Oman Auto market is in recovery and Q3 was finally a positive quarter after 15 lost. Sales recovered 19.2% with year to date figures at 97.111, down 5.7%. While the market is still dominated by Toyota, Nissan in second place is fast growing.
Oman economy has performed very well recently. Due to higher government revenues, the fiscal deficit was nearly halved in January–June compared to the same period a year earlier. Moreover, in the same period, the merchandise trade surplus widened as higher prices led to a surge in oil and gas exports. This improvement comes after the economy contracted last year following Oman’s compliance with the OPEC agreement to cut oil production.
Increased output from the Khazzan-Makarem gas field, higher hydrocarbon prices and strong investment should support economic growth in 2018 and 2019. That said, and despite recent improvements, large fiscal imbalances remain, highlighting the importance of the VAT implementation in 2019 and ongoing economic diversification initiatives.
Omani vehicles market hit an impressive all-time record in the 2013 with 213.000 sales, following a ten years long escalation. Then the market stabilized before to start declining in the 2015. In the last three-year sales declined from 201.609 (2015) to 148.039 (2017).
Despite the VAT introduction -originally scheduled for January 1st -was postponed by one year, in the 2018 light vehicles market started very slow with first quarter sales at 27.800 (-15.5%) and the second quarter at 25.724 (-23.4%) ending the first half with 53.526 sales (-19.9%). In the third quarter finally the trend changed and yean-on-year data become positive with full quarter sales at 43.585 units (+19.2%) and Year to Date figures at 97.111 (-5.7%).
Brand-wise, the market leader Toyota has lost 10.4% selling 44.949 vehicles, with market share at 46.3%. Quite positive in second place Nissan, up 18.9% with 23.254 units, ahed of Hyundai with 5.211 (-17.5%) and Kia with 4.049 (-19.9%).
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Research, Consulting, Data & Forecast
F2M covers intensively this market with several products developed to help any investigation required. Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2025. AutoData 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. See details within Oman Corner Store