Gurugram, India, Nov. 22, 2022 (GLOBE NEWSWIRE) —
- Qatar will host the FIFA World Cup 2022 which is expected to increase the tourist flow (more than 1 mn tourists are expected to arrive in Qatar by the end of 2022) which will directly benefit the local business and automobile sector of the country.
- Electric vehicles are eco-friendly and help Qatar in sustainable development and maintaining green environment. To maintain the environment, the banks are proving attractive offers of up to 100% loan to Qatari population on electric vehicle purchasing. It motivates the people to opt for electric vehicle.
- The Qatar Financial Center provides an opportunity for local and international companies to establish a wide range of banking, asset management, and insurance businesses under a legal and regulatory system based on global best practices.
Embracing Digitalization: Automotive Financing Companies are increasingly moving towards higher technological advancements to improve operational profits as well as customer experience. Car buyers are becoming increasingly willing to buy their next car online and to value “one-stop-shop” solutions offering guidance and personalization.
Change in Population Demographics: Permanent Population Committee (PPC) launched population policy in 2017 in order to promote growth of Qatari population. This aims to reduce recruitment of foreign nationals and therefore will reduce expat population by increasing labor regulations. Various measures will be implemented to eliminate surplus laborers in the country, including conducting studies on illegal and domestic workers. As expats demand the majority of auto loans, these policies are affecting the market negatively.
Government Policies: National Vision 2030 by the Qatar government has massive plans for the economy targeting to improve employment figures that might be fruitful for the auto finance market as well. Qatar National FinTech Taskforce was set up in 2017 to create a strong and sustainable FinTech ecosystem. As part of the FinTech Strategy, QCB has launched “sandbox” technology for computer security. As part of Covid-19 measures, QCB also infused capital into MSMEs of systemically important sectors to neutralize impact of Covid-19.
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
By Tenure (for New and Old Vehicles)
3 years and more
By Type of Lender
By Type of Lending Bank
By Type of Commercial and Passenger Motor Vehicle
By type of commercial motor Vehicle
By Type of passenger motor vehicle
2W and others
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Key Target Audience
Qatar Auto Industries
Government Bodies & Regulating Authorities
Automobile dealers and users
Time Period Captured in the Report:-
Historical Year: 2016-2021
Base Year: 2021
Forecast Period: 2021– 2026F
Qatar National Bank
Al khaliji commercial bank
Qatar Islamic International Bank
Qatar Islamic Bank
Masraf Al Rayan
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 insights on the market intelligence, refer to the link below:-
Qatar Auto Finance Market Outlook to 2026F
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