Oman Car Finance Market Outlook to 2027F

Oman Car Finance Market Outlook to 2027F

The report provides a comprehensive analysis of the potential of Oman car finance market. The report covers an overview and genesis of the industry, market size in terms of number of products sold and revenue generated.

Its market segmentations include by Booking Mode, By Type of Car, By Ownership of Car, By Category of Lenders, By Loan Tenure; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with the future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to Ken Research estimates, the Oman car finance market which grew from approximately ~% in 2017 to approximately ~% in 2022P is forecasted to grow further into ~% opportunity by 2027F. The Oman car finance market contributed to a global growth rate of ~% owing to the emergence of online car finance applications, rising demand for electric vehicles, adoption of digital technologies for car financing and rising vehicle prices.

The increasing vehicle prices are driving the demand for car finance services. Car finance providers are adopting digital tools to expedite the service processes remotely.

Banks lag further behind in dealer satisfaction: In the retail credit segment, captive finance companies continue to lead in dealer satisfaction and leasing companies are catching up quickly, while the performance of banks decreases.

Key Trends by Market Segment:

By Category of Lenders:

Banks hold the largest share in providing financial services in Oman Car Finance Market in 2022P. Though NBFCs are rising in demand still people prefer to go to banks for financial assistance rather than any other provider.

By Type of Car: Hatchbacks hold the largest share in the Oman Car Finance Market in 2022P. It alone accounted for more than half of the total market share. Considering the lifestyle choices, onset of younger working population and developments, demand for Sedans is expected to witness growth during the forecast period.

Competitive Landscape

In Oman Car Finance Market, there are about ~ players operating in the overall market, and top players account for ~% share in the market in terms of revenue. The major parameters on which these players complete includes loan tenure, rate of interest, ease of loan procurement and affordable down payments. Key major players include Bank Nizwa, National Bank of Oman, Muscat Finance Co. Ltd and United Finance.

Future Outlook

During the forecast period of 2022P-2027F, it is anticipated that the car finance market in Oman will grow at a CAGR of ~% by 2027F. Major players account for a considerable percentage of online sales in the region and actively participate in providing easy loans and reducing customer hassle to gain more market share in future. Covid-19 has triggered the demand for financing cars based on down payments and paying rest amounts in the form of monthly EMI.

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