Lebanon 2023. Market Loses Momentum Closing The Year Down By 3.7%

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The 2023 Nissan Z GT4
The 2023 Nissan Z GT4

Lebanon Vehicles Market in 2023 slightly falling. Total sales reach 22,745 units (-3.7%). Nissan reports the best performance in the Top 10 (+136.7%).

Market Trend and Outlook

The Lebanese vehicle market in 2023 falls by 3.7% while totalling 22,745 sales. December falls for the 5th month this year, reporting 1,263 new registrations (-65.2%).

Looking at cumulative data up to December 2023 brand-wise, the leader Toyota sold 7,793 vehicles (+39.8%) with market share at 34.3%.

Nissan jumps 6 spots into in second place with 2,679 sales (+136.7%) and Mitsubishi in third with 1,927 (-27.0%).

In fourth place Renault -up 2 spots- with 1,425 (+39.7%), followed by Kia at 1,204 (-13.9%), Lexus -up 4 spots- at 1,063 (+52.5%), Mercedes -down 4 spots- at 1,045 (-53.0%), Volkswagen -down 4 spots- at 831 (-46.9%), MG -up 4 spots- at 580 (+7.6%) and in 10th place Land Rover -up 8 spot- at 516 (+99.2%).

Looking at cumulative data the Toyota Land Cruiser becomes new the best selling model rising 45.0% in year-on-year sales and 2 spots in the rankings. The Toyota Hilus into 2nd (-6.1%).

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

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