Car Rentals - Bahrain

Bahrain

Highlights

By 2024, it is estimated that the Car Rentals market in Bahrain will generate a revenue of US$38.44m.
The projected market volume is expected to reach US$45.34m by 2029, with an annual growth rate (CAGR 2024-2029) of 3.36%.
The number of users in this market is anticipated to reach 81.05k users by 2029, and user penetration is expected to increase from 8.7% in 2024 to 5.2% by 2029.
The average revenue per user (ARPU) is expected to be US$295.80.
It is forecasted that by 2029, 77% of total revenue in the Car Rentals market will be generated through online sales.
In comparison to other countries, United States is expected to generate the highest revenue in the Car Rentals market, with a projected revenue of US$32bn by 2024.
Bahrain's car rental market is witnessing increased demand due to the country's growing tourism industry.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Bahrain is experiencing significant growth and development.

Customer preferences: Customers in Bahrain are increasingly opting for car rentals instead of purchasing their own vehicles. This shift in preference can be attributed to several factors. Firstly, car rentals offer flexibility and convenience, allowing customers to choose a vehicle that suits their specific needs and preferences. Additionally, renting a car eliminates the need for maintenance and insurance costs, making it a cost-effective option for many customers. Furthermore, the rise of ride-hailing services has made car rentals more accessible and convenient, as customers can easily book a rental vehicle through mobile applications.

Trends in the market: One of the key trends in the Car Rentals market in Bahrain is the growing demand for electric and hybrid vehicles. With increasing awareness about environmental sustainability, customers are becoming more conscious of their carbon footprint and are opting for greener transportation options. Car rental companies in Bahrain are capitalizing on this trend by expanding their fleet of electric and hybrid vehicles. This not only attracts environmentally-conscious customers but also helps car rental companies differentiate themselves in the market. Another trend in the Car Rentals market in Bahrain is the integration of technology. Car rental companies are leveraging technology to enhance the customer experience and streamline operations. For example, many companies now offer online booking platforms and mobile applications, allowing customers to conveniently make reservations and manage their rental experience. Additionally, some car rental companies are implementing advanced tracking systems and telematics technology to improve fleet management and ensure the safety and security of their vehicles.

Local special circumstances: Bahrain is a popular tourist destination, attracting visitors from around the world. The country's rich cultural heritage, vibrant nightlife, and beautiful beaches make it an ideal location for tourists. As a result, there is a high demand for car rentals among tourists who want to explore the country at their own pace. Car rental companies in Bahrain are catering to this demand by offering a wide range of vehicles and flexible rental options to suit the needs of tourists.

Underlying macroeconomic factors: The growth of the Car Rentals market in Bahrain can be attributed to several underlying macroeconomic factors. Firstly, the country's strong economic growth has led to an increase in disposable income, allowing more individuals to afford car rentals. Additionally, the government's focus on developing the tourism industry has resulted in an influx of tourists, further driving the demand for car rentals. Furthermore, Bahrain's strategic location in the Middle East makes it a hub for business travelers, who often require rental vehicles during their stay. In conclusion, the Car Rentals market in Bahrain is experiencing significant growth and development. Customer preferences are shifting towards car rentals due to their flexibility and cost-effectiveness. The market is witnessing trends such as the demand for electric and hybrid vehicles and the integration of technology. Local special circumstances, such as Bahrain's popularity as a tourist destination, contribute to the growth of the market. Underlying macroeconomic factors, including strong economic growth and government focus on tourism, further drive the development of the Car Rentals market in Bahrain.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rental services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. 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, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.