Qatar cars market trends
August 25, 2016
The GCC (Gulf Cooperation Council) is witnessing strong economic growth at high pace which is stirring up sales activity in many sectors like properties and cars.
Vehicles sales in GCC leapt by 20% in 2012 recording around 1.5 million cars and experts are predicting even more growth in the coming years.
Qatar, as a part of the GCC area, had its share of car sales flourish as products of different categories are witnessing high snatch from customers.
Qatar cars market is defined by several trends that control by far the current market dimensions, prices, in addition to the demand and supply rates.
Qatar government is focusing on developing the state’s infrastructure in co-operation with the private sector. Many new projects were launched to enhance the quality of life offered in Qatar for residents and visitors.
Also, in preparation of organizing the World Cup tournament in 2022, many new hotels, residential compounds, road networks, and football stadiums are under construction.
This huge wave of development needs attracting additional provisions of workforce which will have to look for buy new cars.
The divergence of demographics in Qatar and the diversity in social and economic status between residents and citizens stands in favour of the cars market as it makes it richer and stronger.
Earners of high income rates either from Qatar citizens or expat employees look for buying affluent top-end vehicles while the middle-income citizens and residents look for entry-level automobiles.
Competition is getting fiercer day after another in Qatar between car dealers and agencies. Many dealers nowadays tend to offer additional services and sales offers to grab bigger portion of the market.
The availability of liquidity and the low interest rates encourage more citizens and expats to purchase cars.
Qatar-based banks and finance companies feature affordable auto loans of convenient terms including low underpayment, short repayment schedule, and low interest rates. This offers many customers of different market tiers the chance to own their own vehicle.
- Availability of government support
Governmental support represented in flexible legal framework, efficient entities, pro-market and positive decisions and strategic planning bolster the current activity in Qatar vehicles market.
Government’s vitality is evident in indirect ways such as establishing new world-class network of roads, empowering investors to establish car parts factories, lifting customs on raw materials and spare parts, and many others.
The divergence in customers’ spectrum in Qatar urged car dealers to flood the market with different kinds of vehicles to meet customers’ needs.
The flourishing activity of purchase bolstered also the after-sale market. Car garages and spare-parts importers are gearing up to meet the market’s new dimensions.
Used car market is also seeing a unique activity. With economic condition getting better, more foreign workers are flocking to the country boosting the population up to new limits. Expats represent potential customers for many products starting from food and dairy, residential units, clothes, and cars also of all its levels.