Large Cars - Lebanon

Lebanon

Highlights

Revenue in the Large Cars market is projected to reach US$140m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.27%, resulting in a projected market volume of US$165m by 2029.
Large Cars market unit sales are expected to reach 4.1k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$44k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Lebanon has been experiencing steady growth in recent years, driven by customer preferences for spacious and luxurious vehicles. Lebanese consumers have a strong affinity for large cars, as they provide a sense of status and prestige. Additionally, the local market is influenced by global trends, such as the increasing popularity of SUVs and crossovers.

Customer preferences: Lebanese consumers have a strong preference for large cars, particularly SUVs and luxury sedans. These vehicles offer ample space for both passengers and cargo, making them ideal for families and individuals who value comfort and convenience. In addition, the perceived prestige associated with owning a large car is highly appealing to Lebanese consumers, who place great importance on status symbols.

Trends in the market: One of the key trends in the Large Cars market in Lebanon is the growing popularity of SUVs. These vehicles offer a combination of style, versatility, and off-road capabilities, making them a popular choice among Lebanese consumers. SUVs also provide a higher driving position, which enhances visibility and gives drivers a sense of confidence on the road. This trend is in line with the global shift towards SUVs, as they have become the preferred choice for many consumers worldwide. Another trend in the market is the increasing demand for luxury sedans. Lebanese consumers have a taste for luxury and are willing to invest in high-end vehicles that offer a superior driving experience. Luxury sedans are equipped with advanced features and technologies, providing a comfortable and luxurious ride. This trend is driven by the desire for exclusivity and the aspiration to own prestigious brands.

Local special circumstances: The Large Cars market in Lebanon is influenced by several local special circumstances. One of the key factors is the country's infrastructure, which includes well-maintained roads and highways. This makes it easier for Lebanese consumers to navigate and enjoy driving large cars. Additionally, the relatively high income levels in Lebanon allow consumers to afford large cars and indulge in their preferences.

Underlying macroeconomic factors: The growth of the Large Cars market in Lebanon is also supported by underlying macroeconomic factors. The country has a stable economy with a strong purchasing power, which enables consumers to invest in expensive vehicles. Furthermore, the presence of a competitive automotive market in Lebanon ensures a wide range of options for consumers, including both local and international brands. This competition drives innovation and leads to the introduction of new models and features in the market. In conclusion, the Large Cars market in Lebanon is experiencing growth due to customer preferences for spacious and luxurious vehicles. The popularity of SUVs and luxury sedans reflects the desire for comfort, convenience, and prestige among Lebanese consumers. The local market is influenced by global trends, while also being shaped by local special circumstances and supported by underlying macroeconomic factors.

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).