Libya Passenger Car Market is projected to expand at a volume CAGR of 6.1% over the forecast period of 2021-2031: Persistence Market Research
NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The Libya passenger market is projected to expand at a volume CAGR of 6.1% over the forecast period of 2021-2031 to reach sales of more than 5.5 Mn units by 2031. The fleet on roads is dominated by used cars that are imported from S. Korea, Europe, China, and the U.S., among many more countries.
In the last fifty years, Libya's urban population has grown at a rapid pace. Every year, growing number of individuals relocate to major cities where better services and infrastructure are accessible. Majority of the urban population lives along the coast, which is home to the country's largest cities, including the capital Tripoli. World Bank indices put the rate of urbanization at 78.75% in 2016. According to the same report, urban population growth rate was 1.18%.
Although Libya's transportation system includes a limited number of modes such as airplanes, waterborne craft, and land-based vehicles such as automobiles and trucks, local trips for moving passengers and products are primarily made by land-based vehicles such as cars, trucks, and, to a lesser extent, buses. These factors are expected to drive the sales of passenger cars in the country.
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Key Takeaways from Market Study
- At a CAGR of 6.5%, D-segment is projected to be the fastest growing segment under car type from 2021 to 2031.
- J-segment is expected to hold the highest market share of 38% under the car type segment in terms of volume.
- By age, the above 6 years segment is projected to enjoy a market share of more than 74% by 2031.
- By brand, Toyota was the segment leader with a market share of more than 34% in 2020 of the total number of cars on road in Libya.
- New car sales are projected to increase at a value CAGR of 7.4% during the forecast period of 2021-31.
"Increasing urbanization, popularity of SUVs, and ban on imports of certain used cars are expected to drive the market for passenger cars in Libya" says a Persistence Market Research analyst.
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Market Landscape Identified to Be Fairly Competitive
On a national basis, the Libya passenger car market is highly competitive and consolidated.
Some of the key passenger car manufacturers included in the report are Hyundai Motor Co., GM, Volkswagen, Kia Corp., Toyota Motor Corporation, Suzuki Motor Corporation, Daimler AG, Ford Motor Company, ZX Auto, BMW Ag, and others
Conclusion
Due to improved economic conditions and rising consumer disposable income, the Libyan passenger car sector has seen consistent growth in demand. From transportation to comfortable/convenient transportation, and from convenient transportation to luxurious and safe transportation, the country has seen a gradual transformation in the passenger car industry.
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Want to Know More?
Persistence Market Research, a research and consulting firm, has published a market research report on the passenger car market in Libya, which has industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, car type, age, and brand.
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