Lebanon 2023. Market Loses Momentum In October, Falling 39.6% In Volume

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The 2023 Nissan Z GT4
The 2023 Nissan Z GT4

Lebanon Vehicles Market in October 2023 falls for the third month this year, reporting 1,538 new registrations (-39.6%). YTD figures at 20,224 are up 18.9% from the previous year. Nissan reports the best performance in the Top 10 (+191.5%).

Market Trend and Outlook

The Lebanese vehicle market in October 2023 falls for the 3rd month this year, reporting 1,538 new registrations (-39.6%). YTD figures at 20,224 are up 18.9% from the previous year.

Looking at cumulative data up to October 2023 brand-wise, the leader Toyota sold 6,495 vehicles (+44.4%) with market share at 32.1%.

Nissan jumps 5 spots into in second place with 2,478 sales (+191.5%) and Mitsubishi in third with 1,760 (-18.1%).

In fourth place Renault with 1,425 (+39.7%), followed by Mercedes at 1,097 (-6.6%), Lexus at 1,063 (+64.8%), Kia at 1,045 (-12.8%), Volkswagen at 800 (+3.2%), MG at 506 (+30.1%) and in 10th place BMW at 506 (+30.1%).

Looking at cumulative data the Toyota Land Cruiser becomes new the best selling model rising 20.3% in year-on-year sales and 2 spots in the rankings. The Nissan Sunny makes it into 2nd rising 2 spots (+117.5%)

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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