Sports Cars - Lebanon

Lebanon

Highlights

Revenue in the Sports Cars market is projected to reach US$349m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.47%, resulting in a projected market volume of US$394m by 2029.
Sports Cars market unit sales are expected to reach 3.1k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$142k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Lebanon has been experiencing steady growth in recent years, driven by customer preferences for high-performance and luxury vehicles. Lebanese consumers have a strong affinity for sports cars, and this has contributed to the increasing demand for these vehicles in the market.

Customer preferences: Lebanese customers have a strong preference for sports cars due to their sleek design, powerful engines, and high-performance capabilities. Sports cars are often seen as a status symbol and a representation of luxury and success. The desire for speed and the thrill of driving a high-performance vehicle are also key factors driving the demand for sports cars in Lebanon.

Trends in the market: One of the key trends in the sports cars market in Lebanon is the increasing popularity of electric and hybrid sports cars. As environmental concerns become more prominent, many customers are looking for more sustainable options without compromising on performance. Electric and hybrid sports cars offer the best of both worlds, combining high-performance capabilities with lower emissions. Another trend in the market is the growing demand for customization options. Lebanese customers are increasingly looking for unique and personalized sports cars that reflect their individual style and preferences. This has led to an increase in the availability of customization options from manufacturers, allowing customers to personalize their sports cars to a greater extent.

Local special circumstances: Lebanon's unique geographical location and its vibrant culture have contributed to the popularity of sports cars in the country. The country's mountainous terrain and scenic coastal roads provide an ideal backdrop for sports car enthusiasts to enjoy their vehicles. Additionally, Lebanon's affluent population and high disposable income levels have created a favorable market for luxury and high-performance vehicles.

Underlying macroeconomic factors: Lebanon's stable economic growth and increasing consumer purchasing power have played a significant role in the development of the sports cars market. As the economy continues to grow, more Lebanese consumers are able to afford sports cars, driving the demand for these vehicles. In conclusion, the Sports Cars market in Lebanon is experiencing growth due to customer preferences for high-performance and luxury vehicles. The increasing popularity of electric and hybrid sports cars, as well as the demand for customization options, are key trends in the market. Lebanon's unique geographical location, affluent population, and stable economic growth are underlying macroeconomic factors that contribute to the development of the sports cars market in the country.

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).