Bahrain new vehicles sales strong again in the first half 2015 albeit conservative expectations. The market was pushed by strong investments in constructions and infrastructures desite low enrgy sector trend.
Economic growth in Bahrain was surprisingly robust in Q2 at 3.7% year-on-year, according to recently released GDP data. This was a clear acceleration over the 2.8% registered in Q1. Bahrain has been able to resist the headwinds that have been battering the economies of its regional peers thanks to a strong performance of the non-oil economy.
Construction registered robust growth thanks to GCC-funded projects such as the expansion of Bahrain’s international airport. Even though economic activity has been holding up, the slump in oil prices is taking a toll.
The budget deficit is expected to continue soaring and government spending is expected to be trimmed further. In addition, Fitch Ratings and Standard & Poor’s are both scheduled to review Bahrain’s credit rating in December with the possibility that the agencies will follow Moody’s decision last month to downgrade Bahrain’s rating.
Ending the 2014 with the fourth all-time record sales in a row, the domestic vehicles industry left the impression to have achieved a top thanks to the roaring economic development of the country while the government was called to phase a crisis driven by the cut of oil price in the international market.
However, government decided to kept the investment speed with strong infrastructures and construction spending and the domestic demand was above expectations during all the first half of 2015.
Demand for new vehicles followed the economic demand and kept growing scoring the best first half ever running towards a new record for the year. Indeed, in the first half total light vehicles sales had been 35.134, up a significant 7.8% from the correspondent period last year.
As in the entire Gulf area, Toyota is dominating the market and in the first half had reported 16.333 sales, up 12.9% further gaining market share, now at 46.5%. When considering the performance at group level, with Lexus sales inside, the market share become a wonderful 52.1%.
The top 8 models are made in Toyota (including one Lexus) with the Land Cruiser on top of the list with 3.265 sales, followed by the Hilux with 2.878 and the Prado with 2.570.
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|Rank 2015||Rank 2014||Model||I Half 2015||I Half 2014||Var||Share 2015||Share 2014|
|1||1||Toyota Land Cruiser||3.265||3.373||-3,2%||9,5%||10,5%|
|9||9||Hyundai Santa fe||635||657||-3,3%||1,8%||2,1%|