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, Chinaand the US, 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 The 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.
Request for Sample Copy of report: https://www.persistencemarketresearch.com/samples/33007
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 year 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.
Get customized report as per requirement: https://www.persistencemarketresearch.com/samples/33007
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
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.
Get full access of report: https://www.persistencemarketresearch.com/checkout/33007
Want to Know More?
Persistence Market Research, a research and consulting firm, has published a market research report on the passenger car market in Libyawhich 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.
About Persistence Market Research:
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Persistence Market Research
US Sales Office:
305 Broadway, 7th Floor
New York CityNY 10007
USA – Canada Toll-Free: 800-961-0353
Email: [email protected]
Visit Our Website: https://www.persistencemarketresearch.com
View original content: https://www.prnewswire.com/news-releases/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-301469548.html
SOURCE Persistence Market Research Pvt. Ltd.