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

auto - January 28, 2022

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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