Luxury Cars - Bahrain

Bahrain

Highlights

Revenue in the Luxury Cars market is projected to reach US$56m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.47%, resulting in a projected market volume of US$58m by 2029.
Luxury Cars market unit sales are expected to reach 552.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$104k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Luxury Cars market in Bahrain has been experiencing significant growth in recent years. Customer preferences have shifted towards luxury cars due to their superior quality, advanced features, and prestigious brand image. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the luxury car market in Bahrain.

Customer preferences: Bahraini customers have shown a strong preference for luxury cars, with a growing demand for high-end vehicles from renowned brands. Customers are increasingly seeking cars that offer a combination of luxury, comfort, and performance. The desire for advanced technology and innovative features, such as autonomous driving capabilities and connectivity options, has also influenced customer preferences in the luxury car segment. Furthermore, customers in Bahrain value the status and prestige associated with luxury cars, making them a symbol of success and wealth.

Trends in the market: One of the key trends in the luxury car market in Bahrain is the increasing popularity of electric and hybrid vehicles. As sustainability and environmental concerns gain prominence, customers are opting for luxury cars that offer lower emissions and higher fuel efficiency. Luxury car manufacturers have responded to this trend by introducing a wide range of electric and hybrid models, catering to the growing demand in Bahrain. Another trend in the market is the rise of luxury SUVs. Customers in Bahrain have shown a preference for spacious and versatile vehicles, making luxury SUVs a popular choice. Manufacturers have capitalized on this trend by introducing a variety of SUV models with luxurious features and high-performance capabilities.

Local special circumstances: Bahrain's strategic location in the Gulf region has made it a hub for luxury car dealerships and showrooms. The country's favorable tax policies and business-friendly environment have attracted international luxury car brands, leading to a wide availability of luxury cars in the market. Additionally, Bahrain's strong economy and high per capita income have contributed to the demand for luxury cars among affluent customers.

Underlying macroeconomic factors: Bahrain's stable economy and favorable business environment have played a significant role in the growth of the luxury car market. The country's GDP growth and increasing disposable income have provided customers with the financial means to afford luxury cars. Moreover, Bahrain's status as a regional financial center and its growing tourism industry have attracted high-net-worth individuals and expatriates, further driving the demand for luxury cars. In conclusion, the Luxury Cars market in Bahrain has witnessed significant growth due to customer preferences for luxury, comfort, and advanced features. The popularity of electric and hybrid vehicles, as well as luxury SUVs, has shaped the market trends. Local special circumstances, such as Bahrain's strategic location and favorable tax policies, have attracted international luxury car brands. Furthermore, the country's stable economy and increasing disposable income have contributed to the demand for luxury cars among affluent customers.

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).