1. Banks dominate the Qatar Auto Finance market owing to lower interest rate and flexible repayment tenors
The Qatar Auto Finance Market is consolidated with Banks having major share in the market. Banks are providing 100% and 80% finance for electric and hybrid car/vehicles to Qatari customers and expats to reward them for making an environmentally-friendly choice. This is expected to attract the consumers to opt for auto financing in the country.
2. Qatar Central Bank infused capital as part of Covid-19 Recovery Measures
Under the Vision 2030, the Qatar Government plans on reducing the oil dependency and looking forward towards the adoption as well as manufacturing of Electric Vehicles. Qatar National FinTech Taskforce was set up in 2017 to create a strong and sustainable FinTech ecosystem. As part of the FinTech Strategy, QCB has launched “sandbox” technology for computer security. As part of Covid-19 measures, QCB also infused capital into MSMEs of systemically important sectors to neutralize impact of Covid-19. Some other government policies include annual inspection of every car in Qatar and Expats importing a car must have Residence Permit.
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3. Digital Currency and Neo-Banking Qatar Auto Finance Market is expected to Generate Revenue of more than QR 18,000 Mn in 2026F
Qatar has been improving its financial and banking system due to revenues generated from natural gas and oil reserves. Compressed natural gas (CNG) vehicles, electric vehicles (EVs), and liquefied petroleum gas (LPG) vehicles are expected to show substantial market penetration in the near future, which boost the demand for natural gas in the long-term.
4. Use of advanced technology is the next evolution for Qatar Auto Finance Market
When customers shop for a car, they need information about two things: the car itself and how to finance it. A tighter online integration of information gathering for car buying and car financing can help move a consumer to the next stage of the purchasing process. The solution is an interactive online interface embedded with AI. The online experience must extend seamlessly into the dealership.
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