Oman EV Market Size (2024 - 2029)

Oman EV Market Analysis

The Oman EV Market size is estimated at USD 214.45 million in 2024, and is expected to reach USD 805.32 million by 2029, growing at a CAGR of 30.33% during the forecast period (2024-2029).

Oman’s economy has traditionally been heavily reliant on oil and gas exports. However, in recent years, declining oil prices and the need to diversify the economy have prompted the government to explore alternative energy sources, including electric vehicles.

Electric vehicles are cleaner compared to traditional gasoline and diesel vehicles, as they produce zero tailpipe emissions during operation. The Omani government is actively promoting EVs by offering incentives, including tax breaks, subsidies, and exemptions on EV purchases, and has adopted initiatives to develop EV charging infrastructure as well.

• In January 2024, the Minister of Transport, Communications, and Information Technology disclosed a seven-year roadmap describing Oman’s comprehensive strategy for decarbonizing its transport sector. The plan aims to introduce an estimated 22,000 electric vehicles by 2030 and phase out all fossil fuel-powered vehicles by 2050.

Additionally, the country is also focusing on upgrading its public electric charging infrastructure, with emphasis placed on enhancing accessibility through user-friendly applications and fast, efficient chargers.

• In November 2023, Oman’s Ministry of Commerce, Industry, and Investment Promotion issued Ministerial Resolution No. 615/2023, making it mandatory for all service stations to offer electric vehicle (EV) charging capabilities.

However, the market for EVs faces several challenges and constraints, including a lack of charging infrastructure, high initial cost, and range anxiety. Despite these challenges, the Oman EV market is set for definite growth in the coming years owing to continued government support, increasing partnerships, and collaborations between the government, private stakeholders, and the private sector.

Oman EV Industry Segmentation

An electric vehicle (EV) is a vehicle powered primarily by electricity. The electricity required is stored in rechargeable batteries. In some models, it is supplied by an external source, such as a plug-in charger. EVs are considered ideal as they produce zero tailpipe emissions and offer a sustainable alternative to traditional ICE vehicles.

The Omani EV market is segmented by vehicle type, propulsion type, battery type, range, drive type, battery capacity, and end user. By vehicle type, the market is segmented into two-wheel, passenger car, and commercial vehicle. By propulsion type, the market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). By battery type, the market is segmented into LFP, NMC, and other battery types. By range, the market is segmented as upto 150 km, 151-300 km, and above 300 km. By drive type, the market is segmented as all-wheel drive, front-wheel drive, and rear-wheel drive. By battery capacity, the market is segmented as less than 20 kwh, 20-40 kwh, 40-60 kwh, 60-100 kwh, and above 100 kwh. By end user, the market is segmented as shared mobility providers, government organizations, and personal users. The report offers market size and forecast in value (USD) for all the above segments.