Vehicle sales to see 4 pc jump

Muscat, Dec 25 - Vehicle sales in Oman are expected to grow at four per cent between 2018 and 2027, according to a report by Fitch Solutions. In 2018, vehicle sales in Oman are expected to be around 3.2 per cent as against an average sales decline of 2.6 per cent in the GCC. “Oman, with its young adult population and high urbanisation rates, will continue to drive up demand for new vehicles,” said the report. The report said Oman’s infrastructure projects, particularly in transport infrastructure and industrial sectors, along with investment associated with a growing tourism industry, will boost the commercial vehicles segment. Meanwhile, 2,759 new private vehicles were registered in November 2018 as against 3,604 in October and 3,504 in September this year. A total of 974 commercial vehicles were registered in November 2018 as against 1,281 in October and 1,083 in September. UAE is expected to see a 12 per cent to the VAT effect. Meanwhile, the global electric vehicle market is projected to reach $567,299.8 million by 2025, growing at a CAGR of 22.3 per cent between 2018 and 2025.