Boston, MA -- (ReleaseWire) -- 06/03/2014 -- BMI View: BMI 's forecasts call for nearly 100% growth in new vehicle sales over the 2015-2018 period, to reach over 200,000 units sold. Our positive outlook on the market continues to be based on rising government expenditure, a growing population and increased spending on construction ahead of Qatar's hosting of the 2022 FIFA Football World Cup.
Qatari new car sales fell just short of the 100,000 mark in 2013. BMI retains its long-held positive view on the Qatari new car sales market, forecasting 14.8% growth in 2014, which will take total sales over the 100,000 unit mark.
There remain several reasons behind our continued optimism towards the Qatari new vehicle sales market. For one, the domestic economy remains buoyant. Preliminary data released by the Qatar Statistics Authority (QSA) on April 2 showed that the Qatari economy grew by 6.5% in real terms in 2013, up from 6.1% in 2012. This came above our forecast of 5.7%, owing to significant upward data revisions for the first three quarters of the year.
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Adding further support to our bullish stance towards Qatari new vehicle sales is the fact that we expect private consumption - a key indicator of likely consumer demand for new vehicles - to continue to grow at a rapid pace throughout 2014, supported by the government's expansionary fiscal stance and a fast-rising resident population. BMI forecasts real private consumption growth of 11.0% in 2014 and 8.0% in 2015, up from an average of 6.2% over 2009-12. The country's fast-rising resident population, on the back of high demand for foreign workers in preparation for the 2022 FIFA World Cup, will help to fuel growth in the retail, business services, real estate, and trade and hospitality sectors.
The only slight concern is rising inflation, which BMI predicts will average 4% in 2014, and 4.5% in 2015, up from 3.5% in 2013. One potential further downside risk to our upbeat forecasts comes from the recent suggestion by Qatar's Advisory Council that there...
The Qatar Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Qatar Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Qatar.
- Benchmark BMI's independent automotives industry forecasts on Qatar to test other views - a key input for successful budgetary and planning in the Qatari automotives market.
- Target business opportunities and risks in the Qatari automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Qatar.
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