Lebanese Cars Market fell down 18% in the 2018 after the sharp increase of the previous year, closing with registrations at 39.074. Toyota was again the market leader, while Nissan – up 36.8% – gained the second position, ahead of Kia. The Ratings companies downgraded the country in December.
Economic Environment
As anxiety spikes over Lebanon’s economic and financial situation, both Moody’s and Fitch Ratings downgraded the country’s outlook to negative in December. Recent data remains underwhelming amid prolonged political impasse.
Seven months after the general elections, cabinet posts remain unfilled and a swift resolution to the stalemate is necessary to kickstart the economy and unlock donor funds, especially pertinent given the high public debt and large twin deficits.
Large twin deficits, a large public debt burden, a possible slowdown in the construction sector and delays in forming a new government all cloud the outlook.
Market Trend
Lebanese vehicles market in recent years has been stable despite tensions within the region and was sustained by a resilient economy. Indeed between 2012 and 2016 sales were between 32.000 and 38.000 units, before to find new propellent in the 2017, when demand for light commercial vehicles was strong, to jump up. Indeed, according to data release by the local Association of Car Manufacturers, in the 2017 light vehicles sales have been 52.120.
In the 2018 the light vehicles market went down. Sales were declining since the start, keeping a negative tone for the entire year, except in the third quarter. However, after the strong jump of the previous year, the market fell down 18%, with sales at 39.074.
Brand-wise, the 2018 market leader was Toyota with 7.292 sales (-44.1%) with 18.7% of market share, followed by Nissan with 6.746 (+36.8%), Kia with 5.698 units (-18.9%) and Hyundai with 2.973 (-38.6%).
Tables with sales figures
In the tables below we report sales for Top Brands
