Minivans - Bahrain

Bahrain

Highlights

Revenue in the Minivans market is projected to reach US$105m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.50%, resulting in a projected market volume of US$107m by 2029.
Minivans market unit sales are expected to reach 3.7k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$29k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Bahrain has been experiencing steady growth in recent years, driven by customer preferences for spacious and versatile vehicles.

Customer preferences: One of the main reasons for the growth of the Minivans market in Bahrain is the increasing demand for spacious vehicles that can accommodate large families or groups of people. Minivans offer ample seating capacity and cargo space, making them ideal for family trips or transporting passengers. Additionally, the versatility of minivans, with features such as foldable seats and sliding doors, appeals to customers who value convenience and practicality.

Trends in the market: In line with global trends, the Minivans market in Bahrain has seen a shift towards more fuel-efficient and environmentally friendly vehicles. Manufacturers have been introducing hybrid and electric minivans to cater to this growing demand. These vehicles offer lower emissions and better fuel economy, making them attractive to environmentally conscious customers. Additionally, advancements in technology have led to the integration of various safety and entertainment features in minivans, further enhancing their appeal to customers.

Local special circumstances: Bahrain's population has been growing steadily, resulting in an increased need for larger vehicles to accommodate families and groups. The country is also a popular tourist destination, attracting visitors from around the world. Minivans are often preferred by tourists as they provide a comfortable and spacious mode of transportation for exploring the country. Moreover, Bahrain's infrastructure and road network are well-developed, making it easier for minivans to navigate through the city and reach various destinations.

Underlying macroeconomic factors: Bahrain has a strong economy with a high GDP per capita, which allows consumers to afford larger vehicles such as minivans. The country also has a relatively low population density, which means that individuals and families have more space to own and operate larger vehicles. Additionally, the government of Bahrain has implemented favorable policies to promote the automotive industry, including tax incentives and subsidies for electric vehicles. These factors contribute to the growth of the Minivans market in Bahrain. In conclusion, the Minivans market in Bahrain is developing due to customer preferences for spacious and versatile vehicles, as well as the increasing demand for fuel-efficient and environmentally friendly options. The country's growing population, popularity as a tourist destination, well-developed infrastructure, and strong economy also contribute to the growth of this 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).