Skip to main content

Libya Passenger Car Market Share and Growth Factors Impact Analysis 2031

 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.

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.

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.

Key Segments Covered in Libya Passenger Car Industry Analysis

Libya Passenger Car Market by Car Type:

  • A-Segment Passenger Cars
  • B-Segment Passenger Cars
  • C-Segment Passenger Cars
  • D-Segment Passenger Cars
  • E-Segment Passenger Cars
  • J-Segment Passenger Cars
  • Others

Libya Passenger Car Market by Age:

  • 0-3 Year-Old Passenger Cars
  • 3-6 Year-Old Passenger Cars
  • Above 6 Year-Old Passenger Cars

Libya Passenger Car Market by Car Brand:

  • Toyota
  • GM
  • Volkswagen
  • Hyundai
  • Kia
  • Others

For More Info @ https://www.persistencemarketresearch.com/market-research/libya-passenger-car-market.asp

About Persistence Market Research – Automotive and Transportation

The Automotive and Transportation division of Persistence Market Research provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.

Comments

Post a Comment

Popular posts from this blog

Frozen Fruits Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2032

 The Frozen Fruits Market has witnessed remarkable growth in recent years, driven by consumers' increasing preference for convenient and nutritious food options. Frozen fruits have become a popular choice among health-conscious individuals and busy households, offering a quick and easy way to incorporate the goodness of fruits into daily meals, smoothies, and desserts. These fruits are picked at the peak of ripeness and flash-frozen to lock in their natural flavors and nutritional value, making them a tasty and nutritious choice year-round. One of the key factors propelling the growth of the Frozen Fruits Market is the rising awareness of the health benefits associated with frozen fruits. They are often nutritionally comparable to fresh fruits, as freezing preserves vitamins and minerals. Additionally, frozen fruits are free from artificial preservatives or additives, making them an attractive option for those seeking a natural and wholesome diet. Their long shelf li...
Post a Comment
Read more

Kelp Market Future Trends, Industry Size and Forecast to 2032

 The kelp market is experiencing significant growth and is poised to become a prominent player in the global food and agriculture industry. Kelp, a type of large brown seaweed, offers a wide range of benefits and applications, driving its increasing demand across various sectors. First and foremost, the nutritional value of kelp makes it highly sought after. Packed with essential vitamins, minerals, and antioxidants, kelp offers a nutrient-rich addition to diets around the world. It is particularly valued for its high iodine content, which is vital for thyroid function and overall health. Additionally, kelp is a good source of fiber, calcium, iron, and other essential nutrients, making it a valuable ingredient for health-conscious consumers and dietary supplement manufacturers. The culinary world has also embraced the versatility of kelp. With its umami flavor and unique texture, kelp has become a popular ingredient in various cuisines. It is used in the preparation...
Post a Comment
Read more

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, ...
Post a Comment
Read more