Faster sales of private vehicles, trailers rev up Qatar's automobile sector in February: PSA

Qatar's automobile sector painted a rosy picture with sales, especially of private vehicles and trailers, recording a robust double-digit growth in February 2024 on an annualised basis, according to the Planning and Statistics Authority (PSA).The country saw 7,231 new vehicles registered in the month, jumping 23.4% year-on-year but fell 15% month-on-month in the review period.Registration of new private vehicles stood at 5,538; which surged 29.2% on a monthly basis; whereas it fell 8.8% on a monthly basis in February. Such vehicles constituted 76.59% of the total new vehicles registered in the country in the review period.As many as 34 trailers were registered in February, which jumped 10% year-on-year but declined 33.3% month-on-month. These constituted 0.47% of the total new vehicles in the review period.New registration of other non-specified vehicles stood at 422 units, which soared 175.8% on an annualised basis but tanked 45.8% on a monthly basis in February 2024. These constituted 5.84% of the total new vehicles registered in the country in the review period.Registration of new private transport vehicles stood at 971; which shrank 1.2% and 13.6% year-on-year and month-on-month respectively in February 2024. Such vehicles constituted 13.43% of the total new vehicles in the review period.Registration of new private motorcycles stood at 142 units, which plummeted 48.7% and 60.6% on yearly and monthly basis respectively. These constituted 1.96% of the total new vehicles in the review period.Registration of new heavy equipment stood at 124, which constituted 1.74% of the total registrations this February. Their registrations had seen a 6.1% shrinkage on an annualised basis, while it was unchanged from the previous month's level in the review period.Registration was renewed for 72,758 vehicles, which saw a 2.7% growth on a yearly basis but dipped 11% month-on-month. It constituted 56.84% of the clearing of vehicle-related processes in the review period.The transfer of ownership was reported in 30,831 vehicles in February 2024, which shrank 5.3% and 7.8% on a yearly and monthly basis respectively. It constituted 24.09% of the clearing of vehicle-related processes in the review period.The lost/damaged vehicles stood at 8,262 units, which shot up 36.3% and 65.7% respectively. They constituted 6.45% of the clearing of vehicle-related processes in the review period.The modified vehicles’ registration stood at 3,913; which fell 28.6% and 19.8% respectively. They constituted 3.06% of the clearing of vehicle-related processes in the review period.The number of vehicles meant for exports stood at 2,754 units, which zoomed 78.3% and 16% respectively. It constituted 2.15% of the clearing of vehicle-related processes in the review period.The number of cancelled vehicles was 2,142; surging 2.9% and 10.3% year-on-year and month-on-month this February. They constituted 1.67% of the clearing of vehicle-related processes in the review period.The re-registration was done in 128 vehicles, which soared 75.3% on an annualised basis but declined 28.5% month-on-month in February 2024.The clearing of vehicle-related processes stood at 128,002 units, which was up 2.7% year-on-year but shrank 7.3% on a monthly basis in the review period.