Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Oman has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Omani customers have shown a growing preference for SUVs due to their versatility, spaciousness, and off-road capabilities. SUVs offer a higher seating position, which provides a better view of the road and a sense of safety. Additionally, the larger cargo space in SUVs is appealing to customers who value practicality and the ability to transport goods. Omani customers also appreciate the robustness and durability of SUVs, which are well-suited for the country's rugged terrain and extreme weather conditions.
Trends in the market: One of the key trends in the SUVs market in Oman is the increasing demand for luxury SUVs. Affluent customers are willing to invest in premium SUVs that offer a combination of luxury, comfort, and performance. This trend is in line with the global market, where luxury SUVs have been gaining popularity. Another trend is the rise of electric and hybrid SUVs, as customers in Oman are becoming more environmentally conscious and seeking greener alternatives. Manufacturers are responding to this trend by introducing electric and hybrid SUV models to cater to the growing demand.
Local special circumstances: Oman's unique geography and climate contribute to the popularity of SUVs in the market. The country has diverse landscapes, including deserts, mountains, and coastal areas, which require vehicles with off-road capabilities. SUVs are well-suited for navigating these challenging terrains, making them a preferred choice for Omani customers. Additionally, Oman experiences high temperatures and occasional sandstorms, which can be better managed in an SUV due to its higher ground clearance and robust build.
Underlying macroeconomic factors: Oman's strong economy and rising disposable incomes have played a significant role in the growth of the SUVs market. As the country's economy continues to expand, more individuals and families have the financial means to purchase SUVs. Moreover, low fuel prices in Oman compared to other countries in the region make SUVs a more affordable option for customers. The government's focus on infrastructure development and improving road connectivity has also contributed to the growth of the SUVs market, as customers are more confident in investing in vehicles that can navigate the country's expanding road network. In conclusion, the SUVs market in Oman is developing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Omani customers value the versatility, spaciousness, and off-road capabilities of SUVs, which are well-suited for the country's diverse landscapes and extreme weather conditions. The growing demand for luxury and electric/hybrid SUVs reflects global trends and the increasing affluence and environmental consciousness of Omani customers. With a strong economy and rising disposable incomes, more individuals and families in Oman are able to afford SUVs, while low fuel prices and infrastructure development further support the growth of the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us 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 relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).
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