Demand vrooms for automobiles in Qatar in March 2022

Qatar's automobile sector witnessed demand generation, especially for motorcycles and private vehicles this March, leading to a robust double-digit expansion in new registrations, according to the official data.The new registrations stood at 8,734; with motorcycles and private vehicles constituting 72% of the total in March 2022, said the figures released by the Planning and Statistics Authority.The increased demand led Doha register 63.5% and 26.6% growth in new registration in the review period, even as auto loans were on the decline.The registration of new motorcycles more than tripled on a yearly basis to 1,602 units and it was up 5.1% month-on-month. These constituted 12% of the total new vehicles in 2022.The registration of new private vehicles stood at 5,244; which posted 43% and 20.5% growth year-on-year and month-on-month respectively in March 2022. Such vehicles constituted 60% of the total new vehicles registered in the country in the review period.The registration of new private transport vehicles stood at 1,928; which showed an 83.3% and 51.9% expansion on yearly and monthly basis respectively. Such vehicles constituted 22% of the total new vehicles in March 2022.According to the Qatar Central Bank data, auto loans to Qataris and non-Qatari were seen declining 26.77% and 9.09% year-on-year respectively to QR0.93bn and QR0.2bn in March 2022.Personal loans to Qataris reported a 79.62% surge year-on-year to QR87.6bn and those for non-Qataris by 12.14% to QR9.05bn in the review period.The overall consumption credit to nationals grew 3.86% year-on-year to QR150.27bn and that to non-Qataris by 13.77% to QR12.23bn in March 2022.The registration of new heavy equipment stood at 161, which constituted 2% of the total registration in the review period. Their registrations nevertheless saw 30.6% and 16.6% contraction on yearly and monthly basis respectively.The new registration of other non-specified vehicles stood at 290 units, which shot up more than 24-fold year-on-year and month-on-month in the review period.The registration of trailers stood at 49 units, which saw a 19.5% growth on a yearly basis but declined 23.5% month-on-month respectively in the review period.The renewal of registration was reported in 82,279 units, which saw an 11% and 21.6% jump on a yearly and monthly basis respectively this March.The transfer of ownership was reported in 35,736 vehicles in March 2022, which saw a 20.7% and 17.6% increase year-on-year and month-on-month respectively.The modified vehicles’ registration stood at 4,813, which saw a 49.6% and 17.4% jump on yearly and monthly basis respectively in March 2022.The cancelled vehicles stood at 3,380 units, which shot up 64.6% and 33.9% year-on-year and month-on-month respectively in the review period.The number of lost/damaged vehicles stood at 10,536 units, which dipped 15.7% on a yearly basis but gained 24.5% on a monthly basis in March 2022.The number of vehicles meant for exports stood at 2,065 units, which zoomed 17.1% and 18.6% year-on-year and month-on-month this March.The re-registration of vehicles stood at 117 units, which shrank 11.4% and 7.9% respectively in the review period.The clearing of vehicle-related processes stood at 147,649 units, which expanded 14.8% and 21.1% on a yearly and monthly basis respectively in the review period.(Ends)