Libya Passenger Car Market 2022
The Libya passenger car market consisted of 2.9 Mn units in 2020, and is predicted to top 5.5 Mn units by 2031. The passenger car fleet on road in Libya is predicted to increase at a CAGR of around 6.1% in terms of volume from 2021 to 2031.
The report published on Libya Passenger Car Market is a comprehensive analysis that includes the key parameters and indicators critical in understanding the market. The data from the years 2022 to 2030 has been used to present the market status and size. The study also covers the overall market valuation along with the CAGR for the forecast period. The introductory chapter presents an overview of Libya Passenger Car Market along with the product definition and market scope. The report also analyzes consumer trends regarding the products along with the industry development trends.
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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.
Key Companies-
- GM
- Hyundai Motor Company
- Suzuki Motor Corporation
- Daimler AG
- Volkswagen
- Ford Motor Company
- ZX Auto
- Toyota Motor Corporation
- BMW AG
- Other Prominent Players
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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.
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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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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