Large Cars - Oman

Oman

Revenue in the Large Cars market is projected to reach US$68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 9.67%, resulting in a projected market volume of US$99m by 2028.
Large Cars market unit sales are expected to reach 3.0k vehicles in 2028.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$33k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,900m in 2024).

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in Oman is experiencing steady growth due to several factors.

Customer preferences: In Oman, customers have shown a strong preference for large cars, which can be attributed to several factors. Firstly, large cars are often seen as a symbol of status and wealth, and owning one is considered a sign of success. Additionally, large cars provide a sense of safety and security, which is particularly important in a country with long stretches of desert roads. Moreover, large cars offer more space and comfort, making them ideal for families and long journeys.

Trends in the market: One of the key trends in the Large Cars market in Oman is the increasing demand for SUVs. SUVs have gained popularity in recent years due to their versatility and ruggedness, making them well-suited for the country's challenging terrain. Additionally, SUVs offer a higher driving position, which provides better visibility on the road. As a result, many car manufacturers have introduced new SUV models or expanded their SUV lineups to cater to this growing demand. Another trend in the market is the integration of advanced technology features in large cars. Customers in Oman are increasingly seeking cars that offer the latest safety features, connectivity options, and entertainment systems. This includes features such as adaptive cruise control, lane-keeping assist, touchscreen infotainment systems, and smartphone integration. Car manufacturers are responding to this demand by equipping their large car models with these advanced technologies.

Local special circumstances: Oman's unique geography and climate contribute to the demand for large cars in the country. The country has a diverse landscape, including mountains, deserts, and coastal areas, which require vehicles with good off-road capabilities. Large cars, especially SUVs, are well-suited for navigating these varied terrains. Additionally, Oman experiences high temperatures throughout the year, and large cars often come with advanced air conditioning systems that can provide comfort even in extreme heat.

Underlying macroeconomic factors: The growth of the Large Cars market in Oman can also be attributed to the country's strong economy and increasing disposable income. Oman has experienced steady economic growth in recent years, driven by sectors such as oil and gas, tourism, and logistics. This has resulted in a rise in household incomes, allowing more individuals to afford large cars. Furthermore, the government's efforts to diversify the economy and promote tourism have attracted expatriates and tourists, who also contribute to the demand for large cars. In conclusion, the Large Cars market in Oman is growing steadily due to customer preferences for status, safety, and comfort. The increasing demand for SUVs and advanced technology features reflects the changing needs and preferences of customers. Oman's unique geography, climate, and strong economy further contribute to the growth of the market.

Methodology

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).