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Last Updated: Apr 25, 2025 | Study Period: 2024-2030
1) Any electric motor replaces the internal combustion engine in vehicles is known as battery electric vehicles (BEVs), however, thereâs not always purely based EVs but also, there are hybrid BEVs that can be powered by gasoline or diesel and plug-in Electric Vehicles (PEVs) emerging into the market for environmentally aware consumers.
2) In order to mitigate climate change, reduce carbon footprints, and minimize the consumption of fossil fuels, the government of Oman is taking various initiatives toward raising awareness of electric mobility and laying out favourable policies for automakers to extend their reach in the country.
3) Renewable & clean energy production, one of the objectives of Oman Vision 2040, is further creating scope for EV manufacturers to attain a larger consumer base in Oman over the coming years.
4) Like many countries worldwide, Oman is facing several regulatory challenges in its transition to electric mobility. Geographic hurdles, consumer preferences, current availability & variety of electric vehicles, and uncertainty regarding the leasing options, ownership costs, & economics are the most prominent aspects currently hampering the Oman Electric Vehicle Market.
5) Oman is focused on expanding its non-oil growth and increasing the contribution of non-oil industries to 90% of GDP by 2040. The country is also focused on beginning manufacturing the first electric Omani car in 2023.
6) Thereâs also growing awareness of EVs amongst the consumers, who would switch to EVs due to their increased disposable incomes, and rising gas prices.
7) The country has recently marked the launch of a locally designed and crafted Electric Vehicle (EV) â a development that augurs well for the growth of an EV sector in the country. The Ambassador of Japan to the Sultanate of Oman, Jota Yamamoto, has voiced hope that global supply chain challenges that had severely impacted a number of key economic sectors, including automotive production, would be fully addressed.
8) Investments in support infrastructure, notably charging stations for EVs and refuelling stations for hydrogen vehicles, will be necessary for a stronger uptake of electric cars â and potentially hydrogen-powered cars in the future.
9) There is surging demand for electric three-wheelers and rising concerns regarding degradation of the environment are expected to drive most of the shares in the Middle East and Africa Electric Three-wheeler Market in the upcoming five years .
An electric motor replaces the internal combustion engine in all-electric vehicles, often known as battery electric vehicles (BEVs). The electric motor of the vehicle is powered by a sizable traction battery pack, which must be hooked into a wall outlet or charging apparatus, also known as electric vehicle supply apparatus (EVSE).
Several distinct types of electric vehicles exist (EV). Pure electric vehicles are those that just use electricity to operate. Additionally, certain hybrid electric vehicles can also be powered by gasoline or diesel.
Plug-in electric vehicles are those that only use electricity and obtain all of their power while being charged at a wall outlet. Like typical cars, this type doesn't emit any pollution because it doesn't require gasoline or diesel to operate.
Plug-in hybrids: These vehicles primarily run on electricity but also contain a conventional fuel engine, allowing you to switch to gasoline or diesel if the battery runs out. These vehicles emit emissions when they are running on fuel, but not when they are running on electricity.
Policies
Oman offers tax incentives to promote EV purchases. The facilities and incentives adopted by the Government of the Sultanate of Oman include exemption of electric cars by (100%) from customs tax and from electric vehicle registration fees at the Royal Oman Police, in addition to setting the value-added tax rate for electric cars and their spare parts to (0%).
The Authority for Electricity Regulations is developing a clear framework for EVs â without such a framework, the government cannot allow petrol stations to have charging stations. There are currently 12 charging stations in the sultanate, but they were only installed in two locations for an event held by Global EVRT.
Internationally, there is some debate in relation to the question of what service providers may charge for the use of their facilities and this is also a debate that may impact Oman in the future. Some charge a flat monthly fee, others bill drivers on the basis of kWh used, or parking time, or some combination.
Most commonly, for example in Europe, California, New Jersey, Pennsylvania, Hawaii, Ontario, Jordan and Abu Dhabi, the charging fees of EVSPs are not licensed or economically regulated.
Last year, Omani investment company MAYS, which is part of the Omani Technology Fund, unveiled the first model of its electric cars, with plans to initially launch 100 vehicles to test the market.
Benefits and restraints of EVs:
Electric vehicles have several benefits over traditional fossil fuel-powered vehicles. They do not rely on fossil fuels, thereby reducing greenhouse gas emissions and improving overall air quality. They have lower maintenance costs than their traditional counterparts, translating into long-term financial savings for EV owners.
By switching to electric vehicles, owners can benefit from reduced fuel expenses since electricity is generally cheaper than fossil fuel. This can lead to significant cost savings throughout the vehicleâs lifetime.
Additionally, electric vehicles boast instant torque from the electric motor, resulting in impressive acceleration and a smooth driving experience. Moreover, the lack of a traditional transmission means that acceleration and deceleration are smoother and more responsive compared to gasoline-powered vehicles.
However, there are some challenges associated with electric vehicles as well. One of the major challenges is range anxiety, which refers to the fear that an EV will run out of charge before reaching its destination. Another challenge is limited recharging infrastructure, which can make it difficult for drivers to find charging stations when they need them. Upfront costs are sometimes a barrier as well.
