According to the data revealed by “Rasamny Younis Motor Co sal”, Lebanese car market expanded by 3.99% YOY by May 2024, rising from 2,605 cars in May 2023 to 2,709 cars by May 2024.
On a monthly basis, 891 cars were sold in May 2024. The distribution of cars was as follows: Japanese cars took the highest share of 37.04%, Korean cars came second and accounted for 25.03% of car sales, and European Cars grasped 22% of the total. Furthermore, the leading sellers of vehicles in Lebanon were Toyota, Kia, and Hyundai with number of vehicles sold in May alone totaled 162, 121, and 102 respectively, out of 891 sold cars.
It is interesting to note that share of non-gasoline cars (Hybrid, Plug-in Hybrid and Fully Electric cars) sold in May 2024 recorded 168 cars (representing 18.86% of total sold cars), out of which 114 cars are SUVs. Toyota was also the leading non-gasoline cars seller with 24 HEV (Hybrid Electric Vehicle) SUVs, followed by Land Rover with 18 HEV SUVs in second place, and third came Lexus with 15 HEV SUVs. Moreover, 7 JAC (Chinese Brand) non-gasoline cars were sold out of a total of 32 Chinese non-gasoline cars sold in May 2024.
Lebanon’s car sector has 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 depreciated exchange rates of the Lebanese currency.
Growth of Registered Passengers Cars by May 2024
Source: Rasamny Younis Motor Co sal, BLOMINVEST Bank
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