According to market sources, Lebanese car market expanded by 10.98% YOY by June 2024, rising from 3,635 cars in June 2023 to 4,034 cars in June 2024.
On a monthly basis, 1,325 cars were sold in June 2024. The distribution of cars was as follows: Korean cars took the highest share of 35%, Japanese cars came second and accounted for 34% of car sales, and European Cars grasped 22% of the total. Furthermore, the leading sellers of vehicles in Lebanon were Kia and Toyota with number of vehicles sold in June alone totaled 403 and 201 respectively, out of 1,325 sold cars.
It is interesting to note that in June 2024, the share of non-gasoline cars and SUV (Hybrid, Plug-in Hybrid and Fully Electric cars) reached a total of 33 automobiles, out of which 13 were cars and 20 were SUVs.
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 June 2024
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