Executive Cars - Lebanon

Lebanon

Highlights

Revenue in the Executive Cars market is projected to reach US$134m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.31%, resulting in a projected market volume of US$151m by 2029.
Executive Cars market unit sales are expected to reach 2.4k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$69k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Lebanon is experiencing steady growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Lebanese consumers have a strong affinity for luxury and high-end products, and this extends to their choice of cars. Executive cars are seen as a symbol of status and success, and many consumers aspire to own these prestigious vehicles. Additionally, Lebanese consumers value comfort, safety, and advanced technology features in their cars, which are often found in executive models.

Trends in the market: One of the key trends in the Executive Cars market in Lebanon is the increasing demand for electric and hybrid models. As environmental consciousness grows globally, Lebanese consumers are also becoming more aware of the impact of their choices on the environment. This has led to a rising interest in electric and hybrid cars, which offer lower emissions and better fuel efficiency. Manufacturers have responded to this trend by introducing more electric and hybrid options in their executive car lineup. Another trend in the market is the growing popularity of SUVs in the executive segment. SUVs offer a combination of luxury, comfort, and practicality, making them a preferred choice for Lebanese consumers. The spacious interiors, higher seating position, and off-road capabilities of SUVs appeal to those who value versatility and adventure.

Local special circumstances: Lebanon's unique geographic location and diverse terrain contribute to the popularity of executive cars. The country is known for its beautiful landscapes, including mountains, beaches, and valleys. Executive cars with superior performance and handling are well-suited for navigating Lebanon's challenging roads and providing a comfortable driving experience. Furthermore, Lebanon has a strong luxury market and a culture that values prestige and high-quality products. This creates a favorable environment for the Executive Cars market to thrive, as consumers are willing to invest in premium vehicles that reflect their status and taste.

Underlying macroeconomic factors: Lebanon has a relatively stable economy, which has contributed to the growth of the Executive Cars market. The country has a high GDP per capita, and a significant portion of the population has disposable income to spend on luxury goods, including executive cars. Additionally, Lebanon has a strong banking sector and a favorable business environment, attracting high-net-worth individuals and expatriates who contribute to the demand for executive cars. In conclusion, the Executive Cars market in Lebanon is witnessing growth due to customer preferences for luxury and high-end vehicles, the trends towards electric and hybrid models, the popularity of SUVs, local special circumstances such as challenging terrain and a culture that values prestige, and underlying macroeconomic factors including a stable economy and high disposable income.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).