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.
Oman Electric Vehicle Market Driver:
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.
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Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Oman Electric Vehicle Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Vehicle Type
- Passenger Vehicles
- Two-wheelers
- Commercial Vehicles
- By Power Source
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By Battery Type
- Lithium-ion Battery
- Lithium Titanate Oxide
- By Region
- North
- South
- Central
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – 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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