Large Cars - Qatar

Qatar

Highlights

Revenue in the Large Cars market is projected to reach US$47m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.61%, resulting in a projected market volume of US$51m by 2029.
Large Cars market unit sales are expected to reach 1.9k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$28k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Qatar has been experiencing steady growth in recent years.

Customer preferences: In Qatar, customers have shown a strong preference for large cars due to their spaciousness and luxurious features. Large cars are seen as a symbol of status and prestige, and many customers are willing to pay a premium for these vehicles. Additionally, large cars are popular among families and individuals who value comfort and safety.

Trends in the market: One of the key trends in the Large Cars market in Qatar is the increasing demand for SUVs. SUVs offer a combination of comfort, space, and off-road capabilities, which makes them highly desirable in the Qatari market. The popularity of SUVs can be attributed to the country's unique geography, which includes vast deserts and rugged terrains. SUVs provide the necessary performance and versatility to navigate these challenging environments. Another trend in the market is the growing interest in electric and hybrid large cars. Qatar has been making efforts to promote sustainable transportation, and the government has implemented various incentives to encourage the adoption of electric and hybrid vehicles. As a result, more customers are considering electric and hybrid large cars as a greener alternative to traditional gasoline-powered vehicles.

Local special circumstances: Qatar's high per capita income and low fuel prices contribute to the demand for large cars. The country has one of the highest GDP per capita in the world, which means that many Qatari consumers have the financial means to purchase luxury vehicles. Additionally, fuel prices in Qatar are heavily subsidized by the government, making it more affordable for customers to drive large cars that consume more fuel.

Underlying macroeconomic factors: The growth of the Large Cars market in Qatar can be attributed to several macroeconomic factors. Firstly, Qatar has a stable and prosperous economy, which has resulted in a growing middle class with increased purchasing power. This has led to a higher demand for luxury goods, including large cars. Secondly, Qatar's population is growing rapidly, with an influx of expatriates from around the world. As the population increases, so does the demand for vehicles, including large cars. Expatriates often have higher disposable incomes and are more likely to purchase luxury vehicles. Lastly, Qatar's infrastructure development and urbanization have also contributed to the growth of the Large Cars market. The country has been investing heavily in building modern cities and improving transportation networks. This has made owning a car more convenient and desirable for many residents, leading to an increased demand for large cars. In conclusion, the Large Cars market in Qatar is experiencing steady growth due to customer preferences for spacious and luxurious vehicles, the increasing demand for SUVs, the growing interest in electric and hybrid cars, Qatar's high per capita income and low fuel prices, as well as underlying macroeconomic factors such as a stable economy, population growth, and infrastructure development.

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).