Executive Cars - Bahrain

Bahrain

Highlights

Revenue in the Executive Cars market is projected to reach US$89m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.14%, resulting in a projected market volume of US$94m by 2029.
Executive Cars market unit sales are expected to reach 1.6k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$58k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Bahrain is experiencing steady growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Bahrain are shifting towards luxury and comfort, leading to an increase in demand for executive cars.

Customers are willing to pay a premium for high-end features, advanced technology, and superior performance. They value the status and prestige associated with owning an executive car, which further drives the market growth. Trends in the market indicate a rise in the popularity of electric and hybrid executive cars in Bahrain.

As environmental concerns and sustainability become more important globally, customers in Bahrain are also embracing these trends. The government has implemented policies and incentives to promote the adoption of electric vehicles, which has positively impacted the executive car market. Another trend in the market is the increasing demand for SUVs and crossovers in Bahrain.

These vehicles offer a combination of luxury, spaciousness, and versatility, making them attractive to customers. The SUV segment has witnessed significant growth in recent years, with customers opting for larger and more powerful vehicles. Local special circumstances in Bahrain contribute to the development of the executive car market.

The country has a high per capita income, which enables individuals to afford luxury vehicles. Bahrain is also a popular destination for expatriates, who often have higher purchasing power and a preference for executive cars. The presence of luxury car dealerships and a well-developed infrastructure further supports the growth of the market.

Underlying macroeconomic factors play a crucial role in the development of the executive car market in Bahrain. The stable economy, favorable business environment, and low tax rates attract international luxury car manufacturers to establish a presence in the country. This leads to a wider range of executive car options for customers.

Additionally, low interest rates and flexible financing options make it easier for customers to purchase executive cars. In conclusion, the Executive Cars market in Bahrain is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for luxury and comfort, the popularity of electric and hybrid vehicles, the preference for SUVs and crossovers, the high per capita income, the presence of expatriates, and the stable economy all contribute to the positive development of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).