Oman Vehicles Market down 2% in 2014 hit by disappointing performance scored by Nissan and Kia. New protagonists are growing in the market with Renault and BMW shining.
In 2014 according to data released by focus2move Research Team collected through local sources and Omani Authority for Transportation, total new Light Passengers Vehicles sold have been 213.451, down 2.1% compared with the 2013 that had been the highest ever.
Following a series of four consecutive record with the market surged in the top 40 largest global car market, in the 2014 the market slipped marginally. Today the Omani market should be considered mature with a high ratio of circulating fleet per people and the trend is dictated by the economic environment.
Last year, the International Monetary Fund estimated that Oman needed oil to trade at $99 a barrel to balance its budget. So actually any day the State is acting in deficit.
However, for the 2015, Oman pegged government spending at 14.1 billion Omani rial ($36.62 billion), up by about 4.5% compared with 2014, according to a statement carried by the official Oman News Agency.
The automotive market in 2015 should be positive in the range of 3-5 percent.
Looking back at the 2014 results, two of the best four carmakers have scored disappointing performance.
Indeed, while Toyota in first place has sold 113.159 vehicles, up 1.6% with market share solid above 50% and Hyundai in third place moved sales up 1.5%, Nissan and Kia, respectively second and third, fell down by 41.7% and 14.7%.
The year was outstanding for Renault and BMW.
Tables with sales figures
In the tables below we report sales for Top Brands