Qatar's automobile sector sped past in top gear with new registrations clocking a strong double-digit growth in August this year, mainly on account of brisk sales of private vehicles and motorcycles, according to the Planning and Statistics Authority (PSA).
The new vehicle registrations stood at 8,830; which represented 26.4% and 50.3% increases year-on-year and month-on-month respectively this August, according to figures released by the PSA.
The registration of new private vehicles stood at 6,078, which posted a 30.5% growth on an annualised basis and 63.3% on monthly basis in August. Such vehicles constituted about 69% of the total new vehicles registered in the country in the review period.
The registration of new private transport vehicles stood at 1,498; which nevertheless shrank 7.8% year-on-year even as it grew 12% month-on-month in August. Such vehicles constituted about 17% of the total new vehicles in the review period.
According to the Qatar Central Bank data, auto loans to Qataris and non-Qatari were seen declining 23.42% and 4.76% year-on-year respectively to QR0.85bn and QR0.2bn in August 2022.
Personal loans to Qataris reported a 12.31% surge year-on-year to QR91.33bn and those for non-Qataris by 15.34% to QR9.85bn in the review period.
The overall consumption credit to nationals grew 6.66% on an annualised basis to QR154.14bn and that to non-Qataris by 14.31% to QR13.26bn in August 2022.
The registration of new private motorcycles more than doubled on a yearly basis to 885 units and it was seen expanding 52.6% month-on-month in August 2022. These constituted more than 10% of the total new vehicles in the review period.
The registration of new heavy equipment stood at 218, which constituted more than 2% of the total registration this August. Their registrations had seen 5.3% and 46.3% expansion on an annualised and monthly basis respectively.
The new registration of other non-specified vehicles stood at 112 units, which grew 115.4% and 211.1% year-on-year and month-on-month respectively in the review period.
The registration of trailers stood at 39 units, which saw a 25.8% and 69.6% growth year-on-year and month-on-month in the review period.
The renewal of registration was reported in 68,609 units, which saw 8.4% and 23.2% growth year-on-year and month-on-month respectively this August.
The transfer of ownership was reported in 32,544 vehicles in August 2022, which zoomed 17.9% and 25% on yearly and monthly basis respectively.
The re-registration of vehicles stood at 97, which reported 14.1% and 59% surge on yearly and monthly basis respectively this August.
The modified vehicles’ registration stood at 7,108, which saw a 59.4% and 18.1% growth year-on-year and month-on-month respectively in August 2022.
The cancelled vehicles stood at 2,846 units, which shot up 25% and 94.8% year-on-year and month-on-month respectively in the review period.
The number of lost/damaged vehicles stood at 9,168 units, which declined 20.5% on an annualised basis, but expanded 24.7% month-on-month in August 2022.
The number of vehicles meant for exports stood at 1,699 units, which reported 19.3% decline year-on-year but rose 28.2% on monthly basis this August.
The clearing of vehicle-related processes stood at 130,918 units, which expanded 10.5% and 26% year-on-year and month-on-month respectively in the review period.