Peru Automotive Market Report and Forecast 2025-2034

Peru Automotive Market Outlook

The Peru automotive market size is projected to grow at a CAGR of 2.6% between 2024 and 2032. The market is being driven by the rising demand for SUVs in Peru.

Key Takeaways

• Electric vehicle sales recorded a y-o-y of 84.1% in 2022 in Peru.

• The expansion in the supply of EVs (from 13 to 40 brands) is fuelling the demand for automobiles in the market.

• Sports utility vehicles are expected to constitute a major portion of the Peru automotive market share.

Chinese companies occupy nearly 20% of the Peru automotive market share. Companies like Changan, which provide an extensive range of SUVs at affordable prices, enjoy high consumer appeal, recording a 64.5% y-o-y growth in 2023.

The increasing demand for SUVs in Peru is driven by their excellent off-road capabilities and their spacious interior designs, which allow a comfortable driving experience for the passenger. Moreover, they allow a highly commanding view to the driver, which minimises the risk of accidents on the road. They also come loaded with advanced technological features which enhance the in-cabin driving experience.  Over the forecast period, improvements in vehicle technology are expected to accelerate the Peru automotive market expansion.

Sustainability is one of the key trends shaping the Peru automotive market outlook favourably. According to the Air Quality Life Index (AQLI), vehicular emissions are a major source of air pollution in Peru (58%). As new government policies emphasise the shift towards electric vehicles, ageing cars are expected to be scrapped and the establishment of large-scale EV charging infrastructure is expected to facilitate the Peru automotive market growth. As per the Peruvian Automotive Association’s National Electromobility Plan, the national coverage of electric vehicles in Peru is expected to reach 8.5% by 2030, which is creating a favourable outlook for the Peru automotive market.

Market Segmentation

Peru Automotive Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Vehicle Type

• Hatchback

• Multi-purpose Vehicle

• Sedan

• Sports Utility Vehicle

Market Breakup by Engine Type

• Hybrid And Electric Vehicles
  • BEV
  • FCEV
  • HEV
  • PHEV

• Internal Combustion Engine Vehicle
  • CNG
  • Diesel
  • Gasoline
  • LPG

The key Peru automotive market players are Toyota Motor Corp., Volkswagen AG, BMW AG, General Motors Company (Chevrolet), Mercedes-Benz Group AG, Honda Motor Co. Ltd., Volvo AB, Nissan Motor Co. Ltd., Hyundai Motor Company, KIA Corp., and Suzuki Motor Corporation, among others.

Key Highlights of the Report