The number of passenger cars are likely to touch 912,000 by 2020 in Qatar, which registers the highest annualized growth of 5.4% in the GCC. The annual growth rate of other countries are as follows.
The UAE is expected to see a compound annual growth rate (CAGR) of 5.3%, Saudi Arabia (5.2%), Bahrain (4.6%), Kuwait (4.5%) and Oman (3.6%) during 2015-20, it said in a report.
Qatar’s population is expected to grow at a CAGR of 3.1% between by 2020 and this increase in population will ultimately support the demand for automobiles in the country. The sales of new cars are projected at nearly 76,000 units in 2020.
However, it is the UAE which will be recording the highest new car sales growth of 4.5% in the GCC during 2015-2020, followed by Bahrain and Oman (2.1% each), Saudi Arabia (2%) and Kuwait (1.8%).
Toyota dominated the first four months of 2016 in Qatar with the market share of 36.5%. There will be increase in demand as the country is investing $200bn on infrastructure projects to host the football world cup in 2022, and also the government is developing National Museum of Qatar, beaches, shopping malls and entertainment facilities to attract 7mn tourists by 20030.
The number of passenger cars in use in the GCC is expected to grow at a 5% (CAGR) from an estimated 10.3mn in 2015 to 13.2mn in 2020.