Passenger Cars - Oman

Oman

Revenue in the Passenger Cars market is projected to reach US$1,362.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.46%, resulting in a projected market volume of US$1,885.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$636.6m in 2024.
Passenger Cars market unit sales are expected to reach 90.46k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$20.75k in 2024.
With a vehicle unit sales share of 43.8% in 2024, Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make Suzuki in the selected region is expected to stand at 38.5% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Oman is experiencing steady growth due to several factors. Customer preferences for passenger cars have shifted towards more fuel-efficient and environmentally friendly vehicles. Additionally, the market is being influenced by local special circumstances and underlying macroeconomic factors.

Customer preferences: In line with global trends, customers in Oman are increasingly opting for fuel-efficient cars. This can be attributed to rising fuel prices and a growing awareness of the environmental impact of traditional gasoline-powered vehicles. As a result, there is a higher demand for hybrid and electric cars in the market. Customers are also placing a greater emphasis on safety features and technological advancements in their purchasing decisions. This includes features such as advanced driver-assistance systems, connectivity options, and autonomous driving capabilities.

Trends in the market: One of the key trends in the Passenger Cars market in Oman is the increasing popularity of SUVs and crossover vehicles. This can be attributed to their versatility, spaciousness, and higher driving position, which provides a sense of safety and control on the road. SUVs are particularly favored by families and individuals who enjoy outdoor activities, as they offer ample storage space and the ability to navigate rough terrains. Another trend in the market is the growing demand for luxury cars. As the economy in Oman continues to grow, there is an increasing number of affluent individuals who are willing to invest in high-end vehicles. Luxury car brands are expanding their presence in the country and offering a wide range of models to cater to this demand. These luxury cars often come equipped with advanced features, cutting-edge technology, and superior performance.

Local special circumstances: Oman's geographical location and infrastructure development play a significant role in shaping the Passenger Cars market. The country's vast desert landscapes and rugged terrains make SUVs and off-road vehicles highly desirable. Additionally, the government has been investing in the development of road networks, making it easier for people to travel within and outside the country. This has further contributed to the popularity of passenger cars in Oman.

Underlying macroeconomic factors: The overall economic growth in Oman has had a positive impact on the Passenger Cars market. As the economy expands, disposable incomes have increased, allowing more individuals to afford cars. Furthermore, favorable government policies and initiatives have made it easier for consumers to access financing options and purchase vehicles. The government has also implemented measures to attract foreign investment, which has led to the establishment of automotive manufacturing plants and increased competition in the market. In conclusion, the Passenger Cars market in Oman is witnessing growth driven by customer preferences for fuel-efficient and technologically advanced vehicles. The market is also influenced by the increasing popularity of SUVs and luxury cars. Local special circumstances, such as Oman's geographical location and infrastructure development, further contribute to the market trends. The underlying macroeconomic factors, including economic growth and government policies, play a significant role in shaping the market dynamics.

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).