What Is The Size Of Bahrain Car Rental Industry?
Bahrain Car Rental market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F. The Bahrain Car Rental Market is largely driven by favorable government policies and rising tourism in the country.
Bahrain’s keenness to develop the ICT infrastructure and adopt many initiatives and projects to improve the readiness and security of information, in a way that enhances its advanced world-standard digital infrastructure and contributes to protecting its cybersecurity. The Kingdom is one of the leading countries in the region in the field of cybersecurity. It has launched the necessary initiatives and set up the basic rules of cybersecurity to put in place a robust and sustainable electronic environment.
The new infrastructure plans by government, will work to improve air quality and reduce traffic in the Kingdom. According to a study conducted by Pub Med Central, Bahrain has a high annual concentration of PM 2.5, and now citizens are starting to become aware to the health risks associated with air quality. According to UN Environment, reducing emissions from transport is a critical factor in decreasing air pollution in the Kingdom of Bahrain. Transport in Bahrain relies heavily on roads, with private cars being the most dominant mode of transportation, which is expected to fuel the car rental market in Bahrain.
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Bahrain Car Rental Market By Market Structure
The Bahrain Car Rental market is segmented by market structure into organized and unorganized market. There is a preference towards the organized sector as most of the tourists look for legal documents and certifications of the vehicle to avoid security patrolling for safety measures.
Bahrain Car Rental Market By Type Of Vehicles
The Bahrain Car Rental market is segmented by type of vehicles into small cars/ hatchbacks, sedans, SUVs and others. The SUV has the highest market share among other types of vehicles in the Bahrain Car Rental Market in 2022.
Bahrain Car Rental Market By End-User Type
The Bahrain Car Rental market is segmented by End-User into Self-Driven and Chauffeur. There is a preference towards the Self-Driven vehicles as they getting popular and still chauffeur still hold the most of the market share.
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Bahrain Car Rental Market By Vehicle Type
The Bahrain Car Rental market is segmented by Vehicle type into Economy Cars and Luxury Cars. Economy cars segment dominates the Bahrain Car rental market in 2022.
Bahrain Car Rental Market By Mode Of Booking
The Bahrain Car Rental market is segmented by mode of booking into online and offline. Online mode of booking is more as compare to offline as it is quick and have more options. Also, tourist from other countries who don’t know to location can also easily book their cars online.
Competition Scenario In Bahrain Car Rental Market
In Bahrain Car Rental Market there are limited players operating in the overall market, and top players accounted ~% share in the market in terms of revenue. The major parameters on which these players complete includes increasing demand for car rental services from tourists, business travelers, and locals, introduction of new technologies such as AI and the increasing number of hotels and restaurants.
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What Is The Expected Future Outlook For The Overall Bahrain Car Rental Market Across The Globe?
The Bahrain Car Rental market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Bahrain Car Rental market is driven by favorable government policies and rising tourism in the country. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The Kingdom of Bahrain has seen a massive growth in population from 1.5Mn in 2017 to 1.52 Mn in 2022 which has led to a remarkable increase in the number of vehicles and expansion of road networks, according to WHO. BTEA has announced launch of special travel packages to welcome GCC tourists, in collaboration with tourist partners which will increase the requirement of rental cars.
The Bahrain Tourism and Exhibitions Authority (BTEA) has announced the launch of special travel packages to welcome GCC tourists, in collaboration with tourism partners. BTEA Chief Executive Officer said that the launch of the packages coincides with the Bahrain Festive Season this December, during which BTEA has prepared a program filled with festivals and events. The tourism packages will grant GCC nationals and residents the opportunity to visit Bahrain with special rates for hotel reservations, access to sightseeing activities tailored to their budget, and entry to various events.
Self-drive, a UAE car rental tech platform is expanding to Qatar and Bahrain due to increase adoption of digital car rental market. Seamless customer experience and range of product offerings will be required. The enhance infrastructure cooperation, Bahrain and Saudi are committed to cooperate in developing infrastructure, road services etc. All these factors are leading to rise in demand for rented cars in Bahrain.
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