Oman Vehicles Market in 2024 continued positive momentum. Sales throughout June reached 5,080 units (+10.1%). H1 registrations up to 30,346 (+5.3%).
Market Trend and Outlook
Real GDP growth expected to reach 1.5 percent in 2024, driven by increased gas production and diversification efforts. Despite OPEC+ production cuts, which decelerated growth during 2023 to 1.3%, the economy is expected to accelerate further over the medium term supported by increased investment in non-hydrocarbon sectors and renewable energy.
The government continues to advance governance and efficiency reforms, such as the launch of the Oman Future Fund by Oman Investment Authority, established with the purpose of attracting foreign capital and boost investments in local small and medium-sized enterprises.
Oman’s light vehicle market reflects the broader positive economic trend, with 5,080 new vehicles registrated in June 2024 (+10.1). H1 ends with 30,346 sales in YTD figures (+5.3%).
Looking at cumulative data up to June 2024 brand-wise, the leader Toyota was still on top of the rankings with a 47.3% market share and 14,339 sales (+11.3%) and a huge gap over all others.
In second place ranked MG with 3,239 units sold (+12.3%), followed by Hyundai reporting a slight gain in volume and accumulating 2,127 sales (-3.7%).
Looking at specific models the Toyota Land Cruiser gained leadership, reporting a 8.9% year-on-year gain in sales, followed by the Toyota Land Cruiser P/U up 9.5%.
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 Brands and top 10 models.
