The Oman Electric Vehicle Market is set to grow at a considerable CAGR during 2023-28, cites MarkNtel Advisors in their recent research report. 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. As a result, the government is making rigorous efforts toward generating cleaner & renewable energy sources to reduce carbon footprints and attain green mobility, i.e., one of the objectives of Oman Vision 2040. These are the most notable aspects expected to drive the Electric Vehicles Market in Oman through 2028.
In Oman, Plug-in EVs currently have a higher upfront cost than ICE vehicles. Nevertheless, with the advent of new variants, such as electric SUVs, and gradually declining EV battery prices, the country is rapidly shifting to green mobility. The Authority for Electricity Regulations is actively working on building a clear EV framework, which includes the development of adequate charging infrastructure as well as road improvements.
Several companies operating in the power sector are pushing the transition toward low-carbon & renewable-based electricity generation. Oman is nowhere behind and is taking various initiatives toward facilitating a smoother transition of its power sector from fossil fuels to renewables while enhancing energy efficiency, reducing energy consumption, & promoting the adoption of smart mobility. These trends are set to create new directions for the Oman Electric Vehicle Market to witness numerous profitable prospects in the forecast years.
Passenger Vehicles to Acquire a Notable Share of the EV Market in Oman
More & more people in Oman are showing active interest in private vehicle ownership, i.e., leading to the increasing production & sales of passenger vehicles. The country is also witnessing a mounting consumer interest in automobiles with high-performance, low-emission, & enhanced mileage. The government of Oman is taking various initiatives toward promoting green mobility in the country and reducing the prices of EV batteries in order to mitigate rapid climate change and minimize the alarming levels of CO2 emissions. These trends are set to drive the adoption of passenger EVs in the country over the coming years and, consequently, stimulate overall market growth.
The major companies in the Oman Electric Vehicle Market are
Key Questions Answered in the Research Report: