Qatar auto sector optimistic in May: PSA
The Qatar auto sector showed optimistic outlook this May, largely due to nearly tripled sales of new private vehicles and robust double-digit growth in private vehicle registrations, according to official statistics.
Car registration rose in May compared to the previous year by 196.6% to 3,153 units. It recorded a monthly growth of 2.4%. These vehicles made up more than 67% of all new vehicles registered in the country in the reporting period.
Otherwise the new registration was 4,695; In the reporting period, this corresponds to a robust increase of 150% compared to the previous year. In the reporting period, however, it fell slightly by 0.8% compared to the previous month.
Of the 4,695 new registrations in May of this year, 1,078 were new registrations for private transport; that was 22.9% of all new cars. These registrations were up 89.1% year-over-year but declined 4.2% in May 2021 compared to the previous month.
According to data from Qatar Central Bank, auto loans to Qatar and non-Qataris declined 32.18% and 25%, respectively, to QR 1.18 billion and QR 0.21 billion in May.
Personal loans to Qatar fell by 18.78% to QR 48.21 billion and those to non-Qatarians by 22.76% to QR 7.94 billion during the reporting period.
Consumer loans to residents rose year-on-year by 10.94% to QR 154.69 billion; while the value for non-Qataris shrank by 24.77% to QR 10.51 billion in May of this year.
The registration of trailers rose tenfold to 20 units in April compared to the previous year; This suggests the positive outlook for the country’s vital infrastructure, confirmed by the Qatar Financial Center’s purchasing managers’ index, which noted a recovery in the private sector without hydrocarbons.
The number of new registrations for heavy equipment was 198, up 150.6% on an annualized basis in May and 6.5% from the previous month. That was 4.22% of the newly registered vehicles.
New registrations of motorcycles have more than doubled compared to the previous year to 234 units, although they have shrunk by 13.3% compared to the previous month. These registrations accounted for 4.98% of the newly registered vehicles.
The new registrations of other unspecified vehicles amounted to 12 units and recorded a decrease of 78.9% and 73.3% compared to the previous year and the previous month in the reporting period.
The transfer of ownership was reported on 22,740 vehicles in May this year, up 44.6% from last year but down 5.4% from the previous month.
The renewal of the approval was reported in 55,064 units, which recorded 12.3% and 3.2% in the reporting period compared to the previous year and the previous month.
New vehicle registrations have more than doubled compared to the previous year to 61 units; while in May 2021 it declined 45% on a monthly basis.
The number of canceled vehicles was 1,315 units, an almost eightfold increase on an annual basis, but declined by 15.3% in the reporting period compared to the previous month.
The modified vehicles grew almost nine times to 4,744 in May 2021 compared to the previous year. On a monthly basis they increased by 2.2%.
The number of lost / damaged vehicles increased more than 24-fold annually to 9,940 units. In May 021 it rose by 0.66% compared to the previous month.
The number of vehicles destined for export has almost quadrupled compared to the previous year to 1,820. In May of this year it rose by 1.3% on a monthly basis.
The clearing of vehicle-related processes was 100,392 units, 22.5% above the previous year’s figure, but 3.1% below the previous month in the reporting period.