Passenger Cars - Qatar

Qatar

Revenue in the Passenger Cars market is projected to reach US$866.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.59%, resulting in a projected market volume of US$1,344.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$436.0m in 2024.
Passenger Cars market unit sales are expected to reach 55.05k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$24.19k in 2024.
With a vehicle unit sales share of 41.3% in 2024, Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make Suzuki in the selected region is expected to stand at 30.6% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Qatar has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Qatar have been shifting towards more luxurious and technologically advanced vehicles.

Qatar is known for its high-income population and a strong affinity for luxury goods, including cars. As a result, there is a growing demand for premium and high-end passenger cars in the market. Customers are looking for vehicles that offer comfort, safety features, and the latest technology advancements.

This trend has led to an increase in the sales of luxury brands and high-end models in Qatar. Trends in the market also play a significant role in the development of the Passenger Cars market in Qatar. One of the key trends is the growing popularity of electric and hybrid vehicles.

Qatar has been actively promoting sustainable transportation and investing in infrastructure to support electric vehicles. This has led to an increased adoption of electric and hybrid cars in the country. Additionally, there is a growing interest in SUVs and crossover vehicles, as they offer a combination of luxury, comfort, and practicality that appeals to the local market.

Local special circumstances in Qatar further contribute to the development of the Passenger Cars market. Qatar is a small country with a well-developed road infrastructure and high car ownership rates. The government has implemented policies to facilitate car ownership, such as providing affordable financing options and reducing import tariffs.

These factors have made it easier for individuals to purchase cars, leading to a higher demand in the market. Underlying macroeconomic factors also play a crucial role in the growth of the Passenger Cars market in Qatar. The country has a strong economy, driven by its vast oil and gas reserves.

This has resulted in a high disposable income among the population, enabling them to afford luxury vehicles. Additionally, favorable government policies and low fuel prices have also contributed to the growth of the market. In conclusion, the Passenger Cars market in Qatar is developing due to customer preferences for luxury and technologically advanced vehicles, the growing popularity of electric and hybrid cars, local special circumstances such as a well-developed road infrastructure and high car ownership rates, and underlying macroeconomic factors such as a strong economy and favorable government policies.

These factors are expected to continue driving the growth of the market in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).