Oman Vehicles Market in Q1 2016 dropped down over 20 percent. Toyota was one of the best performer improving market share over the 50 percent followed by Nissan and Hyundai.
Oman is exhausting its oil production capacity just as OPEC countries are struggling to reach an agreement on freezing production. The country produced an average of one million barrels per day last year, thus hitting a record-high level. The economy benefited from the surge in oil production as well as from an improvement in the country’s tourism sector.
However, a sharp fall in oil prices last year had a substantial impact on government revenues, which prompted fiscal deficit to surge. Against this backdrop, the government announced spending cuts at the beginning of the year and is expected to tap international bond markets and issue its first international bond in two decades as a necessary step toward shoring up its finances.
The new vehicles sector was hit by the fiscal measures taken in these months to limit the fiscal deficit and including higher price for fuel and the volume had been reported down over 20% for the entire first quarter 2016 with the string of year on year falling months now at 15.
According to data release by the Omani Authority for Transportation, total new vehicles sales in Q1 2016 had been 34.631, down 21.0% from the same period last year.
Research, Consulting, Data & Forecast Store
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Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2020.
Auto Data in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end.
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