Abstract
Peru’s new car market continues to post impressive levels of growth. As
BMI highlights in the newly
published Peru Automotives Report for 2009,
new car sales in the country soared by over 80% year-onyear
(y-o-y) in
2008, defying the deepening global economic crisis.
According to data from
the Peruvian automotive industry association Araper, in 2008 new vehicle
sales
rose by 81.38% y-o-y to reach 92,539 units. Toyota extended its lead
on the market for another year,
reporting sales of 23,182 units to take a
market share of 25.1%. The Japanese carmaker was followed by
Hyundai
Motors, which sold 9,381 units, giving it a market share of 10.1%. Nissan
completed the top
three with sales of 8,740 units and a 9.4% market share.
Suzuki ranked as the fourth biggest carmaker by
sales in country (7,664
units), followed by Chevrolet (4,626 units).
The strength of growth in the
new car market last year underlines how Peru’s autos sector has so far
been
relatively unscathed by the global economic crisis, and industry
representatives are equally upbeat about
new car sales in 2009,
forecasting at least similar levels of growth. BMI is forecasting sales of
around
115,000 units for 2009. We believe that the Peruvian economy is
relatively well-placed to withstand the
ongoing global financial and
economic turmoil due to the government’s prudent debt management
strategy and high level of international reserves, factors which should serve
to sustain consumer
confidence. Growth in the new car market over the last
two years has been in part fuelled by strong levels
of consumer confidence
combined with an improvement in disposable income, an upturn in employment
and a greater availability of credit.
In terms of company news, US
automaker General Motors (GM) has announced plans to export
Chinese-made
mini-commercial vehicles to Peru. As part of GM’s commercial vehicle
joint venture with
Chinese Shanghai Corporation (SAIC) and Wuling
Automobile Co., GM (China) Investment Co.
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 Latin
American markets as well as further strengthen GM’s position in Peru,
where it holds a market share of
5%
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