Medium Cars - Bahrain

Bahrain

Highlights

Revenue in the Medium Cars market is projected to reach US$133m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.31%, resulting in a projected market volume of US$135m by 2029.
Medium Cars market unit sales are expected to reach 6.1k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$22k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Bahrain has witnessed significant growth in recent years due to changing customer preferences and local special circumstances. Customer preferences in the Medium Cars market in Bahrain have shifted towards more fuel-efficient and environmentally friendly vehicles.

This trend is driven by increasing awareness of the impact of carbon emissions on the environment and the desire to reduce fuel consumption. Customers are also placing a greater emphasis on safety features and technological advancements in their purchasing decisions. Trends in the Medium Cars market in Bahrain include the increasing popularity of hybrid and electric vehicles.

The government of Bahrain has introduced incentives and subsidies to encourage the adoption of these vehicles, such as tax breaks and reduced registration fees. This has led to a surge in demand for hybrid and electric cars, as customers seek to take advantage of these benefits. Additionally, there is a growing trend towards smaller and more compact medium cars, as customers prioritize convenience and maneuverability in urban areas.

Local special circumstances in Bahrain have also contributed to the development of the Medium Cars market. The country has a well-developed infrastructure, including a network of charging stations for electric vehicles, which has made it easier for customers to adopt these vehicles. Additionally, the government has implemented policies to promote the use of electric vehicles, such as exempting them from road tolls and providing free parking in certain areas.

These initiatives have created a favorable environment for the growth of the Medium Cars market in Bahrain. Underlying macroeconomic factors have also played a role in the development of the Medium Cars market in Bahrain. The country has a strong economy and high disposable income levels, which have enabled customers to afford medium cars.

Additionally, Bahrain has a relatively young population, with a growing middle class, which has contributed to the increasing demand for medium cars. The government's focus on diversifying the economy away from oil has also led to investments in the automotive sector, further driving the growth of the Medium Cars 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).