Gurugram, India, Nov. 22, 2022 (GLOBE NEWSWIRE) --
- Qatar will host the FIFA World Cup 2022 which is expected to increase the tourist flow (more than 1 mn tourists are expected to arrive in Qatar by the end of 2022) which will directly benefit the local business and automobile sector of the country.
- Electric vehicles are eco-friendly and help Qatar in sustainable development and maintaining green environment. To maintain the environment, the banks are proving attractive offers of up to 100% loan to Qatari population on electric vehicle purchasing. It motivates the people to opt for electric vehicle.
- The Qatar Financial Center provides an opportunity for local and international companies to establish a wide range of banking, asset management, and insurance businesses under a legal and regulatory system based on global best practices.
Embracing Digitalization: Automotive Financing Companies are increasingly moving towards higher technological advancements to improve operational profits as well as customer experience. Car buyers are becoming increasingly willing to buy their next car online and to value “one-stop-shop” solutions offering guidance and personalization.
Change in Population Demographics: Permanent Population Committee (PPC) launched population policy in 2017 in order to promote growth of Qatari population. This aims to reduce recruitment of foreign nationals and therefore will reduce expat population by increasing labor regulations. Various measures will be implemented to eliminate surplus laborers in the country, including conducting studies on illegal and domestic workers. As expats demand the majority of auto loans, these policies are affecting the market negatively.
Government Policies: National Vision 2030 by the Qatar government has massive plans for the economy targeting to improve employment figures that might be fruitful for the auto finance market as well. Qatar National FinTech Taskforce was set up in 2017 to create a strong and sustainable FinTech ecosystem. As part of the FinTech Strategy, QCB has launched “sandbox” technology for computer security. As part of Covid-19 measures, QCB also infused capital into MSMEs of systemically important sectors to neutralize impact of Covid-19.
Analysts at Ken Research in their latest publication “Qatar Auto Finance Market Outlook to 2026F- Driven by Increasing Vehicle Prices and Low-Interest Rate in The Country” By Ken Research observed that Qatar auto finance market has witnessed a decline in growth rate over the historical period. The shortage of semi-conductor chips, reduction of expatriate population and impact of COVID 19 has caused reduction in demand for auto loans in the country. However, the rising Auto Finance consciousness among the population, along with increasing loan facilities, customer taste, and preference, and implementation of favorable government rules & regulations is expected to contribute to the market growth over the forecasted period. The Qatar Auto Finance Market is expected to grow @2.8% CAGR over the forecasted period 2021-2026F.
Key Segments Covered:-
Qatar Auto Finance:
By Type of Vehicle financed
New
Used
By Tenure (for New and Old Vehicles)
1 year
2 years
3 years and more
By Type of Lender
Banks
OEMs/Captives
NBFC
By Type of Lending Bank
Government
Private
By Type of Commercial and Passenger Motor Vehicle
Commercial
Passenger
By type of commercial motor Vehicle
LMV
MCV
HCV
By Type of passenger motor vehicle
4W
2W and others
Request For Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDY2
Key Target Audience
Qatar Auto Industries
Government Bodies & Regulating Authorities
Finance Industry
Car company
Automobile dealers and users
Time Period Captured in the Report:-
Historical Year: 2016-2021
Base Year: 2021
Forecast Period: 2021– 2026F
Companies Covered:-
Qatar National Bank
Doha Bank
Commercial Bank
Al khaliji commercial bank
Ahli bank
Qatar Islamic International Bank
Qatar Islamic Bank
Dukhan bank
Masraf Al Rayan
HSBC
Standard Chartered Check
International Bank of Qatar
First Finance Company
Al Jazeera Finance
Key Topics Covered in the Report:-
Qatar Automotive Market Overview
Ecosystem of Qatar Auto Finance Market
Qatar Auto Finance Value Chain Analysis
Business Cycle and Timeline of Major Banks in Qatar Auto Finance Market
Market Sizing Analysis of Qatar Auto Finance Market, 2016-2021
Qatar Auto Finance Market Segmentation
SWOT Analysis of Qatar Auto Finance Industry
Trends and Developments in Qatar Auto Finance Industry
Decision Making Parameter for Selecting Car Loan Vendor
Issues and Challenges in Qatar Auto Finance Industry
