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Peru Autos Report 2008Published by: Business Monitor International Published: Apr. 18, 2008 - 34 Pages Table of Contents
AbstractBMI is forecasting new vehicle sales of 52,133 units in Peru this year, up by 5.0% on estimated sales of 49,650 units for 2007. Vehicle sales soared last year on the back of booming economic growth. The trend is in keeping with the strong level of growth the market enjoyed in 2006 when Peru emerged as the fastgrowing automotive market in Latin America. BMI's outlook for Peru over the forecast period up to 2012 is positive, as reflected in this report.According to data from the Peruvian carmakers' association, ARAPER, during the period January- November 2007, new vehicle sales soared by 54.5% year-on-year (y-o-y) to 45,508 units. Light vehicles, including passenger cars, multipurpose vehicles and sports utility vehicles, totalled 25,048 units, to account for 55.0% of the total sales figure. The commercial vehicle market also performed well, representing 29.0% of total sales over the 11-month period. By brands, Toyota led the market during the year to November. In line with its ambitious strategy for growth in the country, the Japanese carmaker sold 12,170 units to seize a 26.7% market share. Toyota's sales in 2007 were buoyed by the success of models such as the Corolla, Yaris and RAV4. Nissan ranked second with sales of 4,951 units, while Hyundai completed the top three with sales of 4,153 units. In fact, Asian carmakers dominated the top five, with Suzuki and Mitsubishi obtaining 8.4% and 5.8% of the market respectively. In BMI's view, propitious economic fundamentals are fuelling growth in Peru's new vehicle market. Consumer confidence remained strong in 2007, buoyed by an improvement in disposable income, an upturn in employment and a greater availability of credit. BMI expects growth in Peru's new vehicle market this year to be stimulated by government measures to promote new, environmentally-friendly vehicles as well as a strong economic backdrop. In December 2007 the Peruvian government approved legislation that will cut taxes on the sale of certain items, including less-polluting vehicles. The government's aim is to skew the market in favour of vehicles that run on fuels such as natural gas and liquefied petroleum gas. Vehicle prices are expected to fall by as much as 20.0% as a result of the new rules. Car buyers will also be offered incentives to trade in their old vehicles as the government attempts to renew the country's car fleet. Get Full Details About This Report >> |
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