Bahrain's Luxury Car Market Revved Up by Electric Trends

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

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Bahraini consumers are increasingly attracted to luxury cars, with market revenues expected to reach USD 43 million in 2024. This growth comes alongside a notable shift towards electric and hybrid vehicles, as well as a rising demand for high-end SUVs.

A recent report from Statista predicts that Bahrain’s luxury car market will generate revenues of USD 43 million this year, with an annual growth rate of 12.19% anticipated until 2028, resulting in a projected market size of USD 67 million by that time. Sales are expected to reach 600 units in 2024, with the average price anticipated to hit USD 105,000.

The report reveals a steady increase in luxury car sales in Bahrain over the past year, driven by rising disposable incomes and a growing interest in premium vehicles. Consumers are drawn to luxury cars for their superior quality, advanced features, and the prestige associated with their brands.

Key trends include a shift towards electric and hybrid models, reflecting consumers’ increasing environmental awareness. This shift has led manufacturers to broaden their offerings, presenting a wider array of electric and hybrid vehicles to meet the changing preferences of the market. Additionally, luxury SUVs are gaining popularity as Bahraini customers seek spacious and adaptable options, prompting manufacturers to enhance their SUV ranges with luxurious features and high-performance capabilities.

On a global scale, the United States is expected to dominate luxury car revenues, projecting earnings of USD 6,654 million in 2024. As the market evolves, Bahraini customers are increasingly seeking cars that combine luxury, comfort, and performance, mirroring broader trends within the luxury car sector.