Oman Used Car Market Introduction and Overview
According to SPER Market Research, the Oman Used Car Market is estimated to reach USD 1.54 billion by 2033 with a CAGR of 4.2%.
The report includes an in-depth analysis of the Oman Used Car Market, including market size and trends, product mix, applications, and supplier analysis. A car that has had one or more retail owners in the past is called a used, pre-owned, or second hand vehicle. A few locations where used automobiles can be bought are auctions, private party sales, buy here pay dealerships, franchise and independent car dealers, rental car companies, and leasing offices. "No-haggle prices," "certified" pre-owned cars, and extended warranties or service contracts are offered by certain auto dealers.
- July 2023: For a brief while, Mercedes-Benz Oman is offering a discounted price on its certified pre-owned cars. The finely chosen Mercedes-Benz Certified Pre-Owned inventory consists of premium pre-owned cars from the Mercedes-Benz lineup. Every car in this collection satisfies strict technical requirements after passing a thorough 150-point inspection conducted by highly qualified professionals. This comprehensive assessment includes inspections of the car's exterior and interior, verification of the service history, validation of the mileage, and assessments of its on-road performance.
- October 2022: Over the next two years, Kavak, a pre-owned car marketplace based in Mexico, wants to invest USD 130 million in the GCC, which includes Oman. Through this investment, it hopes to become the Gulf's top used-car marketplace after merging with local firm Carzaty. Kavak, a well-known used automobile dealership in Latin America with operations in ten countries, including Mexico, Brazil, Argentina, and Turkey, will start operations in the UAE and Oman as part of its GCC expansion. Phases two and three will involve expanding its footprint to Saudi Arabia. The largest vehicle reconditioning centres in the GCC will be found at Kavak's projected used-car operation in the Gulf, which is expected to employ more than 1,000 people.
Market Opportunities and Challenges
To offer on-site financing solutions, a number of dealerships in Oman have partnerships with banks and other financial organisations. Auto loans are provided by banks and credit unions, enabling people to borrow money to buy a used car.Used automobile dealers are working with a handful of Oman's top lenders, such as National Finance Company, OMASCO, and others, to offer the buyer financial support. Well-known banks are actively working together to increase Oman's sales of used cars. Furthermore, a significant upsurge in the used car industry has resulted from the country's local automobile retailers' inability to stock new car models. Due to these reasons, the market for used cars will benefit from the continued growth of the demand for pre-owned vehicles in the upcoming years.
The lack of strict laws and regulations controlling the purchase of used cars will hinder the used car market's expansion. The market will have more difficulty expanding if used automobile depreciation rates are high. Because fewer people are using public transit, the coronavirus pandemic has had a detrimental effect on the demand for secondhand cars globally. Unorganised rivals impede the used automobile industry's growth. Additionally, the disorganised players don't offer any type of warranty for pre-owned vehicles. Furthermore, some sellers deceive buyers by hiding accident-damaged cars' damage and inflating their worth through dishonest methods like repainting and dent removal. This makes prospective buyers wary of buying used cars. Thus, the growth of the used automobile market is threatened by the rising fraud rate and the greater market share maintained by unorganised dealers.
Market Competitive Landscape
There are a number of significant participants in Oman's moderately fragmented used automobile industry. The major players in the Oman Used Car market include: Best Cars, Dubizzle Group, Kavak, Omanicar, OpenSooq, OTE Group, Volkswagen Certified Used Cars, YallaMotors.com, Others. These key players in Oman's secondhand automobile industry are aggressively putting different marketing campaigns into action and using a range of different approaches in an effort to increase their market share and draw in more clients.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Fuel Type, By Vendor, By Vehicle Type
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| Regions covered | Eastern Region, Northern Region, Southern Region, Western Region
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| Companies Covered | Best Cars, Dubizzle Group, Kavak, Omanicar, OpenSooq, OTE Group, Volkswagen Certified Used Cars, YallaMotors.com, Others
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COVID-19 Impact on Oman Used Car Market
Market demand was adversely affected by the COVID-19 pandemic, which forced governments to implement strict containment measures, social seclusion, lockdowns in specific regions, and quarantine periods. As a result of customer preferences shifting towards personal mobility and lockdown relaxations. This encouraged company owners to use online marketplaces for the used automobile industry that offer flexible financing options. The industry is expected to experience significant growth in the near future due to the growing customer demand for used cars in price-sensitive areas.
