The Bahrain Electric Vehicle Market is set to record a notable CAGR during 2023-28, cites MarkNtel Advisors in their recent research report. Improving disposable incomes, growing consumer interest in EVs owing to surging fuel prices, and benefits like tax exemption/reduction provided to EV buyers by the government are the major aspects projected to drive the market in the future. As per Bahrain’s Economic Vision 2030, the country aims to diversify its economy away from the oil & gas sector to other industries and adopt sustainable energy sources.
Clean Energy, Industry, Innovation, & Infrastructure, along with Climate Action initiatives, are also boding well for the EV industry in Bahrain, which, consequently, would enable the country to achieve its strategic goals associated with the green environment & sustainability. Moreover, due to the increasing number of EV charging stations and a world-class road network, Bahrain is set to provide EV & HEV makers with numerous opportunities to expand their product offerings, which, in turn, would stimulate the overall growth of the electric vehicle market in the country over the forecast years.
Being Ideal for Local Commute, BEVs to acquire a Noteworthy Market Share through 2028
Active government efforts toward promoting the use of eco-friendly vehicles and the imposition of various policies associated with incentives, subsidies, & other financial perks for EV buyers are the prime aspects driving the adoption of BEVs across Bahrain, which are considered super ideal for daily commuting in the country. Consequently, the demand for battery-powered trucks, vans, & buses is set to surge remarkably in the years to come. Moreover, benefits like enhanced efficiency & lower maintenance costs of electric motors than ICE-powered vehicles are other crucial factors projected to augment the demand for BEVs in Bahrain through 2028.
The major companies in the Bahrain Electric Vehicle Market are Renault Group, Tesla, Chevrolet, BMW AG, Hyundai Motor Company, Nissan Motor Corporation, Ford Motor Company, Porsche Middle East & Africa, Toyota Motor Corporation, Ashok Leyland, and Volvo Bus Company.
Key Questions Answered in the Research Report: