Oman Electric Vehicle Market Overview: 2025-2030
Base Year: 2024
Historical Years: 2020–23
Forecast Years: 2025-2030
The Oman Electric Vehicle Market size was valued at around USD 200 million in 2024 and is projected to reach USD 831.28 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 26.80% during the forecast period, i.e., 2025-30.
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Oman Electric Vehicle Market Dynamics: 2025-2030
Oman Electric Vehicle Market Driver:
Government Mandates and Policy Support Driving Market Demand – The EV industry in Oman is primarily being driven by the government’s targets as well as policy support for faster adoption of EVs. The government is shaping market demand through a phased transition to EVs by 2050 that includes a 15% target for 2030. This is encouraging industry players to invest in EVs and supporting infrastructure to hasten EV adoption across the country. This is highlighted in the government’s 2024 mandate that made it necessary for fuel stations to install EV chargers. It has also facilitated the formation of Electric Vehicles One (EVO), a JV between the Oman Oil Marketing Company (OOMCO) and New Zealand-based Synergy Investments that is working on the development of charging infrastructure in the country.
The government is also encouraging consumers to opt for EVs by offering various incentives that make them a viable transport alternative. It has waived the registration charges and the standard 5% VAT for EVs, along with a 100% exemption on import tariffs. This has helped to reduce the cost of EVs by 10-20% making them a more attractive option. EV owners are also offered free public charging at several locations, which reduces running costs while providing quick and convenient charging options. Government initiatives are thus driving market demand for EVs in the country.
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Oman Electric Vehicle Market (2025-30): Segmentation Outlook
The market report has segmented the market into the following categories:
By Vehicle Type
-Passenger Vehicles
-Two-wheelers
-Commercial Vehicles
By Power Source
-Battery Electric Vehicle (BEV)
-Plug-in Hybrid Electric Vehicle (PHEV)
-Hybrid Electric Vehicle (HEV)
By Battery Type
-Lithium-ion Battery
-Lithium Titanate Oxide
By Region
-North
-South
-Central.
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Top Companies Operating in the Oman Electric Vehicle Market:
Mays Motors are Renault Group, Tesla, Chevrolet, BMW AG, Hyundai Motor Company, Nissan Motor Corporation, Ford Motor Company, Porsche Middle East & Africa, Toyota Motor Corporation, Ashok Leyland, Volvo Bus Company, and others.
Oman Electric Vehicle Industry Recent Development:
- February 2025: Mays launched the Alive SUV, Oman’s first EV from a homegrown brand, signaling a pivotal shift towards local EV manufacturing.
- April 2024: Tesla entered Oman by launching the Model 3 and Model Y through local distribution partner Al Jenaibi International, turning consumer focus on the country’s EV market.
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