According to the data revealed by “Rasamny Younis Motor sal”, Lebanese car market witnessed a significant uptick of 113.53% annually in the beginning of 2023. In fact, on a monthly basis, 647 cars were sold in the month of January 2023 compared to 303 in January 2022 and 333 in the previous month of December 2022.
In more details, during the month of January 2023, cars were distributed as follows: Japanese cars took the highest share of 40.03%, European cars accounted for 19.63%, and Korean Cars grasped 18.7% of the total. Noting that the leading sellers of vehicles in Lebanon are Toyota, Kia and MG, with number of vehicles sold in the month of January alone totaled 156, 79, and 48 respectively, out of 647 sold cars.
Despite cautious recovery in the cars sector in Lebanon, passengers’ vehicles sales remain way below the size of 2018 and even the size of 2020. Indeed, rising unemployment, a depreciating local currency, skyrocketing inflation, and the removal of subsidies for medicines and fuel have made it harder for many people to meet their basic needs. Consequently, the purchase of new cars is no longer a possibility for many Lebanese citizens.
Growth of Registered Passengers Cars by January 2023 Source: Rasamny Younis Motor sal, BLOMINVEST Bank