Oman Vehicles Sales 2016 dropped down at the lowest level in the last sixth years hit by economic crisis and budget constraint. However, the market leader, Toyota, has lost over the average losing the 50% share quota
Oman’s economy is likely to have suffered a considerable slowdown in 2016, as record-low oil prices bit into export revenues and government finances, causing the budget deficit to balloon.
The OPEC agreement designed to counteract the price fall saw Oman trim oil production by 45,000 barrels a day from 1 January, while the budget plan announced in early January aims to get the country’s fiscal house in order through a mixture of tax rises and subsidy cuts.
Omani vehicles industry had been one of he most dynamic in the GCC and in the World when, between the 2010 and the 2014, run at the speed of four all time records in a row almost doubling sales up to the record of 217.000 unit (2013).
The too rapid expansion slowed down since the second half of the 2014 for a natural break, with expectations for a further growth killed by the long economic crisis that hits the market since the drop of oil price in the international market.
Thus, according to data released by the Omani Authority for Transportation, after the 2015 decline (-6.3%) the 2016 was really bad with a fall of 20.9% at 159.375 units, the lowest in sixth years.
The market is dominated by Toyota, as few others in the World and despite the presence of almost all global brands plus emerging Chinese. However, in the 2016 Toyota has lost sales by 27% with share dropped below the 50% hit in the 2015 for the very first time.
Outstanding was the performance of the second, Nissan, up 6.5%, while the others immediate competitors have lost: Hyundai -8.2%, Lexus -15.3%, Kia -33.4%, Isuzu -1.5% and Mitsubishi -37.8%.
Premium brands gained terrain, with Jeep doubling volume, BMW and Mercedes up respectively 10% and 45%.
Tables with sales figures
In the tables below we report sales for Top Brands
