by Indonesia, Mexico, Japan, South Korea, the United States, Germany and Colombia, which together accounted for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +30.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Peru were China ($X), Brazil ($X) and India ($X), together comprising 48% of total imports. These countries were followed by Japan, Indonesia, Mexico, South Korea, the United States, Germany and Colombia, which together accounted for a further 41%.

Among the main suppliers, Indonesia, with a CAGR of +28.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, growing by 23% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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