Growth Drivers of the Qatar Auto Finance Market
Government Policies and Initiatives for Qatar Auto Finance Industry
COVID-19 Impact on Qatar Auto Finance Market
Competition Framework for Qatar Auto Finance
Future Outlook and Projections of the Qatar Auto Finance Market
Market Opportunities and Analyst Recommendations
For more insights on the market intelligence, refer to the link below:-
Qatar Auto Finance Market Outlook to 2026F
Related Reports By Ken Research:-
Philippines Auto Finance Market Outlook to 2026- Driven by change in consumer spending, ease in provision of loans, improving technology and government support
Philippines is 2nd fastest growing vehicle market in ASEAN with Commercial vehicles with higher market share and the market has observed the maximum growth in the automotive industry in ASEAN Countries, with automotive loan outstanding growth in the last five years mainly due to population increase and economic growth. The Auto Finance Market is in the Growing Phase with Banking Institutions and NBFCs leading the Market and Online Aggregators Platforms entering the Market with the Introduction of Online Personal Loan aggregator Platforms in the market to provide ease in vendor selection process like BSP pay, Pesopay are among the top aggregator, Better Technological Infrastructure in the form of growing Auto Finance platforms and rising usage of AI and ML for better Auto lending experience will lead the future growth of the industry. Innovative Business Models such as Subscription Lending & shared ownership may grow in future to increase car financing. The market is still expected to a good growth in Auto Finance Market of Philippines.
Increasing Population, growing income levels and recovery of the economy post Covid is leading to a rise in sales of vehicles which is expected to drive the rise in Auto Outstanding Loans in Indonesia. Hence, The Auto Finance Market is in the Growing Phase with Banking Institutions and NBFCs leading the Market and Online Aggregators Platforms entering the Market. And the Introduction of Online Personal Loan Aggregator Platforms in the market to provide ease in vendor selection process like BSP pay, Pesopay are among the top aggregator, Better Technological Infrastructure in the form of growing Auto Finance platforms, digital installment payment system, zero or very less face-to-face dealing, and simpler procedure, e.g. - Kredit Pintarand rising usage of AI and ML, for better Auto lending experience will lead the future growth of the industry. Innovative Business Models such as Subscription Lending & shared ownership may grow in future to increase car financing. The market is still expected to a good growth in Auto Finance Market of Indonesia.
Vietnam’s Cold Chain market was evaluated to grow at a double-digit CAGR during 2016-2021. The market is currently in the growth stage owing to lower interest rates along with increasing government initiatives and investments in the sector. The Pandemic has resulted in the slow growth of Auto Finance where Vietnamese preferred to own a private vehicle to avoid public transportation. The growing penetration of the internet and smartphones and the rising purchasing power of the middle class resulted in changing preferences of consumers which are some of the key factors fueling the Auto Finance Market in Vietnam.
Urbanization is expected to rise to more than 60% by 2030, which means increased demand for jobs, housing, infrastructure, and social services such as public transportation. Moreover, the recent increase in the cost of public transportation has led to increase in demand for personal vehicles. Egypt Auto Finance Market is currently at the growth stage and the market is currently increasing at a double digit CAGR owing because of lower interest rate, growing disposable income and easy financing options.
KSA Auto Finance Market is in growing stage, being driven by banks and NBFCs and introduction of Fin-Tech companies and online personal loan aggregator platforms. The credit disbursed market fell and experienced a downfall due to factors like Covid outbreak and semiconductor chip shortage. Automotive sales were also affected by higher shipping costs in 2021 as prices of shipping containers container freight rates have risen steeply. Higher prices were shifted to the consumers leading to increase in credit disbursed. However, the market is recovering and registering a positive growth since 2021. Entry of women drivers in the market has led to an increase in the total cars sold and hence the credit disbursed in automotive sector.
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