According to the data revealed by “Rasamny Younis Motor Co sal”, Lebanese car market expanded by 37.09% YOY by February 2024.
On a monthly basis, 316 cars were sold in the month of February 2024. The distribution of cars was as follows: Korean cars took the highest share of 37.03%, Japanese cars accounted for 32.28%, and European Cars grasped 18.99% of the total. Furthermore, the leading sellers of vehicles in Lebanon were Kia, Toyota, and Hyundai with number of vehicles sold in the month of February alone totaled 93, 41, and 24 respectively, out of 316 sold cars.
Despite a tentative rebound in Lebanon’s car sector, sales of passenger vehicles are significantly lower than both 2019 and 2020 levels when cars were still being purchased through checks at the beginning of the crisis. Currently, 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 February 2024
Source: Rasamny Younis Motor Co sal, BLOMINVEST Bank
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