Bahrain Electric Vehicle Market Insights:
According to MarkNtel Advisors, 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 it. Nevertheless, the future would present lucrative prospects for the market to expand at a significant pace.
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Bahrain Electric Vehicle Market Definition:
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.
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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.
Bahrain Electric Vehicle Market Segmentation:
1. By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Two-wheelers
2. By Power Source
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
3. By Battery Type
- Lithium-Ion Battery
- Lithium Titanate Oxide (LTO)
Bahrain Electric Vehicle Market Geographically Analysis:
4. By Region
- North
- Central
- South
Bahrain Electric Vehicle Leading Companies:
- 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
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