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

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

The Oman Automotive Market is anticipated to register a robust CAGR in the upcoming years due to increasing investment in Oman. It is one of the most promising and rapidly growing vehicle markets, backed by several reasons including manpower availability, R&D activities, location advantage, and government support. With a favorable economic outlook and increased spending power, the country's automotive sales are expected to skyrocket. New companies continue to enter the market, particularly in the low-cost car category, with sales expanding rapidly. Passenger cars and light commercial vehicles are also experiencing a surge in demand.

Introduction

The automobile sector is crucial to a country's socioeconomic success. The growth of any country's automobile sector is commonly used to measure its progress. The position of motor transport in the national economy's infrastructure determines the country's growth forces, the development of the modern economy, and the possibilities for its development. Oman has one of the fastest-growing automotive markets in the Middle East The rising and increasing vehicle sector is one of the significant advancements taking place in the Sultanate of Oman's business environment. Oman has effectively established itself as a global automotive hub. The Oman automotive market consists of vehicles used for personal or public purposes.

Market Drivers

Oman's automobile market is growing along with economic revitalization. The country's GDP recorded an upward trend, boosting the automobile industry. The auto industry is also getting a boost from its OEMs. The OEMs are planning to expand their activities, production bases, and after-sales services in the country. The government also supports the automobile sector as it is a revenue generator for the country. The government has been working on attracting foreign market players to set up their manufacturing plants within the country. The government is also investing in making new roads and highways, which is increasing the demand for vehicles on roads. Furthermore, the government is offering tax incentives to market players, which will increase the involvement of foreign players and, in turn, increase the Oman automotive market. Due to Oman's geographical location, the automotive industry has a positive impact on market growth. Oman has seven commercial ports. Additionally, Oman is located near India, USA, Europe, and China, which leads to a reduction in lead-time and access to raw materials for production and high intensity of import and export, effectively increasing the automobile industry in Oman. Oman's unique regional bilateral ties offer great potential, and with its unrestricted distribution network throughout the Middle East and North, it is ideal for pan-GCC sales not only in terms of selling new vehicles but also auto parts and accessories.

Market Challenges

The challenges faced by the Oman automotive industry include the shortage of raw material supply in the country. Due to the coronavirus outbreak, the supply chain of key automobile components has been disrupted. Additionally, the hampering of import activity has severely impacted the automobile industry. As Oman is an import-driven automobile market, it leads to high vehicle costs, restricting many consumers from buying expensive cars. This barrier can restrict the growth of the auto industry. Furthermore, there is a shortage of skilled labor in the manufacturing sector, which is a limiting factor for the Oman automotive industry. The electric vehicle infrastructure is one of the stumbling blocks in the Oman automotive market. Moreover, the shortage of chips impacts the production of automobiles and auto parts. Additionally, there is a lack of dealerships within the country, which has led to the limited availability of vehicles.

Market Scope

 

Recent Developments

·         In February 2023, Audi Oman announced that Sayatri has become the leasing and rental company to add electric vehicles to its vehicle portfolio. Zubair's Group Leasing and Rental company has leased the Audi e-Tron to Kempinski Muscat Hotel.

·         In 2023, Shell Oman signed a Memorandum of Understanding (MOU) with the Oman Automobile Association (OAA). This partnership will offer an Electric vehicle charging hub and smart service station.

·         In 2023, MHD Acere launched the JETOUR new automotive brand in the country. MHD Acere also launched the Chelsea Truck Company in 2022.

·         In 2022, the Oman Investment Authority and the National Transport Company of Qatar formed a joint venture to produce buses. These buses are manufactured by Karwa Automotive company. These buses were used in the 2022 World Cup in Qatar.

·         In November 2022, Audi partnered with Evo for the development of Electric vehicle charging stations. They installed more than 50 chargers across Oman in 2022 and plan to install over 200 chargers in 2023.

·         In February 2022, May Motors launched the first electric car, MayiE1, in Oman. The company also announced that around 100 orders have been booked, and production of electric cars will start in 2023.

·         In November 2021, the Karwa Automobile factory produced the first bus in its manufacturing plant in Duqm. The Karwa Automotive Project aims to bring manufacturing to the country. The project's total investment is USD 71 million.

Market opportunities

The Oman Automotive Industry provides opportunities for the automotive sector to engage with new technology and manufacture new parts and components for automobiles. Additionally, the introduction of electric vehicles and their manufacturing within the country has prompted many OEMs to transition to electric mobility. With the development of infrastructure for electric vehicle charging stations, it paves the way for greater integration of electric vehicles within the country, which in turn contributes to overall vehicle growth. The government has also launched programs to reduce carbon emissions. As a result, the government has decided to implement 7,000 electric vehicles in the first phase of the carbon neutrality plan. Furthermore, with increased penetration of electric vehicles, it will serve as a steppingstone for hydrogen-based vehicles.

Market Segmentation

The Oman Automotive Market is segmented by vehicle type, by propulsion type, by transmission type, by region, and competitive landscape. Based on the vehicle type the market is segmented into Two wheeler, Passenger cars and Commercial Vehicles. Based on propulsion type, the market is segmented into Internal Combustion Engine (ICE) and Electric. Based on the transmission the market is segmented into Manual and Automatic.

Company Profiles

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 and MG Motor UK Ltd. are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.


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Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, Volume in Units, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Vehicle Type

By Propulsion Type

By Transmission Type

By Region

Regional Scope

Muscat, Al-Sharqiyah, Al-Batinah, Dhofar and Rest of Oman.

