Oman Automotive Market to be led by Passenger Cars segment through 2028
Increasing
adoption of electric vehicles and government initiatives are driving the growth
of Oman Automotive Market in the forecast period, 2024-2028.
According to the TechSci Research report, "Oman Automotive Market- By Region Competition Forecast & Opportunities,
2018-2028," the Oman Automotive Market is anticipated to register a
rapid CAGR in the upcoming years. The
automotive industry is the fastest growing sector in the country. The
automotive industry is going into a transition phase, with the new
technological change, aggressive competition and increasing dealer and distribution
network.
The Oman
automotive market is growing as the government focuses on stabilizing the
economy. This has created numerous opportunities for the automotive market in
Oman. Construction and infrastructure development projects have directly
increased the demand for commercial vehicles. Additionally, favorable foreign
policies with neighboring countries have positioned Oman as a hub for
international shipping. Many market players are planning to invest in Oman,
either by establishing manufacturing plants or enhancing their dealer/distribution
networks. This competitive rivalry in the automotive sector is driving market
development, leading to improved vehicle designs and efficiency, which further
benefits the Oman automotive market.
Oman
is the third-largest automotive market in the Middle East. The country has a
young and affluent population, and with growing consumer incomes, there is an
increasing passion for cars, resulting in higher demand for the automobile
industry. Furthermore, the government's sustainability goals to reduce carbon
emissions have led to awareness programs and the adoption of electric vehicles
gaining momentum in the country. The electric vehicle charging infrastructure
is being built at a rapid rate. The penetration of electric and hybrid vehicles
will also pave the way for autonomous vehicles in the country, further boosting
the Oman automotive market. Moreover, the increasing demand for e-commerce and
logistics companies has raised the need for an effective distribution vehicle
network, which will further drive the demand for the Oman automobile sector.
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more than
XX market data Figures spread through 70 Pages and an in-depth
TOC on "Oman Automotive Market"
The Oman
Automotive Market is segmented by vehicle type, propulsion type, transmission
type, region, and competitive landscape. Based on vehicle type, the market is
segmented into Two-wheelers, Passenger Cars, and Commercial Vehicles. The
passenger car segment is anticipated to dominate the market in the vehicle type
segment. The rising disposable income of consumers and demand for personal
vehicles are increasing demand in passenger car segment. Additionally, the
increasing e-commerce and logistics in the country will increase the demand for
Two-wheelers. Thus, both two-wheelers and commercial vehicles have the
potential to grow in the upcoming years in the Oman automotive market. Based on
propulsion type, the market is segmented into ICE (Internal Combustion Engine)
and Electric. The ICE segment dominates the market in this segment. Although
ICE-powered vehicles are more prevalent in the country, innovations in
technology are driving the growth of electric-powered vehicles, which have the
potential to grow in the upcoming years. Based on transmission type, the market
is segmented into manual and automatic. The market is expected to be led by the
manual segment. However, the automatic segment is also expected to increase in
the forecast period due to the high disposable income and consumer comfort.
Moreover, with the penetration of electric and autonomous vehicles, the
automatic segment will gradually increase in the forecast period.
Some
of the major players operating in the Oman Automotive Market include:
- Toyota
Motor Corporation
- Nissan
Motor Co. Ltd.
- Hyundai
Motor Company
- Tata
Motors Ltd.
- Volkswagen
AG
- Hino
Trucks
- MAN
Truck & Bus
- AB
Volvo
- Mitsubishi
Motor Corporation
- MG
Motor UK Ltd.
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“There
is numerous potential for the growth of the Oman automotive market. The
government has taken initiatives related to the market. Furthermore, with the
growing economy coupled with the high disposable income of consumers, the
demand in the automotive sector has increased. Additionally, due to its
strategic location, market players see Oman as an automotive manufacturing hub
in the Middle East," said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Oman Automotive Market By Vehicle Type (Two
Wheeler, Passenger Car, Commercial Vehicles), By Propulsion Type (ICE &
Electric), By Transmission Type (Manual, Automatic), By Region, Competition Forecast &
Opportunities, 2018- 2028,” has evaluated
the future growth potential of Oman Automotive Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Oman Automotive Market.
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