Qatar's auto sector registers 46% y-o-y growth in new registrations in January: PSA

Qatar's automobile sector registered a robust 46% year-on-year growth in new registrations this January, mainly on the back of strong demand, especially for the private vehicles, motorcycles and private transport, according to the latest official statistics.The new vehicle registration stood at 7,983; representing a 10.7% increase on a monthly basis, according to figures released by the Planning and Statistics Authority (PSA).The registration of new private vehicles stood at 4,270, which posted a 14.4% growth year-on-year but fell 5.6% month-on-month in January 2022. Such vehicles constituted more than 53% of the total new vehicles registered in the country in the review period.The registration of new private transport vehicles stood at 1,714; which showed a 45.5% and 2.2% expansion on yearly and monthly basis respectively. Such vehicles constituted more than 21% of the total new vehicles in January 2022.According to the Qatar Central Bank data, auto loans to Qataris and non-Qatari were seen declining 26.87% and 16.67% year-on-year respectively to QR0.98bn and QR0.2bn in January 2022.Personal loans to Qataris reported a 44.77% surge year-on-year to QR87.25bn and those for non-Qataris by 7.13% to QR9.02bn in the review period.The overall consumption credit to nationals grew 10.26% year-on-year to QR149.1bn and that to non-Qataris by 6.29% to QR12.17bn in January 2022.The registration of new private motorcycles grew more than five-fold on a yearly basis to 1,467 units and it almost doubled month-on-month. These constituted more than 18% of the total new vehicles in January 2022.The registration of new heavy equipment stood at 224, which constituted about 3% of the total registration in the review period. Their registrations had seen 37.4% and 25.1% expansion on yearly and monthly basis respectively.The new registration of other non-specified vehicles stood at 266 units, which shot up more than three-fold year-on-year and grew almost five-fold on a monthly basis.The registration of trailers stood at 42 units, which nevertheless saw a 10.6% and 6.7% contraction year-on-year and month-on-month respectively in the review period.The renewal of registration was reported in 74,780 units, which saw a 6.7% and 11.4% jump on a yearly and monthly basis respectively this January.The transfer of ownership was reported in 30,668 vehicles in January 2022, which saw a 1.8% and 3.2% increase year-on-year and month-on-month respectively.The re-registration of vehicles saw more than doubling year-on-year to 163 units. On a monthly basis, it saw a 40.5% surge in the review period.The modified vehicles’ registration stood at 4,493, which saw a 17.3% decline on a yearly basis but was up 8.4% month-on-month in January 2022.The cancelled vehicles stood at 2,630 units, which shot up 46.8% and 4.3% year-on-year and month-on-month respectively in the review period.The number of lost/damaged vehicles stood at 9,655 units, which dipped 6.1% on a yearly basis but gained 3% on a monthly basis in January 2022.The number of vehicles meant for exports stood at 1,735 units, which zoomed 45.7% year-on-year but shrank 6.4% month-on-month this January.The clearing of vehicle-related processes stood at 131,944 units, which expanded 6.1% and 8.1% on a yearly and monthly basis respectively in the review period.