Lebanon Vehicles Market struggles in 2024. Sales in September accumulated 1,890 units (-3.8%). YTD figures dropped by 1.8% year-on-year and reached 18,249.
Market Trend and Outlook
The Lebanese economy, already weakened by four years of sharp contraction from 2018-2022 and moderate deceleration in 2023, has faced further significant slowdown due to the spillover effects from the conflict in the Middle East centered in Gaza. Assuming hostilities cease in the second half of 2024, real GDP growth is projected to be 0.5% for 2024, primarily driven by the volatile tourism sector, which is susceptible to political and military tensions. Long-term sustainable growth remains uncertain without a comprehensive crisis resolution plan.
Economic challenges hit the Lebanese Vehicle Market, with September 2024 sales totaling only 1,890 units (-3.8%). YTD figures, however, showed positive growth, reaching 18,249 units (-1.8%) and marking an improvement over previous years’ negative performance.
Looking at cumulative data up to September 2024 brand-wise, the leader Toyota sold 6,680 vehicles (+15.3%%) with a market share of 36.6%.
Nissan is in second place with 4,663 sales (+109.7%) and Mitsubishi is in third with 1,109 (-35.9%).
In fourth place Lexus -up 3 spots- with 989 (+2.6%), followed by Kia at 814 (-22.5%), Volkswagen -up 2 spots- at 565 (-22.3%), MG -up 2 spots- at 428 (-5.7%), Renault -down 4 spots- at 424 (-68.7%), Suzuki -up 2 spots- at 384 (-5%) and in 10th place BMW at 375 (-16.5%).
Looking at cumulative data, the Toyota Land Cruiser emerged as the best-selling model, showing impressive growth with a 223.5% year-on-year sales increase and rising 3 spots. The Nissan Sunny, despite a 128.8% increase, dropped to 2nd place.
Medium-Term Market Trend
The car market was stable in the range of 35K to 45K, apart the peak achieved in 2017 when the all time record was established at 52,916.
In the following two years, the hard economic difficulties due to the reduced price of oil and the huge number of refugee from Syria, reduced the industry at 34,258 (2019) which was the lowest in 10 years.
The covid 19 spread severely hit the market in 2020 with a huge 62.2% fall, one of the sharpest in the World, to only 12,934 units and even today the market is not recovering.
Indeed, in 2021 the increase was at mere 2% and this year the trend is only moderately positive, while annual volumes are at the lowest in the last 30 years.
Tables with sales figures
In the tables below we report sales for Top 10 Brands and the Top 10 Models
