Qatari new vehicles kept falling in the 2018 despite the government decision to postpone the VAT introduction by one year. Year to date September light vehicles sales were 38.317 (-7.9%) and the outlook remains negative. Toyota is at 29% of market share.
Qatari economy performed well in recent months, after growth decelerated in Q1, the last quarter for which GDP data is available. In August, business conditions in the non-oil economy improved for the 13th straight month, although to a weaker degree than in July. Moreover, in July, industrial activity grew from the previous month last year on the back of a strong expansion in crude oil and natural gas production.
Meanwhile, on 10 September, Qatargas signed a deal with PetroChina to supply China with approximately 3.4 million tons of LNG annually, representing a boost to the long-term prospects of the all-important natural gas sector.
Qatar Vehicles Market in recent year is declining. Following the all time record established in the 2014, when sales hit the 100.000 units, the fall of oil price in the international market and the consequent restrictive economic policy, hit the consumer demand starting a negative period not yet ended. Sales fell down for three consecutive years losing the half of 2014 volume and landing at 54.280 units in the 2017, losing a huge 25.6%.
The Government decision to postpone the already approved VAT introduction by one year did not sorted great effects not solving the main economic issue represented by the too high level of national deficit. The vehicles market, which accelerated in Q4 2017 anticipating the price increase, was not able to generate new strong demand and the negative trend is still in place.
Indeed in the 2018 light vehicles sales have been reported in the Q1 at 14.227 (-11.6%), in the Q2 at 12.333 (-4.6%) and in the Q3 at 11.672 (-7.4%) with Year to Date figures at 38.317 (-7.9%) and the outlook negative, considering the VAT introduction in January 2019 will result in a price increase of 5%.
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The competitive landscape is dominated by Toyota, which year to date sold 11.255 vehicles (-8.5%) with 29.4% of market share.
In second place Nissan with 5.459 units (-16.7%) and in third Mitsubishi with 2.882 (-9.7%).
Research, Consulting, Data & Forecast
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