Oman 2023. Vehicle Market Lost 13.7%. MG Jumps In Second Place

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The 2024 BMW i7 M70
The 2024 BMW i7 M70

Oman Vehicles Market in 2023 falls for the 11th month in a row, with figures at 55,547 down 13.7% from the previous year. Market hasn’t yet fully recovered from covid.

Market Trend and Outlook

Oman’s light vehicle market in 2023 falls for the 11th month in a row, with registrations at 55,547 (-13.7%). Sales in December totalled 4,615 units (-23.1%).

Looking at cumulative data up to December 2023 brand-wise, the leader Toyota is on top of the rankings with 48.3% market share and 26,841 sales (-10.9%) and a huge gap over all others.

In second place MG -up 1 spot- with 5,131 units sold (-0.5%), followed by the Hyundai -up 1 spot- reporting a slight gain in volume and accumulating 3,744 sales (+5.9%).

Looking at specific models the Toyota Land Cruiser gains leadership despite reporting a 8.1% year-on-year loss in sales, followed by the Toyota Hilux down 36.3%.

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.

 

Tables with sales figures

In the tables below we report sales for top 10 Brands and top 10 models.

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