Flash Reports

Bahrain full year 2016. Hyundai shines in harsh market

Bahrain Vehicles Market 2016 Toyota-Yaris_Sedan-2016

Bahrain Vehicles Market 2016 down sharply falling back at the 2012 level, albeit positive signs reported in the fourth quarter. 2017 will be positive back waiting for 2018 3.5% rate VAT introduction. Hyundai shines.

Bahrain’s economy gained momentum in Q3 2016 after a weak showing in the previous quarter, with GDP rising at a faster pace thanks to strong growth in the country’s non-oil sector and job creation continuing at a brisk rate. The construction industry was at the heart of the improvement, propelled by unprecedented infrastructure investment, with a project pipeline totaling USD 69.7 billion in December.

Growth is expected to dip slightly this year, with the oil sector set to remain weak despite a predicted modest uptick in oil prices. Moreover, the looming risk of further interest rate hikes and the knock-on effect on borrowing costs is likely to growth.

Vehicles market reported a sharp fall in the 2016, ended with the fourth quarter down near 14%, prolonging the decline started in mid 2015 and boosted by economic effects of oil price fall. Light vehicles volumes ended the year at 49.669 units (-23.9%), falling back at the 2012 level , however the fourth highest ever.

The market leader, Toyota has lost a little more than the market (-25.4%) and Nissan did the same (-24.8%). Better performances had been done by the third, Hyundai (+3.2%). In fourth place and leader among premium brands, Lexus has lost 15.1% and was followed by Kia (-33.9%), Honda (-14.4%) and Isuzu (-7.5%).

At model wise, the best five models had been made by Toyota with podium unchanged from the previous year. The leader is the Toyota Land Cruiser  with 4.483 sales (-25.6%) followed by the Toyota Prado with 2.942 (-24.6%) and the Toyota Hilux with 2.773 (-40%).

Effective from January 1, 2018 it is anticipated that Bahrain will introduce a broad Valued Added Tax (VAT) at a rate of between 3-5%. All businesses in Bahrain will be affected since VAT will impact most sales of goods and services within Bahrain, where it is anticipated there would be limited exemptions and consumption tax relief. Effects on the sector should be positive in the second half of 2017, anticipating sales to avoid the 2018 price increase.

Research, Consulting, Data & Forecast

F2M covers intensively this market with several products developed to help any investigation required.

Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2022.

Auto Data in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end.

All these and more within our Bahrain Corner Store.

Rank 2016 Rank 2015 Model Sales 2016 Sales 2015 2016 Variation
1 1 Toyota Land Cruiser 4.483 6.026 -25,6%
2 2 Toyota Prado 2.942 3.901 -24,6%
3 3 Toyota Corolla 1.831 2.109 -13,2%
4 6 Hyundai Accent 1.564 1.209 29,4%
5 31 Toyota Yaris 1.515 388 290,5%
6 11 Toyota Camry 1.166 984 18,5%
7 7 Lexus LX 1.001 1.199 -16,5%
8 9 Nissan Sunny 915 1.049 -12,8%
9 8 Toyota RAV4 913 1.185 -23,0%
10 19 Nissan X-Trail 684 631 8,4%

(132)