Passenger Cars - Lebanon | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$1.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.25%, resulting in a projected market volume of US$2.0bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$667.2m in 2024.
Passenger Cars market unit sales are expected to reach 52.82k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$41.72k in 2024.
With a vehicle unit sales share of 38.1% in 2024, Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make Lexus in the selected region is expected to stand at 20.5% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Lebanon is experiencing steady growth and development, driven by various factors including customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Passenger Cars market in Lebanon are influenced by a combination of global trends and local preferences.

Lebanese consumers value luxury and high-quality vehicles, with a preference for brands that offer prestige and status. Additionally, fuel efficiency and environmental sustainability are becoming increasingly important factors in the purchasing decisions of Lebanese consumers. Trends in the market reflect the global shift towards electric and hybrid vehicles.

While the adoption of electric vehicles in Lebanon is still in its early stages, there is a growing interest in these vehicles among environmentally conscious consumers. The government has also implemented incentives and subsidies to encourage the adoption of electric vehicles, further driving the market trend. Local special circumstances in Lebanon, such as the high cost of fuel and limited public transportation infrastructure, contribute to the growth of the Passenger Cars market.

With limited alternatives for transportation, owning a car is seen as a necessity for many Lebanese residents. Additionally, the country's geography and climate, which include mountainous terrain and harsh winters, create a demand for vehicles with strong performance and durability. Underlying macroeconomic factors, including economic growth and stability, also play a role in the development of the Passenger Cars market in Lebanon.

As the economy grows and consumer purchasing power increases, more individuals are able to afford cars. Additionally, stable economic conditions provide consumers with the confidence to make long-term investments in vehicles. In conclusion, the Passenger Cars market in Lebanon is developing in response to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The market is driven by a demand for luxury and high-quality vehicles, as well as a growing interest in electric and hybrid vehicles. Special circumstances such as the high cost of fuel and limited public transportation infrastructure further contribute to the growth of the market. Finally, stable economic conditions and increasing consumer purchasing power support the development of the Passenger Cars market in Lebanon.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.