Leading Players in Omen Car Finance Market – Ken Research

The Car Finance Market in Oman saw a huge dip in 2020 due to the pandemic, however, the market is expected to gain traction in the upcoming years.

Oman Car Finance Market Overview: The Oman Car Finance Market is currently at the growth stage due to increasing demand for hatchbacks as well as the rising cost of cars. The Car Finance Market in Oman is a consolidated market with some top players key players like Bank Nizwa, National Bank of Oman, Muscat Finance Co. Ltd etc. The overall market saw a steady growth from 2017 to 2022P registering a CAGR of ~%.

Rising Prices of Cars: The rapid growth in demand for new models of cars and high-end cars is one of the most significant drivers of growth in the marketplace. With consumer trends and their preferences towards the car, purchases have increased exponentially, and demand for car financing and loans is increasing and will continue to increase its position as the dominant market. Thus, due to the increasing demand for cars, the prices of cars have also increased. This massive increase in the cost of vehicles is causing buyers to move away directly to car or auto financial services, boosting the market growth.

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Impact of Covid-19 on the Oman Car Finance Market: The Car Finance Sector in Oman has witnessed continuous investments in its advancements and has been an enormous contributor to economic expansion. However, the industry is largely affected due to the emergence of the COVID-19 pandemic, which led to economic turmoil. Furthermore, the increase in unemployment and the uncertainty of income leads to less demand and delays in leasing or purchasing a vehicle in the event of a pandemic. Additionally, the supply chain shortage and logistics had greatly affected the supply chain for new automobile product launches, which in turn postponed the market’s growth and expansion.

Analysts at Ken Research in their latest publication “Oman Car Finance Market Outlook to 2027F- By Booking Mode (Online, Offline), By Ownership of Cars (New Car, Used Car), By Type of Car (Hatchbacks, Sedans, Luxury Cars, Sports Utility Vehicle), By Category of Lenders (NBFCs, Banks, OEMs, Captives), By Loan Tenure (12-24 Months, 25-48 Months, 49-60 Months)” observed that Oman Car Finance Market has shown considerable growth in the last five years. In the upcoming years, it is predicted to expand more rapidly due to emergence of online car finance applications, increasing interest of people towards owning a vehicle, adoption of digital technologies for car financing and increasing vehicle prices. The Car Finance Market in Oman is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.

Key Segments Covered in the report