Lebanon Vehicles Market in 2024 grew 7.8%, marking its fifth consecutive year of expansion. Still, sales remained below pre-COVID levels. Top 10 brands saw significant shifts, with Suzuki emerging as the strongest performer, while Renault plummeted.
Economic Environment
Looking at full-year data for 2024 brand-wise, Toyota retained its leadership with a 33.5% increase, followed by Nissan, which surged 73.7%. Despite a 37.7% decline, Mitsubishi held onto third place. Lexus climbed one spot to fourth with a 14.3% gain, while Kia, despite a 26.3% drop, still managed to move up to fifth place.
Looking at the best selling models,the Toyota Land Cruiser jumped two spots to become Lebanon’s best-selling vehicle, soaring 177.1%. The Nissan Sunny, despite growing 134.5%, slipped to second place.
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 the Top 10 Models