Qatar Auto Finance Market Outlook to 2023: Ken Research

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Auto finance is delivered by financing companies or specialist auto vehicle producers. It includes several financial products such as loans & leases, which enables the customers to obtain a car. Not only has this, auto finance products & services are primarily distributed through original equipment manufacturers (OEMs), banks, credit unions, brokers, and several other financial institutions. Furthermore, auto financing are services allows borrowers to buy the vehicles without having to make the complete payment in cash.

According to the report analysis, ‘Qatar Auto Finance Market Outlook to 2023 –By Banks, Non-Banking Financial Companies and Captives, By New and Used Vehicles Financed, By Type of Vehicle Financed (Motor Bikes, Cars and Light Commercial Vehicles) and By Loan Time Period’ states that the Vehicle Finance Market in Qatar observed a slight deduction during the period 2014-2018, due to declining new vehicle sales over the same duration. The market is in growth stage with vehicle sales beginning to follow a normal growth trend after sustained exponential growth till 2014, followed by a speedy decline after that. Trends in the market were largely enthused by decline in oil prices after 2014 and blockade led by Saudi & a few other neighbouring gulf countries against Qatar. These trends led to weakening of new vehicle sales in Qatar but spurred the growth of used vehicles, particularly in passenger cars segment in the country.

The competition in the market is concerted in nature. The foremost lending institution types in the market are Banks, Captives & Non-Banking Financial Companies. Banks control a majority share in the lending space for new vehicles whereas NBFCs & Captives are expected to obtain the used vehicle segment during the future. Foremost parameters basis which players compete are interest rate and down payment ratio, loan tenure, digitalization and comfort of transaction, customer reach or branch network, service portfolio and others.

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By time period of loan for new and used vehicles, the vehicles are financed for dissimilar tenures in the market, with the share of loans lasting for 3-4 years the highest. The complete trend in the market is the broadening of loan terms with car purchaser preferring to make payments over a longer duration of time to distribute their financial burden evenly over a longer duration. Borrowers deliver the raised interest rates for longer duration loans with lower monthly payments. The trend towards longer loan terms is evident both in New and Used Vehicle finance with borrowers choosing for longer loan terms years progressively.

Over the forecast duration, Qatar Auto Finance Market is projected to augment at a positive rate with estimated growth in sales of new and used vehicles in the country due to emergence of new businesses, growing personal disposable income and predicted increase in tourist inflow. Prevailing players are projected to move towards digitalization with aim on streamlining the financing process for both Qataris and expats. Several fin-tech start-ups are also projected to enter the landscape which could pose a threat to conventional finance companies and banks. These start-ups would commonly work towards developing products to develop the digitalization of the banking sector. This involves digital payments, online lending, online aggregation and remote banking amenities which will make customer lending procedure more simplified, further facilitating the car finance market in the country. Banks and Captives are projected to focus and develop their share in the used cars segment, also new NBFCs are anticipated to enter the competitive landscape to cater to the growing requirement of vehicle financing in the country.

Key Segments Covered

By New and Used Vehicle

New Vehicle
Used Vehicle

By Type of Vehicle

Motor Bikes
Cars
Light Commercial Vehicles

By Lender Category

Banks
Captives
Non-Banking Financial Companies

By Loan Tenure between New and Pre-Owned Motor Vehicles

One Year
Two Years
Three Years
Four Years
Five Years or More

Key Target Audience

Existing Auto Finance Companies
Banks
Non-Banking Financial Companies
New Market Entrants
Government Organizations
Investors
Automobile Associations
Automobile OEMs

Time Period Captured in the Report:

Historical Period: 2014-2018

Forecast Period: 2019F-2023F

Key Companies Covered:

Banks

Qatar National Bank
Doha Bank
Commercial Bank
International Bank of Qatar
Qatar Islamic International Bank
Qatar Islamic Bank
Masraf Al Rayan

Non-Banking Financial Companies

First Finance Company (Barwa Bank)
Al Jazeera Finance

Key Topics Covered in the Report

Executive Summary

Research Methodology

Qatar Vehicle Finance Market Overview and Genesis
Qatar Vehicle Finance Market Size, 2014-2018
Qatar Vehicle Finance Market Segmentation, 2014-2018
Major Trends and Development in Qatar Vehicle Finance Market
Regulatory Framework in the Qatar Vehicle Finance Market
A Snapshot on Digitalization of Auto Finance in Qatar
Customer Perspective in Qatar Vehicle Finance Market
Competitive Landscape containing Company Profiles in the Qatar Auto Finance Market
Qatar Vehicle Finance Market Future Outlook and Projections, 2019F-2023F
Analyst Recommendations for the Qatar Auto Finance Market