A solid double-digit increase in the registration of new vehicles, notably for private use and heavy equipment was the main reason for Qatar’s automobile sector’s bullish month-over-month performance in July, according to official statistics.
In July 2021, there were 3,337 private automobiles registered, an increase of 10.6 per cent month-over-month and 2.2 per cent year-over-year. It is estimated that these vehicles accounted for more than 61 per cent of all new cars registered in the country during the review period. The total number of new car registrations was 5,440, reflecting a 4 per cent month-over-month increase, but a 2.5 per cent year-over-year decline during the review period.
One-fourth of the 5,440 new vehicles registered in July were private automobiles, accounting for 1,456 of the total. In July 2021, such registrations increased by 0.8 per cent on a monthly basis and by 9.3 per cent on an annual basis. For the month of July, auto loans to Qataris and foreigners fell by 29.88 per cent and 19.23% year-over-year to QR1.15bn and QR0.21bn respectively, according to Qatar Central Bank data.
Only 28 other non-specified vehicles were registered in July 2021, a monthly and annual decline of 80.4 per cent and 89.5 per cent, respectively. In July, the number of trailers registered fell by 18.5% and 43.6% month-over-month and year-over-year to 22 units. It was reported that 23,222 vehicles changed ownership in July, a decline of 15.1% and 27.3% month-over-month and year over year respectively.
During the review period, personal loans to Qataris fell by 18.71 per cent to QR48.54bn, while loans to non-Qataris fell by 16.32 per cent to QR8.1bn. Consumer credit to Qataris climbed 10.9 per cent year-over-year to QR141.23bn in July of this year, while credit to non-Qataris fell 12.83 per cent to QR11.48bn.
1 576 cars were exported in July 2021, a decrease of 27.5 per cent month-over-month. It did, however, increase by 43.7 per cent over the past year. As of the end of the review period, 102,773 vehicles were cleared of vehicle-related processes, a decrease of 22.9 per cent and 18.9 per cent month over month and year over year.
It was stated that in July, the number of new heavy equipment registrations increased by 25,5% and 32,7%, respectively, compared to the previous month. During the review period, it accounted for 5.51 per cent of all new vehicles registered. It is estimated that in July 2021, these registrations made for 5.46 per cent of all newly registered vehicles.
During the review period, 56,030 units were re-registered, with monthly and annual shrinkage of 24.4 and 31.2 per cent, respectively. To reach 72 units in July 2021, the re-registration of cars fell by 25.8% and 43.3%, respectively, from the previous month and the previous year. The number of cancelled vehicles was 1,805 units, a decrease of 27.2% month-on-month but an increase of 21.7% year-on-year.
There were 3,583 modified vehicles in July 2021, a decrease of 44.8% from the previous month. However, it grew by 17.5% year-over-year. Loss/damage vehicles decreased by 28.4 per cent to 10,562 units, a decrease of 28.4 per cent on a monthly basis. In July 2021, it grew by approximately seven times compared to the previous year.