Gurugram, India, November 22, 2022 (GLOBE NEWSWIRE) —
- Qatar is set to host the 2022 FIFA World Cup, which is expected to increase tourist flow (more than 1 million tourists are expected to arrive in Qatar by the end of 2022), which will directly benefit the country’s local business and automotive industries.
- Electric vehicles are environmentally friendly and help Qatar in sustainable development and maintaining a green environment. In order to protect the environment, the banks are offering the Qatari population attractive offers of up to 100% loans when purchasing electric vehicles. It motivates people to choose electric vehicles.
- The Qatar Financial Center offers local and international companies the opportunity to incorporate a wide range of banking, wealth management and insurance businesses under a legal and regulatory regime based on global best practices.
Embracing digitalization: Automotive finance companies are increasingly moving towards higher technological advances to improve operating profits as well as customer experience. Car buyers are increasingly willing to buy their next car online and value “one-stop-shop” solutions that offer advice and personalization.
Change in population demographics: The Standing Population Committee (PPC) launched a population policy in 2017 to encourage the growth of Qatar’s population. This aims to reduce the recruitment of foreigners and will therefore reduce the number of expats by tightening labor regulations. Various measures are being taken to eliminate surplus labor in the country, including conducting studies on illegal and domestic workers. Since expats request the majority of auto loans, this policy is having a negative impact on the market.
Government guidelines: The Government of Qatar’s National Vision 2030 has massive plans for the economy aimed at improving employment numbers, which could be fruitful for Qataris auto finance market also. The Qatar National FinTech Taskforce was established in 2017 to create a strong and sustainable FinTech ecosystem. As part of its FinTech strategy, QCB has introduced computer security “sandbox” technology. As part of the Covid-19 response, QCB also introduced capital in MSMEs in essential sectors to neutralize the impact of Covid-19.
Analysts from Ken Research in their latest publication “Qatar Auto Finance Market Outlook to 2026F – Driven by rising vehicle prices and low interest rates in the countryVon Ken Research noted that the Qatar auto finance market has experienced a decline in growth rate over the historical period. The shortage of semiconductor chips, the decline in the foreign population and the impact of COVID 19 have led to a drop in demand for auto loans in the country. However, rising auto finance awareness among the population along with increasing credit opportunities, customer tastes and preferences, and implementation of favorable government rules and regulations are expected to contribute to the market growth over the forecast period. The Qatar Auto Financing Market is anticipated to grow at a CAGR of 2.8% during the forecast period 2021-2026F.
Key Segments Covered:-
Qatar car financing:
By type of vehicle financed
By Ownership (for new and old vehicles)
3 years and more
By type of lender
By type of lending bank
By type of commercial and passenger vehicle
By type of commercial vehicle
By type of passenger car
2W and others
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Important target group
Qatar auto industry
government agencies and regulators
Automobile dealers and users
Period covered in the report:-
Historical year: 2016-2021
base year: 2021
Forecast period: 2021-2026F
Qatar National Bank
Commercial Bank Al Khaliji
Qatar Islamic International Bank
Qatar Islamic Bank
Masraf Al Rayan
Standard chartered cheque
International Bank of Qatar
First finance company
Al Jazeera Finance
Key Topics Covered in the Report:-
Overview of the automotive market in Qatar
Qatar Auto Finance Market Ecosystem
Analysis of the value chain of car financing in Qatar
Business cycle and schedule of the main banks in the auto finance market in Qatar
Market Sizing Analysis of Auto Financing Market in Qatar, 2016-2021
Market Segmentation for Auto Finance in Qatar
SWOT Analysis of the Auto Finance Industry in Qatar
Trends and developments in the auto finance industry in Qatar
Decision parameters for the selection of the car loan provider
Problems and challenges in the auto finance industry in Qatar
Drivers of growth of the auto financing market in Qatar
Government Policies and Initiatives for the Auto Finance Industry in Qatar
Impact of COVID-19 on Qatar car finance market
Competitive Framework for Qatar Auto Finance
Future prospects and forecasts of Qatar auto finance market
Market Opportunities and Analyst Recommendations
For more insights on the market insights, please refer to the following link :-
Outlook for Qatar Auto Finance Market to 2026F
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