Qatar Auto Finance Market is in Maturity stage as there is moderate growth owing to rising Demand for Two Wheeler Vehicle: Ken Research
Driven by increasing vehicle prices and low-interest rates in the country, the Qatar Auto finance market has seen some growth in the share of commercial vehicles post covid-19.
Qatar Auto finance market Overview: The Qatar Auto finance market is highly dependent upon pricing. In the country, major price consciousness is seen among the population. New car financing is more prevalent in the country, especially after covid-19. The banks have been the dominant players as they have a huge pre-built database that they leverage for their own advantage which they use to give loans at a low-interest rate.
Growth drivers for the Auto Finance Market in Qatar: Qatar’s auto finance sector has seen a major shift with the announcement of the Qatar National Vision 2030 in which massive plans for economic targeting could aid the auto finance market in the huge way possible. Shift towards sustainability which was also announced in the Qatar National Vision 2010 and Electric Vehicles (Evs) will boost green financing and auto loans sector to a great extent.
Government regulations in the Auto Finance Market: Ministry of Economy and Commerce sets guidelines for auto dealers in Qatar related to performance, standards, and manufacturing of parts and components. Vehicle owners are required to register their newly purchased vehicles with the Ministry of Interior (MOI). Registration is mandatory for both new and used vehicles. Banking activities in Qatar are licensed under Qatar Central Bank (QCB). All legal entities involved in any banking activity have to apply for a license.
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Issues and Challenges in Qatar Auto Finance Market: The growth will not be exponential in the auto finance market after the Covid outbreak and semiconductor chip shortage. The market for 2Ws is low due to the preference of 4Ws depending on the luxurious lifestyle of the population. Also, the decreasing ex-pat population due to government policies is decreasing the demand for auto loans. Analysis shows that many small Car dealers and Financial Institutions are not able to cope with the rapid rise in technology in the industry-leading to their potential exit from the market.
Analysts at Ken Research in their latest publication “Qatar Auto Finance Market Outlook to 2026F- Driven by Increasing Vehicle Prices and Low-Interest Rate in The Country” By Ken Research observed that Qatar auto finance market has witnessed a decline in growth rate over the historical period. The shortage of semi-conductor chips, reduction of expatriate population and impact of COVID 19 has caused reduction in demand for auto loans in the country. However, the rising Auto Finance consciousness among the population, along with increasing loan facilities, customer taste, and preference, and implementation of favorable government rules & regulations is expected to contribute to the market growth over the forecasted period. The Qatar Auto Finance Market is expected to grow @2.8% CAGR over the forecasted period 2021-2026F.
Key Segments Covered
Qatar Auto Finance:
- By Type of Vehicle financed
- New
- Used
- By Tenure (for New and Old Vehicles):
- 1 year
- 2 years
- 3 years and more
- By Type of Lender:
- Banks
- OEMs/Captives
- NBFC
- By Type of Lending Bank:
- Government
- Private
- By Type of Commercial and Passenger Motor Vehicle:
- Commercial
- Passenger
- By type of commercial motor Vehicle:
- LMV
- MCV
- HCV
- By Type of passenger motor vehicle
- 4W
- 2W and others
Key Target Audience
- Qatar Auto Industries
- Government Bodies & Regulating Authorities
- Finance Industry
- Car company
- Automobile dealers and users
Time Period Captured in the Report:
- Historical Year: 2016-2021
- Base Year: 2021
- Forecast Period: 2021– 2026F
Companies Covered:
- Qatar National Bank
- Doha Bank
- Commercial Bank
- Al khaliji commercial bank
- Ahli bank
- Qatar Islamic International Bank
- Qatar Islamic Bank
- Dukhan bank
- Masraf Al Rayan
- HSBC
- Standard Chartered Check
- International Bank of Qatar
- First Finance Company
- Al Jazeera Finance
Key Topics Covered in the Report
- Qatar Automotive Market Overview
- Ecosystem of Qatar Auto Finance Market
- Qatar Auto Finance Value Chain Analysis
- Business Cycle and Timeline of Major Banks in Qatar Auto Finance Market
- Market Sizing Analysis of Qatar Auto Finance Market, 2016-2021
- Qatar Auto Finance Market Segmentation
- SWOT Analysis of Qatar Auto Finance Industry
- Trends and Developments in Qatar Auto Finance Industry
- Decision Making Parameter for Selecting Car Loan Vendor
- Issues and Challenges in Qatar Auto Finance Industry
- Growth Drivers of the Qatar Auto Finance Market
- Government Policies and Initiatives for Qatar Auto Finance Industry
- COVID-19 Impact on Qatar Auto Finance Market
- Competition Framework for Qatar Auto Finance
- Future Outlook and Projections of the Qatar Auto Finance Market
- Market Opportunities and Analyst Recommendations
For more information on the research report, refer to below link: –
Qatar Auto Finance Market Outlook to 2026F: Ken Research
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