Qatar Vehicle Market in 2024 climbed 20% to highest peak in almost a decade. Jetour emerged as new contender, storming up 37 spots to challenge Toyota and Nissan’s dominance.
Economic Environment
Qatar’s economy is gradually expanding in 2024, with 2% GDP growth driven mainly by public investment, LNG expansion, and strong tourism. The medium-term outlook is brighter, with growth projected at 4.75% as LNG production ramps up. Inflation is easing to 1%, stabilizing at 2%, while fiscal and current accounts remain in surplus. Prudent fiscal management continues, with plans for spending efficiency, revenue diversification, and a potential VAT.
The Qatar Central Bank aligns with U.S. policy, ensuring a stable currency peg and strong liquidity. The banking sector remains solid, though authorities are monitoring foreign liabilities and asset quality. NDS3 reforms push Qatar toward a knowledge-based economy, focusing on innovation, trade, and private sector growth.
Automotive Industry Trend and Outlook
Despite massive surge in 2024, Qatar’s EV market remains under 2% of total light vehicle sales, with demand still lagging behind. Still, promising targets for 2023 fuel optimism.
EV brands are competing for market share, with Tesla rising seven spots to claim the top, overtaking Toyota. Meanwhile, Hyundai, Genesis, and BYD also posted impressive performances.
Overall, the Qatari vehicle market grew 20% year-over-year, marking its strongest level in nearly a decade after five years of steady growth
Looking at full-year data for 2024 brand-wise, the leader was Toyota, up +16.3%, far in front of Nissan in 2nd, up +33.6%.
Jetour -up 37 spots- ranked in third place, surging an impressive +15459.5%, ahead of Kia in 4th up +2.5%. Lexus closed the top 5 falling 20.1%.
Looking at specific models the Toyota Land Cruiser was still best seller, gaining 25.4% from the previous year. The Jetour J2 climbed 177 spots and overperforming all other Top 10 models.
Medium-Term Market Trend
Following a rapid development in the first years of this century, Qatari light vehicles market reached the all time record in the 2014, hitting the 100,000 milestone.
However, the fall of oil price in the international market and the consequent restrictive economic policy and new taxes (including VAT) introduction, hit the consumer demand and the market declined by the half in 2015-2019 period.
When Covid 19 restrictions limited the activities in 2020, the market fell down at the lowest in last 15 years at only 40.000 sales. However, the recovery was immediate in 2021, pushed by demand generated by the organization of FIFA World Championship.
Tables with sales figures
In the tables below we report sales for Top 10 Models.
