SUVs - Bahrain

Bahrain

Revenue in the SUVs market is projected to reach US$673m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.19%, resulting in a projected market volume of US$666m by 2029.
SUVs market unit sales are expected to reach 15.1k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$46k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$333bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Bahrain has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Bahrain have shown a strong preference for SUVs due to their versatility and spaciousness. SUVs are well-suited for the country's diverse terrain, allowing drivers to easily navigate through both urban areas and off-road environments. Additionally, SUVs provide a sense of safety and security, which is highly valued by customers in Bahrain.

Trends in the market: One of the key trends in the SUVs market in Bahrain is the increasing demand for luxury SUVs. Affluent customers are willing to invest in high-end SUVs that offer a combination of comfort, performance, and advanced features. This trend is driven by the growing disposable income and the desire for luxury and prestige among the population. Another trend in the market is the rise of electric SUVs. As the global push towards sustainability and environmental consciousness continues, more customers in Bahrain are opting for electric SUVs that offer lower emissions and reduced fuel consumption. This trend is also supported by government initiatives and incentives to promote the adoption of electric vehicles.

Local special circumstances: Bahrain's relatively small size and well-developed infrastructure make it an ideal market for SUVs. The country's road network is well-maintained, allowing for smooth and comfortable driving experiences. Additionally, the availability of luxury SUV dealerships and service centers further enhances the appeal of SUVs in Bahrain.

Underlying macroeconomic factors: The growth of the SUVs market in Bahrain can be attributed to several macroeconomic factors. The country's stable economy and high GDP per capita have contributed to an increase in consumer purchasing power. This, in turn, has led to a greater demand for SUVs as customers are able to afford higher-priced vehicles. Furthermore, Bahrain's strategic location as a financial hub in the Middle East has attracted a large expatriate population. Expatriates often prefer SUVs due to their practicality and ability to accommodate larger families. The presence of expatriates has further boosted the demand for SUVs in the country. In conclusion, the SUVs market in Bahrain is experiencing growth and development due to customer preferences for versatile and spacious vehicles, the increasing demand for luxury and electric SUVs, the country's well-developed infrastructure, and the underlying macroeconomic factors such as high purchasing power and the presence of a large expatriate population.

Methodology

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).