Oman Electric Vehicle Market Size & Insights

As per recent study by MarkNtel Advisors The Oman Electric Vehicle Market size was valued at around USD 200 million in 2024 and is projected to reach USD 831.28 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 26.80% during the forecast period, i.e., 2025-30. This high growth is likely to be driven by government mandates on emissions, policy support for rapid adoption, and an expanding charging infrastructure.

What are the Key DROs in the Oman Electric Vehicle Market?

Government Mandates and Policy Support Driving Market Demand – The EV industry in Oman is primarily being driven by the government’s targets as well as policy support for faster adoption of EVs. The government is shaping market demand through a phased transition to EVs by 2050 that includes a 15% target for 2030. This is encouraging industry players to invest in EVs and supporting infrastructure to hasten EV adoption across the country. This is highlighted in the government’s 2024 mandate that made it necessary for fuel stations to install EV chargers. It has also facilitated the formation of Electric Vehicles One (EVO), a JV between the Oman Oil Marketing Company (OOMCO) and New Zealand-based Synergy Investments that is working on the development of charging infrastructure in the country.

The government is also encouraging consumers to opt for EVs by offering various incentives that make them a viable transport alternative. It has waived the registration charges and the standard 5% VAT for EVs, along with a 100% exemption on import tariffs. This has helped to reduce the cost of EVs by 10-20% making them a more attractive option. EV owners are also offered free public charging at several locations, which reduces running costs while providing quick and convenient charging options. Government initiatives are thus driving market demand for EVs in the country.

What are the Key Segments in the Oman Electric Vehicle Market?

The Oman Electric Vehicle is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

·       By Vehicle Type

o   Passenger Vehicles

o   Two-wheelers

o   Commercial Vehicles

·       By Power Source

o   Battery Electric Vehicle (BEV)

o   Plug-in Hybrid Electric Vehicle (PHEV)

o   Hybrid Electric Vehicle (HEV)

·       By Battery Type

o   Lithium-ion Battery

o   Lithium Titanate Oxide

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How does geographical analysis highlight in the Oman Electric Vehicle market?

·       By Region

o   North

o   South

o   Central

Who are the Key Players in Oman Electric Vehicle Market?

Mays Motors are Renault Group, Tesla, Chevrolet, BMW AG, Hyundai Motor Company, Nissan Motor Corporation, Ford Motor Company, Porsche Middle East & Africa, Toyota Motor Corporation, Ashok Leyland, Volvo Bus Company, and others.

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Oman Electric Vehicle Market News

• February 2025: Mays launched the Alive SUV, Oman’s first EV from a homegrown brand, signaling a pivotal shift towards local EV manufacturing.
• April 2024: Tesla entered Oman by launching the Model 3 and Model Y through local distribution partner Al Jenaibi International, turning consumer focus on the country’s EV market.

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·       Scope & Research Design – Clearly defined objectives with tailored qualitative and quantitative methods, backed by precise timelines and budgets.

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Why This MarkNtel Advisors Research Report:

• In-depth Market Analysis: Understand trends and dynamics shaping growth.
• Segmented Insights: Target specific segments for focused strategies.
• Geographical Performance: Assess market opportunities by geographic area.
• Emerging Technologies: Discover advancements like AI integration.
• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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