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Peru Autos Report 2010Published by: Business Monitor International Published: Nov. 10, 2009 - 35 Pages Table of Contents
AbstractPeru’s new car market continues to post impressive levels of growth. As BMI highlights in the newlypublished Peru Automotives Report for 2009, new car sales in the country soared over 80% year-on-year(y-o-y) in 2008, defying the global economic crisis.According to data from the Peruvian automotive industry association, Araper, new vehicle sales rose81.38% y-o-y in 2008 to reach 92,539 units. Toyota Motor extended its lead on the market for anotheryear, reporting sales of 23,182 units to take a market share of 25.1%. The Japanese carmaker wasfollowed by Hyundai Motors, which sold 9,381 units, giving it a market share of 10.1%. Nissan Motorcompleted the top three with sales of 8,740 units and a 9.4% market share. Suzuki Motor ranked thefourth biggest carmaker by sales in country (7,664 units), followed by Chevrolet (4,626 units). The strength of growth in the new car market in 2008 underlines how Peru’s autos sector has so far beenrelatively unscathed by the global economic crisis, and industry representatives are equally upbeat aboutnew car sales in 2009, forecasting at least similar levels of growth. BMI is forecasting sales of around115,000 units for 2009. We believe that the Peruvian economy is relatively well-placed to withstand thecontinuing global financial and economic turmoil due to the government’s prudent debt managementstrategy and high level of international reserves, factors which should serve to sustain consumerconfidence. Growth in the new car market over the last two years has been in part fuelled by strong levelsof consumer confidence combined with an improvement in disposable income, an upturn in employmentand a greater availability of credit. In terms of company news, US automaker General Motors Company (GM) has announced plans toexport Chinese-made mini-commercial vehicles to Peru. As part of GM’s commercial vehicle jointventure (JV) with Chinese Shanghai Corporation (SAIC) and Wuling Automobile, GM (China)Investment has begun to export its Chevrolet N200 minivans to Peru. BMI expects the initiative to open up avenues for GM China’s low cost productions to enter the LatinAmerican markets as well as further strengthen GM’s position in Peru, where it has a 5% market share. Get Full Details About This Report >> |
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