Qatari New Vehicles mantains strong growth in 2024. Monthly sales in September amounted to 7,199 units (+22.7%). YTD figures amounted to 50,490 sales (+9.3%).
Market Trend and Outlook
The Qatari economy is projected to grow by 2.1% during 2024, driven by the long-term diversification strategy that the country is pursuing. Growth in tourism, new infrastructure projects, and the launch of the Third National Development Strategy (NDS3) are expected to support the economy. Nevertheless, the hydrocarbon sector mantains a major role, as it is anticipated to grow by 1.6% during 2024.
For what concerns the Qatari vehicle market, it reached 7,199 units registered in September 2024 (+22.7%). YTD sales at 50,490 grew 9.3%.
Looking at cumulative data up to September brand-wise, the leader Toyota reported 16,122 sales (+15.8%) and 31.9% market share, far in front of Nissan with 4,271 units sold (+29.8%).
Kia -up 1 spot- ranked in third place, with 2,954 sales (+3.4%); ahead of Lexus -down 1 spot- in 4th with 2,635 registrations (-15.4%). Closing the top 5 we have Mitsubishi -up 3 spots- with 2,454 sales (+39.5%).
Looking at specific models the Toyota Land Cruiser was still best seller, gaining 20.7% from the previous year. The Lexus LX came in second while dropping 20.2% in year-on-year sales.
Medium-Term Market Trend
Following a rapid development in the first years of this century, Qatari light vehicles market reached the all time record in the 2014, hitting the 100,000 milestone.
However, the fall of oil price in the international market and the consequent restrictive economic policy and new taxes (including VAT) introduction, hit the consumer demand and the market declined by the half in 2015-2019 period.
When Covid 19 restrictions limited the activities in 2020, the market fell down at the lowest in last 15 years at only 40.000 sales. However, the recovery was immediate in 2021, pushed by demand generated by the organization of FIFA World Championship.
Tables with sales figures
In the tables below we report sales for Top 10 Brands and Top 10 Models.
