Rapid climate change and ever-increasing pollution levels have changed the way the world sees commuting & transportation. Fossil fuel-driven vehicles are gradually becoming obsolete, and EVs (Electric Vehicles) are gaining immense traction & acceptance across different countries, including Bahrain. The government continues to lay out favorable policies for automakers to ramp up EV production and provide incentives to EV buyers. As a whole, EVs hold immense potential to mitigate climate change, allow the country to achieve its carbon-neutral targets, and contribute to a cleaner environment.
Market Insights & Analysis: Bahrain Electric Vehicle Market (2023-28)
The Bahrain Electric Vehicle Market is expected to grow at a noteworthy CAGR during the forecast period, i.e., 2023-28. Currently, the market is in its infancy stage & is gradually progressing with the passage of time due to the rising awareness about its. Nevertheless, the future would present lucrative prospects for the market to expand at a significant pace, owing mainly to the improving incomes as well as ever-growing interest of residents in EVs due to gradually rising fuel prices, coupled with financial incentives like tax exemption/reduction implemented by the government.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Region Covered||North, Central, South|
|Key Companies Profiled||Renault Group, Tesla, Chevrolet, BMW AG, Hyundai Motor Company, Nissan Motor Corporation, Ford Motor Company, Porsche Middle East & Africa, Toyota Motor Corporation, Ashok Leyland, Volvo Car Corporation, Others|
|Unit Denominations||USD Million/Billion|
Besides, Bahrain’s Economic Vision 2030, where the country intends to diversify its economy away from oil & gas to other sectors while adopting sustainable energy resources, is another notable aspect projected to enhance the Electric Vehicle Market size in the forthcoming years. In addition, Clean Energy, Industry, Innovation, & Infrastructure, as well as Climate Action initiatives, shall further promulgate EV adoption in Bahrain and, in turn, enable the country to achieve strategic goals related to a green environment & sustainability.
Moreover, in line with this vision, the country has been rapidly adapting to the changing scenario of green transportation by proactively developing the required EV infrastructure to meet the ever-growing consumer requirements for EVs.
Furthermore, with an excellent road network & ever-increasing EV charging stations, Bahrain is likely to provide a plethora of opportunities for electric & hybrid vehicle makers to expand their offerings and generate significant revenue in the coming years. The mounting interest of Bahrainis, especially the young generation, shall play a crucial role in driving EV sales in the country and, consequently, stimulate the overall growth of the Electric Vehicle Market through 2028.
Key Driver: Various Government initiatives for Promoting Zero-Emission Mobility
The government of Bahrain is making active efforts toward promoting the adoption of EVs and offering benefits like tax redemption or rebate to buyers. This is in line with its aim to enable green mobility, achieve carbon-zero targets, and diversify the economy away from oil & gas. Moreover, in view of rising fuel prices and concerns over the rapidly increasing carbon emissions, a large number of citizens are showing interest in EVs, which, in turn, would fuel the Electric Vehicle Market in Bahrain in the coming years.
Growth Restraint: Lack of EV Charging Stations, Spare Parts, & Maintenance Services
The electric vehicle industry in Bahrain is currently in the nascent stage, with less than 1% of electric vehicle owners. It is because the country lacks the necessary Ev charging infrastructure, along with limited availability of spare parts & services. This aspect is projected to hamper the growth of the electric vehicle market in Bahrain in the coming few years. However, once the country is past these challenges, it is very likely to present profitable prospects for both automakers & consumers to experience a whole new world of green mobility.
Based on Vehicle Type:
Of them all, commercial vehicles are projected to attain a sizeable share of the Bahrain Electric Vehicle Market during 2023-28. It owes to the mounting influx of migrants & tourists in the country, i.e., leading to the rapidly flourishing tourism & hospitality industries, alongside massive government investments in infrastructure development activities related to hotels, airport expansion, resorts, shopping malls, etc., which would amplify the demand for commercial electric vehicles in the country over the coming years.
Moreover, the ever-growing need for high-performance, low-emission, & fuel-efficient buses, various government initiatives for promoting green transportation, gradually reducing costs of EV batteries, and the burgeoning demand for electric trucks across the booming e-commerce & logistics sectors are other prominent aspects projected to stimulate the market growth for commercial electric vehicles in Bahrain in the years to come.
Based on the Power Source:
Here, BEVs (Battery Electric Vehicles) are anticipated to attain a prominent market share through 2028. It owes to the active government efforts toward promoting the use of eco-friendly vehicles and laying out policies related to subsidies, incentives, & other financial perks for EV buyers. BEVs are ideal for intracity commuting purposes, owing to which the demand for battery-powered buses, vans, & trucks is likely to rise significantly over the coming years. 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.
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Frequently Asked Questions
A. The Bahrain Electric Vehicle Market is projected to register a noteworthy CAGR during 2023-28.
A. Increasing awareness of EVs among consumers, their improving disposable incomes, and rising petrol prices are the prime aspects projected to drive the Bahrain Electric Vehicle Market during 2023-28.
A. 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 are the key companies operating in the Bahrain Electric Vehicle Market.
A. Hybrid Electric Vehicles (HEVs) are projected to generate lucrative prospects for the leading players in the Bahrain Electric Vehicle Market during 2023-28.