For Free Headlines Submit Your Email
Friday, April 26, 2024 3:43 GMT
Qatar’s automobile sector overall witnessed a double-digit expansion both year-on-year and month-on-month in March despite a substantial fall in new registrations, according to the Planning and Statistics Authority (PSA). The total clearing vehicles were 128,748 units, which represented 14.1% and 22.1% rise both year-on-year and month-on-month respectively in the review period.The PSA data revealed that the vehicles renewal stood at 94,193 in March this year, thus recording 31.8% and 45.5% increase on yearly and monthly basis respectively. “Uncertainty in the wake of unfolding Covid-19 has rather prompted people to either defer or cancel plans to purchase new vehicles and also for the used ones,” an official of a vehicle dealer said, adding lower bank financing also had its role in dampening the sentiments.The new vehicles’ registration stood at 4,294 in March this year, which saw a 31.2% and 28.6% decrease year-on-year and month-on-month respectively. The new registration of private vehicles stood at 2,999, thus registering 31.7% and 32.1% decline on yearly and monthly basis respectively in March 2020. Private vehicles accounted for 70% of the new vehicles registered.The new registration of private transport vehicles was 869; constituting 20% of the total in the review period. Such registrations saw 34.2% and 21.9% shrinkage on yearly and monthly basis respectively in March 2020.However, the new registrations of motorcycles grew 11% year-on-year and month-on-month to 273 units or 6% of the new vehicles in March this year. The new registration of heavy equipment saw a 39.6% and 16.2% yearly and monthly plunge respectively to 93 units, which constituted 2% of the total in March 2020.The new registration of trailers stood at 14, which represented 77.4% and 58.8% falls year-on-year and month-on-month respectively this March. Trailers constituted less than 1% of the total registration of new vehicles.The new registration of other vehicles stood at 46, which registered 34.3% decline on yearly basis but soared 43.8% on monthly basis in the review period. The transfer of ownership was reported in 22,434 vehicles in the review period, which saw 13.1% and 12% contraction year-on-year and month-on-month in March 2020. 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.According to QCB data, auto loans for Qataris and expatriates had fallen 20.96% and 26.83% year-on-year respectively during the month in review. The re-registration of vehicles saw 57.8% and 36.3% decline year-on-year and month-on-month respectively to 93 in March 2020. The cancelled vehicles stood at 2,666 units, which witnessed 47% and 34% jump on a yearly and monthly basis respectively this March. The modified vehicles were 2,955 in March this year, which saw 34.3% and 30.3% contraction year-on-year and on a monthly basis respectively.