In the provided analysis, the market is divided into following segments:
-<75km
-75-200 km
->200km
The Oman Electric vehicle market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
The Sultanate of Oman is working with a lot of passion to advance renewables as part of a broader effort to mitigate risks stemming from global warming. The country has recently marked the launch of a locally designed and crafted Electric Vehicle (EV) â a development that augurs well for the growth of an EV sector in the country.
Oman Oil Marketing Company (OOMCO) has announced the execution of a binding Heads of Terms with Synergy Investment LLC to establish Electric Vehicles One (EVO). EVO will be tasked with developing Omanâs electric vehicle infrastructure, OOMCO said in a disclosure submitted to the Muscat Stock Exchange.
The Oman Electric Vehicle Market is set to grow at a considerable CAGR during 2023-28. The extreme climate of Oman and the mounting use of fossil fuels, i.e., severely impacting the environment, are leading to the significantly increasing CO2 emission levels across the country.
Omani investment company MAYS, which is part of the Omani Technology Fund, unveiled the first model of its electric cars last year, with plans to initially launch 100 vehicles to test the market.
Government Incentives:The Omani government has shown interest in promoting EV adoption through various incentives. These incentives may include tax exemptions, reduced import duties, and incentives for setting up charging infrastructure. Such policies aim to make EVs more affordable for consumers.
Charging Infrastructure Expansion:The establishment of a robust charging infrastructure is crucial for the growth of the EV market. Oman has been working on expanding its charging network, both in urban areas and along highways. The government and private sector have been investing in charging stations to enhance EV convenience.
Environmental Awareness:Increased environmental awareness and concern for air quality have driven interest in cleaner transportation options. EVs are perceived as a more sustainable choice, aligning with Oman's sustainability and environmental goals.
Partnerships and Collaborations:Automotive manufacturers and charging infrastructure providers have been exploring partnerships and collaborations to accelerate EV adoption in Oman. These collaborations aim to bring a wider range of EV models to the market and enhance the charging network.
EV Model Availability:The availability of a more diverse range of EV models has started to increase in Oman. International automakers are introducing electric models into the Omani market, providing consumers with more choices.
Consumer Education:Increased efforts in educating consumers about EV technology, benefits, and charging infrastructure have been observed. Awareness campaigns and information dissemination are helping potential buyers make informed decisions.
Used EV Market:A used EV market is slowly developing, offering more budget-friendly options for consumers. As the number of EVs on the road increases, the availability of used EVs is expected to grow.
Battery Technology Advancements:As global advancements in battery technology continue, the range, performance, and affordability of EVs are likely to improve, making them more attractive to Omani consumers.
At Al Bustan Palace, Mays Motors and Oman Technology Fund unveiled the sultanate's first electric vehicle. The electric vehicle from Mays Motors marks the start of a brand-new and exciting industry in the sultanate. A sizable dash with displays and controls, including door functions, is present in the two-seater.
Its battery has a driving range of more than 500 km and can be charged at home. The carbon fibre automobile is equipped with a tonne of technology, on par with luxury brands like Lamborghini and Ferrari.
Omani investment company MAYS, which is part of the Omani Technology Fund, unveiled the first model of its electric cars last year, with plans to initially launch 100 vehicles to test the market
The regionâs first electric car Sultanah may finally see the light of day and be on roads as early as 2025. The car will be produced by Trouvé Victory and will have an annual capacity of 1,248 cars
| Sl no | Topic |
| 1 | Market Segmentation |
| 2 | Scope of the report |
| 3 | Abbreviations |
| 4 | Research Methodology |
| 5 | Executive Summary |
| 6 | Introduction |
| 7 | Insights from Industry stakeholders |
| 8 | Cost breakdown of Product by sub-components and average profit margin |
| 9 | Disruptive innovation in the Industry |
| 10 | Technology trends in the Industry |
| 11 | Consumer trends in the industry |
| 12 | Recent Production Milestones |
| 13 | Component Manufacturing in US, EU and China |
| 14 | COVID-19 impact on overall market |
| 15 | COVID-19 impact on Production of components |
| 16 | COVID-19 impact on Point of sale |
| 17 | Market Segmentation, Dynamics and Forecast by Geography, 2024-2030 |
| 18 | Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030 |
| 19 | Market Segmentation, Dynamics and Forecast by Application, 2024-2030 |
| 20 | Market Segmentation, Dynamics and Forecast by End use, 2024-2030 |
| 21 | Product installation rate by OEM, 2022 |
| 22 | Incline/Decline in Average B-2-B selling price in past 5 years |
| 23 | Competition from substitute products |
| 24 | Gross margin and average profitability of suppliers |
| 25 | New product development in past 12 months |
| 26 | M&A in past 12 months |
| 27 | Growth strategy of leading players |
| 28 | Market share of vendors, 2022 |
| 29 | Company Profiles |
| 30 | Unmet needs and opportunity for new suppliers |
| 31 | Conclusion |
| 32 | Appendix |
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