On-road Motorcycles - Oman

Oman

The revenue in the On-road Motorcycles market segment in Oman is projected to reach US$8.84m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 0.87%, resulting in a projected market volume of US$9.23m by 2029.
The unit sales in the On-road Motorcycles market segment in Oman are expected to reach 1.50k motorcyles by 2029.
The volume weighted average price of On-road Motorcycles market segment in Oman in 2024 is expected to amount to US$6.13k.
From an international perspective, it is shown that the most revenue will be generated India with US$21,500.00m in 2024.
Despite the hot climate in Oman, the demand for on-road motorcycles is steadily increasing due to their convenience and popularity among local residents.

Key regions: Nigeria, United States, Spain, Vietnam, Indonesia

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Analyst Opinion

The On-road Motorcycles market in Oman has been experiencing significant growth in recent years.

Customer preferences: Omani consumers have shown a strong preference for on-road motorcycles due to their versatility and cost-effectiveness. On-road motorcycles are seen as a convenient mode of transportation, especially in urban areas where traffic congestion is a common problem. Additionally, the relatively low cost of on-road motorcycles compared to cars makes them an attractive option for budget-conscious consumers.

Trends in the market: One of the key trends in the on-road motorcycles market in Oman is the increasing demand for electric motorcycles. With growing concerns about environmental sustainability and rising fuel prices, consumers are looking for greener alternatives for their daily commute. Electric motorcycles provide a clean and efficient mode of transportation, making them a popular choice among environmentally conscious consumers. Another trend in the market is the rising popularity of premium on-road motorcycles. As disposable incomes increase in Oman, consumers are willing to invest in higher-end motorcycles that offer superior performance and features. This trend is driven by the desire for a more enjoyable riding experience and the aspiration to own prestigious brands.

Local special circumstances: Oman's unique geography and landscape also contribute to the growth of the on-road motorcycles market. The country's diverse terrain, including mountains, deserts, and coastal areas, offers ample opportunities for motorcycle enthusiasts to explore and enjoy the thrill of riding. This has led to a growing community of motorcycle enthusiasts who actively participate in off-road adventures and group rides.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in Oman can be attributed to several macroeconomic factors. Firstly, the country's stable economic conditions and increasing disposable incomes have allowed consumers to afford motorcycles as a means of transportation. Additionally, the government's initiatives to improve road infrastructure and promote tourism have also contributed to the growth of the on-road motorcycles market. The development of new highways and scenic routes has made it easier for motorcycle enthusiasts to travel across the country and explore its natural beauty. In conclusion, the on-road motorcycles market in Oman is witnessing significant growth due to customer preferences for cost-effective and versatile transportation options. The increasing demand for electric motorcycles and premium models reflects changing consumer preferences and rising disposable incomes. Oman's unique geography and government initiatives to promote tourism further contribute to the growth 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.