Recently published research from Business Monitor International, "Peru Autos Report 2015", is now available at Fast Market Research

[ClickPress, Wed Jan 28 2015] 2014 has proved to be a challenging year for new vehicle sales within Peru. Total new vehicle sales stood at 171,729 units for the first 11 months of the year, down by 7% year-on-year (y-o-y) according to figures from the Peruvian Association of Automotive Representatives (Araper). Breaking down the headline figure, passenger car sales were down by 1%, at 126,251 units.

Commercial vehicles (CVs) saw significant falls over 2014, against a backdrop of falling demand for Peru's key commodity exports and a slowing of economic growth. Light commercial vehicle (LCV) sales were down by 19% y-o-y over 11M14, at 28,656 units; heavy commercial vehicle (HCV) sales were down by 23% y-o-y, at 14,833 units, while bus sales were down by 21% y-o-y, at 1,989 units. This made for a total CV market of 45,478 units over 11M14.

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Looking forward, BMI believes there is scope for a recovery in new vehicle sales in Peru across 2015, with passenger cars (+7.3%) set to outperform CVs (+2.2%). BMI's Country Risk team is currently forecasting an increase in GDP growth to 3.7%, from an estimated 3% for 2014.

Encouragingly for the passenger car segment, we believe that household spending will remain relatively resilient to external economic headwinds in 2015. After real private consumption growth slowed from 5.3% in 2013 to an estimated 4.5% in 2014, we now forecast a 4.6% expansion in 2015. The government is looking to cut both income and corporate tax rates in 2015, as part of efforts to revive the slowing economy, according to a statement by Finance Minister Alonso Segura, as reported by Radio Programas in November 2014. Under the plan, the corporate tax rate will be reduced from 30% to 28%, while the lowest income tax band for workers will be cut from 15% to 8%. The proposed cuts will take effect from January 1 2015, according to the minister. This slashing of tax rates should give Peruvian consumers more disposable income to spend on 'big-ticket' items such as a new car.

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The Peru Autos Report features the latest data and forecasts covering production, sales, imports and exports.

Business Monitor International (BMI)'s Peru Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Peru.

Key Benefits

* Benchmark BMI's independent automotives industry forecasts on Peru to test other views - a key input for successful budgetary and planning in the Peruvian automotives market.
* Target business opportunities and risks in the Peruvian automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Peru.

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