A robust increase in the registration of new private vehicles and a buoyant used vehicles segment helped Qatar's automobile sector witness more than 3% year-on-year growth in February 2020, according to the Planning and Statistics Authority (PSA).
However, auto loans from the commercial banks in the country were on a rough ride with the credit to both the nationals and the expatriates registering declines in the review period, according to Qatar Central Bank (QCB) data.
New vehicles' registration stood at 5,048 in February this year, which saw a 19% increase year-on-year, even as it fell 2% month-on-month, said the PSA's latest monthly report.
New registration of private vehicles reported a 28% jump to 3,445 units, which accounted for 68% of the new vehicles registered. On a monthly basis, it showed a 1% gain in the review period.
According to QCB data, auto loans for Qataris and expatriates fell 19% and 30% year-on-year respectively during the month in review.
New registration of private transport vehicles stood at 1,043; constituting 21% of the total in the review period. Such registrations saw a 7% growth on yearly basis, even as it fell about 2% month-on-month respectively in February 2020.
New registrations of private motorcycles were 300 or 6% of the new vehicles in February this year. The new registration grew 4% and 64% on yearly and monthly basis respectively.
The new registration of heavy equipment saw a 35% yearly fall to 170 units, constituting 3% of the total in February 2020. On a monthly basis, new registration grew 4%.
New registration of trailers stood at 36, which represented 6% and 37% decline year-on-year and month-on-month respectively this February. Trailers constituted less than 1% of the total registration of new vehicles.
The new registration of other vehicles stood at 54, which registered 41% and 65% decrease on yearly and monthly basis respectively in the review period.
The PSA data also revealed that renewal of vehicles stood at 66,151 in February this year, witnessing 2% and 12% year-on-year and month-on-month respectively.
The transfer of ownership was reported in 22,744 vehicles in the review period, which saw more than 12% jump yearly, but reported about 2% decline on a monthly basis.
Re-registration of vehicles saw 13% and 28% declines year-on-year and month-on-month respectively to 168 in February 2020.
Cancelled vehicles stood at 1,862 units, which witnessed a 7% jump on a yearly basis but shrank 10% month-on-month this February.
The modified vehicles were 3,734 in February this year, which saw 14% expansion year-on-year but fell 5% on a monthly basis.
The total number of clearing vehicles saw a 3% rise on a yearly basis to 102,134 in February 2020; where it registered 8% shrinkage month-on-month.