According to the data revealed by “Rasamny Younis Motor Co sal”, Lebanese car market expanded by 88.87% YOY by March 2024, rising from 647 cars in March 2023 to 1,222 cars in March 2024.
On a monthly basis, 335 cars were sold in March 2024. The distribution of cars was as follows: Japan cars took the highest share of 39.1%, Korean cars came second and accounted for 24.78% of car sales, and European Cars grasped 18.21% of the total. Furthermore, the leading sellers of vehicles in Lebanon were Toyota, Kia, and Jetour (Chinese brand) with number of vehicles sold in March alone totaled 79, 63, and 21 respectively, out of 335 sold cars.
It is interesting to note that in 2024, the share of non-gasoline cars (Hybrid, Plug-in Hybrid and Fully Electric cars) sold in January, February and March recorded 27.85%, 11.39%, and 1.19% respectively.
Lebanon’s car sector undergone some fluctuations in the last 4 years, and sales of passenger vehicles were significantly lower than both 2019 and 2020 levels when cars were still being purchased through discounted checks at the beginning of the crisis. Currently, the demand for new vehicles is restricted by the absence of financing options, exacerbated by the depreciating exchange rates of the Lebanese currency.
Growth of Registered Passengers Cars by March 2024
Source: Rasamny Younis Motor Co sal, BLOMINVEST Bank
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