According to the data revealed by “Rasamny Younis Motor Co sal”, Lebanese car market expanded by 22.84% YOY by April 2024, rising from 1,480 cars in April 2023 to 1,818 cars in April 2024.
On a monthly basis, 596 cars were sold in April 2024. The distribution of cars was as follows: Japan cars took the highest share of 39.8%, European cars came second and accounted for 21.6% of car sales, and Korean Cars grasped 20.3% of the total. Furthermore, the leading sellers of vehicles in Lebanon were Kia, Nissan and Suzuki with number of vehicles sold in April alone totaled 98, 62, and 57 respectively, out of 596 sold cars.
It is interesting to note that in April 2024, the share of non-gasoline cars and SUV (Hybrid, Plug-in Hybrid and Fully Electric cars) reached a total of 10 automobiles, out of which five were BMW cars, three were Audi SUV, one was Mercedes SUV and one MG SUV.
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 April 2024
Source: Rasamny Younis Motor Co sal, BLOMINVEST Bank
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