Peruvian Motorcycles Market is struggling again. YTD sales reported by the local MInister of Transportation have been 240.594 (commercial 3W are not included) a -1.2% from the correspondent period last year.
Over the past 20 years, macroeconomic stability, trade openness, and a favorable international environment have enabled Peru to become an upper-middle-income economy. GDP per capita jumped from US$2,126 in 2003 to US$7,790 in 2023. Sound, prudent macroeconomic policies have resulted in low public debt, substantial international reserves, a credible central bank, and a robust financial system.
In 2024, Peru’s economy is recovering from the contraction last year caused by extreme weather events, social protests, and a decline in business confidence. The economy is expected to expand by 3.1 percent in 2024. The recovery can be explained by increased confidence, more favorable prices for mining exports, a fiscal stimulus that increased public investment, and a relaxation of monetary conditions by the Central Bank after inflation returned to the target range.
However, the positive economic trend is not pushing up the motorcycles industry which is projected to lose terrain in 2024, for the third year in a row.
Indeed, YTD sales reported by the local MInister of Transportation have been 240.594 (commercial 3W are not included) a -1.2% from the correspondent period last year.
While the scooter segment is moderately improving (+1.8%) the motorcycle is losing 1.7%) and the Electric segment is still not existing.
Looking at the competitive arena, the market leader, Honda consolidated the position with sales down 0.2%.
The first challenger is the local manufacturer Wanxin which lost 1.6%, while another local brand, Ronco, gained the third place (+10.4%).
Behind, the Indian Bajaj Auto (-0.7%) followed by Zongshen (-14.6%), Nexus (-4.4%), Lifan (+11.1%), Yamaha (-14.1%), Ssenda (-3.4%) and other hundreds competitors.
