According to the data revealed by “Rasamny Younis Motor Co sal”, Lebanese car market deteriorated by 11.75% YOY by January 2024.
On a monthly basis, 571 cars were sold in the month of January 2024. The distribution of cars was as follows: Japanese cars took the highest share of 41.51%, European cars accounted for 29.6%, and Korean Cars grasped 15.06% of the total. Furthermore, the leading sellers of vehicles in Lebanon are Mazda, Toyota, and Kia with number of vehicles sold in the month of January alone totaled 71, 65, and 58 respectively, out of 571 sold cars.
Despite a tentative rebound in Lebanon’s car sector, sales of passenger vehicles are significantly lower than both 2018 and 2020 levels. The demand for new vehicles is restricted by inadequate financing options, exacerbated by the depreciating exchange rates of the Lebanese currency.
Growth of Registered Passengers Cars by January 2024
Source: Rasamny Younis Motor Co sal, BLOMINVEST Bank
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