Market Size of Peru Road Freight Transport Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.31 Billion |
| Market Size (2029) | USD 10.75 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Peru Road Freight Transport Market Analysis
The Peru Road Freight Transport Market size is estimated at USD 8.31 billion in 2024, and is expected to reach USD 10.75 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
- Peru’s government is planning to develop transportation infrastructure and take initiatives to increase public and private investment in infrastructure and create mechanisms to give continuity to its policies. In addition, in 2021, more than 17 OxI projects were awarded, worth around USD 50 million, which was higher than 2019 (USD 22 million) and 2020 (USD 17 million) combined. Thus, the development of transportation infrastructure further bolsters the road freight transportation market in the country.
- COVID-19 has lowered Peru's economic growth to -13.9 percent for 2020, External demand was badly harmed by the fall in GDP among Peru's trade partners, and domestic demand dropped because of reduced household spending and the suspension of investment projects. In addition to the loss in aggregate demand, the economy was hit by a large supply shock because of the industrial halt imposed by the rigorous lockdown, which lasted several months.
- Meanwhile, the country’s road freight transport business is bolstered by the country's mining, manufacturing, and agriculture industries. In mining, Peru is a global leader in the production of lead, copper, gold, and zinc, all of which are heavily exported. The most important mining resource in the country is gold. The Yanacocha and Pierina gold mines are the most important gold sources in Peru. In comparison to Peru's other gold reserves, they also generate the most revenue. Gold and copper deposits amount to millions of ounces in the country. Meanwhile, the country experienced a rise in agricultural exports over the last two decades, driven by seasonal exports of high-value fresh fruits and vegetables to the northern hemisphere (mostly grapes, avocados, blueberries, and asparagus). Thus, the growing trade activity in the country further creates a huge demand for road freight transportation networks.