Key Companies Profiled

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 and MG Motor UK Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, Oman Automotive Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Oman Automotive Market, By Vehicle Type:

o   Two-Wheeler

o   Passenger Cars

o   Commercial Vehicles

·         Oman Automotive Market, By Propulsion Type:

o   ICE

o   Electric

·         Oman Automotive Market, By Transmission Type:

o   Manual

o   Automatic

·         Oman Automotive Market, By Region:

o   Muscat

o   Al-Sharqiyah

o   Al-Batinah

o   Dhofar

o   Rest of Oman

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Oman Automotive Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

It is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Oman Automotive Market

5.    Voice of Customer Analysis

5.1.  Factors Influencing Purchase Decision

5.2.  Brand Awareness

5.3.  Challenges/Unmet Need

6.    Oman Automotive Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Volume

6.1.2.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type Market Share Analysis (Two wheeler, Passenger Cars, Commercial Vehicles)

6.2.2.     By Propulsion Type Market Share Analysis (ICE, Electric)

6.2.3.     By Transmission Type Market Share Analysis (Manual, Automatic)

6.2.4.     By Region Market Share Analysis

6.2.4.1.         Muscat Market Share Analysis

6.2.4.2.         Al-Sharqiyah Market Share Analysis

6.2.4.3.         Al-Batinah Market Share Analysis

6.2.4.4.         Dhofar Market Share Analysis

6.2.5.     By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)

6.3.  Oman Automotive Market Mapping & Opportunity Assessment

6.3.1.     By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.     By Propulsion Type Market Mapping & Opportunity Assessment

6.3.3.     By Transmission Type Market Mapping & Opportunity Assessment

6.3.4.     By Region Market Mapping & Opportunity Assessment

7.    Oman Two Wheeler Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Volume

7.1.2.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Vehicle type Market Share Analysis

7.2.2.     By Propulsion Type Market Share Analysis

7.2.3.     By Transmission Type Market Share Analysis

8.    Oman Passenger Car Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Volume

8.1.2.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Vehicle Type Market Share Analysis

8.2.2.     By Propulsion Type Market Share Analysis

8.2.3.     By Transmission Type Market Share Analysis

9.    Oman Commercial Vehicle Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Volume

9.1.2.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Vehicle Type Market Share Analysis

9.2.2.     By Propulsion Type Market Share Analysis

9.2.3.     By Transmission Type Market Share Analysis

10.  Market Dynamics

10.1.              Market Drivers

10.2.              Market Challenges

11.  Market Trends and Developments

12.  SWOT Analysis

12.1.              Strength

12.2.              Weakness

12.3.              Opportunity

12.4.              Threat

13.  Policy & Regulatory Landscape

14.  Oman Economic Profile

15.  Competitive Landscape

15.1.              Company Profiles (Up To Top 10 Players)

15.1.1.  Toyota Motor Corporation

15.1.1.1.      Company Details

15.1.1.2.      Products & Services

15.1.1.3.      Recent Development

15.1.1.4.      Key Management Personnel

15.1.2.  Nissan Motor Co. Ltd.

15.1.2.1.      Company Details

15.1.2.2.      Products & Services

15.1.2.3.      Recent Development

15.1.2.4.      Key Management Personnel

15.1.3.  Hyundai Motor Company

15.1.3.1.      Company Details

15.1.3.2.      Products & Services

15.1.3.3.      Recent Development

15.1.3.4.      Key Management Personnel

15.1.4.  Tata Motors Ltd.

15.1.4.1.      Company Details

15.1.4.2.      Products & Services

15.1.4.3.      Recent Development

15.1.4.4.      Key Management Personnel

15.1.5.  Volkswagen AG

15.1.5.1.      Company Details

15.1.5.2.      Products & Services

15.1.5.3.      Recent Development

15.1.5.4.      Key Management Personnel

15.1.6.  Hino Trucks

15.1.6.1.      Company Details

15.1.6.2.      Products & Services

15.1.6.3.      Recent Development

15.1.6.4.      Key Management Personnel

15.1.7.  MAN Truck & Bus

15.1.7.1.      Company Details

15.1.7.2.      Products & Services

15.1.7.3.      Recent Development

15.1.7.4.      Key Management Personnel

15.1.8.  AB Volvo

15.1.8.1.      Company Details

15.1.8.2.      Products & Services

15.1.8.3.      Recent Development

15.1.8.4.      Key Management Personnel

15.1.9.  Mitsubishi Motor Corporation

15.1.9.1.      Company Details

15.1.9.2.      Products & Services

15.1.9.3.      Recent Development

15.1.9.4.      Key Management Personnel

15.1.10.                MG Motor UK Ltd.

15.1.10.1.    Company Details

15.1.10.2.    Products & Services

15.1.10.3.    Recent Development

15.1.10.4.    Key Management Personnel

16.  Strategic Recommendations

16.1.              Key Focus Areas

16.2.              Target Vehicle Type

16.3.              Target Propulsion Type

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Growing adoption of electric vehicles, government initiatives for developing infrastructure and established foreign market players in the country are driving the growth of the Oman Automotive Market.

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The Oman Automotive market is divided into three vehicle types, including Two-wheeler, Passenger Cars and Commercial Vehicles. Passenger cars segment is anticipated to be the dominant in the Oman Automotive Market.

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The major players in the Oman Automotive Market are 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 and MG Motor UK Ltd.

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Lack of EV infrastructure and high importing vehicle costs are the limiting factors for the Oman Automotive market. Also, supply chain distribution and lack of skilled labor are the other factors restraining the growth of the Oman Automotive market.

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Srishti Verma

Business Consultant
Press Release

Oman Automotive Market to be led by Passenger Cars segment through 2028

Oct, 2023

Increasing adoption of electric vehicles and government initiatives are driving the growth of Oman Automotive Market in the forecast period, 2024-2028.

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