Key Target Audience
- Budget-Conscious Consumers
- College Students
- Families on a Budget
- First-Time Car Buyers
- Small Business Owners
- Temporary Residents or Expats
- Others
Our in-depth analysis of the Oman Used Car Market includes the following segments:
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By Fuel Type:
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Alternative Fuel Vehicles
Diesel
Gasoline
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By Vendor:
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Organized
Unorganized
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By Vehicle Type:
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Hatchbacks
Sedan
Sports Utility Vehicle
Others
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By Region:
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Eastern Region
Northern Region
Southern Region
Western Region
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Key Topics Covered in the Report
- Oman Used Car Market Size (FY’2023-FY’2033)
- Overview of Oman Used Car Market
- Segmentation of Oman Used Car Market By Fuel Type (Alternative Fuel Vehicles, Diesel, Gasoline)
- Segmentation of Oman Used Car Market By Vendor (Organized and Unorganized)
- Segmentation of Oman Used Car Market By Vehicle Type (Hatchbacks, Sedan, Sports Utility Vehicle, Others)
- Statistical Snap of Oman Used Car Market
- Expansion Analysis of Oman Used Car Market
- Problems and Obstacles in Oman Used Car Market
- Competitive Landscape in the Oman Used Car Market
- Impact of COVID-19 and Demonetization on Oman Used Car Market
- Details on Current Investment in Oman Used Car Market
- Competitive Analysis of Oman Used Car Market
- Prominent Players in the Oman Used Car Market
- SWOT Analysis of Oman Used Car Market
- Oman Used Car Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Oman Used Car Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Oman Used Car Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Oman Used Car Market
7. Oman Used Car Market, By Fuel Type (USD Million)
7.1. Oman Used Car Market Value Share and Forecast, By Fuel Type, 2023-2033
7.2. Alternative Fuel Vehicles
7.3. Diesel
7.4. Gasoline
8. Oman Used Car Market, By Vendor (USD Million)
8.1. Oman Used Car Market Value Share and Forecast, By Vendor, 2023-2033
8.2. Organized
8.3. Unorganized
9. Oman Used Car Market, By Vehicle Type (USD Million)
9.1. Oman Used Car Market Value Share and Forecast, By Vehicle Type, 2023-2033
9.2. Hatchbacks
9.3. Sedan
9.4. Sports Utility Vehicle
9.5. Others
10. Oman Used Car Market Forecast, 2019-2033 (USD Million)
10.1. Oman Used Car Market Size and Market Share
11. Oman Used Car Market, By Fuel Type, 2019-2033 (USD Million)
11.1. Oman Used Car Market Size and Market Share By Fuel Type (2019-2026)
11.2. Oman Used Car Market Size and Market Share By Fuel Type (2027-2033)
12. Oman Used Car Market, By Vendor, 2019-2033 (USD Million)
12.1. Oman Used Car Market Size and Market Share By Vendor (2019-2026)
12.2. Oman Used Car Market Size and Market Share By Vendor (2027-2033)
13. Oman Used Car Market, By Vehicle Type, 2019-2033 (USD Million)
13.1. Oman Used Car Market Size and Market Share By Vehicle Type (2019-2026)
13.2. Oman Used Car Market Size and Market Share By Vehicle Type (2027-2033)
14. Oman Used Car Market, By Region, 2019-2033 (USD Million)
14.1. Oman Used Car Market Size and Market Share By Region (2019-2026)
14.2. Oman Used Car Market Size and Market Share By Region (2027-2033)
14.3. Eastern Region
14.4. Northern Region
14.5. Southern Region
14.6. Western Region
15. Company Profile
15.1. Best Cars
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Dubizzle Group
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Kavak
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Omanicar
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. OpenSooq
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. OTE Group
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Volkswagen Certified Used Cars
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. YallaMotors.com
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
