Oman Vehicles Market in 2024 rebounded 14.7%, still below pre-2021 levels. Hyundai overtook MG for 3rd, trailing leader Toyota, while Jetour surged into 10th with triple-digit growth.
Economic Environment
Oman’s economy continues to expand, with growth reaching 1.9% in the first half of 2024, driven by strong nonhydrocarbon performance in construction, manufacturing, and services, though overall growth remains subdued due to OPEC+ oil production cuts. Inflation slowed to 0.6% in 2024, while fiscal and current account balances remain in surplus, contributing to the country’s recent upgrade to investment-grade sovereign credit status.
Economic growth is expected to remain at 1.2% for 2024 before rebounding in 2025, supported by higher hydrocarbon production and continued nonhydrocarbon expansion, though risks from oil price volatility and geopolitical tensions remain. Fiscal reforms remain a priority, with efforts focused on raising nonhydrocarbon revenues, phasing out untargeted subsidies, and strengthening public financial management to sustain long-term fiscal stability. Oman Vision 2040 reforms are advancing, with labor market improvements, investment incentives, SOE restructuring, and renewable energy initiatives playing key roles in supporting diversification and economic resilience.
Automotive Industry Trend And Outlook
Oman’s manifested efforts to support EV mobility in 2024, with the segment expanding by 227.9%. Despite still at only 1.5% of total vehicle sales, investments in infrastructures suggest future growth.
Toyota claimed the top EV spot, followed by Hyundai, while BYD soared four places, and Porsche dropped three spots off the podium.
Overall, the light vehicle market rebounded from last year’s dip but remained below pre-2021 levels.
Looking at full-year data for 2024 brand-wise, the leader Toyota was still on top of the rankings with a 50.9% market share, up 21.5% and retaining and a huge gap over all others.
In second place ranked Hyundai -up 1 spot- growing 5.4% and overtaking MG -down 1 spot- which dropped 32.7%.
Looking at specific models the Toyota Land CruiseP/U rose to 1st, with a 63.6% year-on-year gain in sales, followed by the Toyota Hilux up 46.2%.
Medium-Term Market Trend
Omani vehicles market was one of the fastest-growing worldwide in the period 2003-2013 and, at the end of a long series of annual all-time records, the market achieved a significant level of 213,000 sales in 2013.
Unfortunately, the economic crisis created by the fall of oil price in the international market and the persistently low level of this primary resource for the country economy severely hit the demand for consumers good, and the new vehicles market started a decline not yet ended.
Despite postponing the VAT introduction, the government has not been able to improve the economic trend, and even in 2019, the new light vehicles market has lost terrain.
Due to the COVID-19 pandemic sales further fell in 2020 and in 2021 the recovery did not started with sales reaching the lowest level in the last 15 years at 74.700.
In 2022 Oman’s economic recovery is gaining traction, supported by revival in the hydrocarbon sector and the relaxation of Covid-19 social restrictions. High oil prices, continued fiscal consolidation under the authorities’ Medium Term Fiscal Plan, and determined implementation of structural reforms under Oman Vision 2040, are expected to generate fiscal and external surpluses and support higher growth over the medium term. However, heightened global uncertainties continue to cloud the outlook, with downside risks dominating in the short run.
In 2023 sales fell for the 11th months in a row, with registrations at 55,547 (-13.7%).
Tables with sales figures
In the tables below we report sales for top 10 models.
