Motorcycles - Oman

Oman

Revenue in the Motorcycles market in Oman is projected to reach US$14.27m in 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 0.85%, resulting in a projected market volume of US$14.89m by 2029.
The largest segment in the Motorcycles market in Oman is On-road Motorcycles, with a projected market volume of US$8.84m in 2024.
Motorcycles market unit sales are expected to reach 2.60k motorcyles in 2029.
The volume weighted average price of the Motorcycles market in Oman in 2024 is expected to amount to US$5.76k.
With a motorcycle unit sales share of 35.8% in 2024, Other is expected to have the highest market share in Oman.
The value market share of Other in Oman is expected to stand at 57.3% in 2024.
From an international perspective, it is shown that the most revenue will be generated India, with US$32,110.00m in 2024.
Oman's motorcycle market is experiencing a surge in demand for off-road bikes due to its rugged terrains and growing interest in adventure tourism.

Key regions: Thailand, Italy, Indonesia, Spain, Germany

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Analyst Opinion

The Motorcycles market in Oman has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Customers in Oman are increasingly opting for motorcycles as their preferred mode of transportation. This shift in preference can be attributed to several factors. Firstly, motorcycles are more affordable compared to cars, making them a more accessible option for many individuals. Additionally, motorcycles are more fuel-efficient, which is a key consideration in a country where fuel prices are relatively high. Moreover, motorcycles offer greater maneuverability, allowing riders to navigate through congested city streets more easily.

Trends in the market: One of the key trends in the motorcycles market in Oman is the growing demand for electric motorcycles. As the world moves towards a more sustainable future, there is a growing emphasis on reducing carbon emissions and promoting clean energy. Electric motorcycles offer a greener alternative to traditional gasoline-powered motorcycles, and this trend is being reflected in the market in Oman. Manufacturers are introducing a wide range of electric motorcycles to cater to the increasing demand for eco-friendly transportation options. Another trend in the market is the popularity of off-road motorcycles. Oman is known for its rugged terrain and vast desert landscapes, making it an ideal destination for off-road enthusiasts. The popularity of off-road motorcycles has been on the rise, as more individuals are seeking adventure and thrill in their recreational activities. Manufacturers are responding to this trend by introducing specialized off-road motorcycles with enhanced performance capabilities.

Local special circumstances: Oman's tourism industry is a significant driver of the motorcycles market. The country attracts a large number of tourists, both domestic and international, who are looking to explore its natural beauty and cultural heritage. Motorcycles provide a convenient and exciting mode of transportation for tourists, allowing them to explore the country at their own pace. This has led to an increased demand for rental motorcycles, creating opportunities for both local and international motorcycle rental companies.

Underlying macroeconomic factors: The economic growth and stability in Oman have also contributed to the development of the motorcycles market. As the country's economy continues to grow, more individuals have disposable income to spend on recreational activities. This has resulted in increased demand for motorcycles as a form of leisure and transportation. In conclusion, the motorcycles market in Oman is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards motorcycles as a preferred mode of transportation, the demand for electric and off-road motorcycles, the influence of the tourism industry, and the economic growth of the country are all contributing to the development of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.