Due to the fast-growing middle-class economy, the sales of all sorts of automobiles have increased rapidly in Bangladesh since the last decade. Besides, the economy of the country is growing progressively in the last few years at 6% which is expected to reach around 7-8% in 2021.
Bangladesh is a developing economy. With the presence of many portal sites, it has become pretty easy for auto importers to purchase vehicles. Buyers can visit online marketplaces and compare several brands and models of used and new cars at the same time, instead of visiting showrooms.
Moreover, the quick emergence of ride-sharing platforms like Uber, Pathao, and others are contributing to increased demands. As the inner automobile industry of Bangladesh is not developed, it imports many reconditioned cars from other countries, thus providing sufficient opportunities for car importers to make a fortune. Let’s discover this infographic based on Bikroy’s 2020 data on the car market in Bangladesh.
Which cities have the most car selling ads in Bangladesh?
According to current data, Dhaka’s roads have seen a 40% increase in vehicle density over the last five years. The same goes for the other metropolitan cities here. A data from Bikroy.com- the Largest Marketplace in Bangladesh shows that 65% of the whole ads for car selling have been posted based on the capital city.
The rapid urbanization and mindset of living in city areas are also contributing to this graph report for posting more ads from major cities. Chattogram – the port city is in the second position holding 26% of the entire ads and then there is Khulna with other cities consecutively holding 6% and 3% of the ads.
Most Popular Car Brands in Bangladesh
Automobile organizations continue launching new models frequently to get a slice of the Bangladeshi car market. This is one of the successful and fast-growing industries that is attracting attention from giant automobile manufacturers.
Based on this infographic, there is no doubt that Japanese automobile brands are more devoted to the market and the end result is always a car that Bangladeshis are leaning on. Toyota holds the lion’s share of 85% of the entire car ads and then there are Nissan, Honda, and other car brands holding 7%, 6%, and 2% of the posted ads gradually.
How much are people willing to spend on cars?
The car market in Bangladesh is small compared to our neighboring countries. As we have mentioned the country’s majority is driven by middle-class economies, people tend to buy and sell cars within a modest price range on a large scale.
A statistic from Bikroy.com shows 35% of ads for car trading lies between the BDT 10-20 lacs price group and 23% of the ads posted within the 20-30 lacs price group. Whereas cars ranging from BDT 30-40 lacs take up 16% and BDT 5-10 lacs group take up 13% of the entire car ads on Bikroy.
The Most Searched Car Brands in Bangladesh
In 2020, the most searched cars in Bangladesh were Toyota, Honda, BMW, Nissan, and Mazda consecutively, according to the latest Bikroy.com study. The study found the data based on the car selling and buying ads.
According to the Infographic, when consumers search by a brand, in most cases they are likely to be fulfilling their curiosity, and while when they are searching by a specific model, they are likely to find and buy a car for them.
Which car condition Bangladeshi consumers are preferring mostly?
Due to the current pandemic situation, the new car sales have slowed down in our country but at the same time, the reconditioned car market has continued to grow over the years and is larger than the used car market currently.
According to Bikroy.com’s stats, 53% of ads posted for reconditioned cars because those who are buying these cars instead of used or new cars see value for money in the deal. Whereas, 46% of the entire ads are posted for used cars and 1% of them are for new cars.
Similar to the other economical industries, the automobile industry also faced the massive impact of COVID-19. The industry claimed to incur losses of BDT 300 core since over 5000 units of vehicles remained unsold in the showrooms amidst the pandemic.
As economies are reopening at a steady pace, the automobile industry is expecting to completely recover in a short time. In the end, The government and the policymakers need to utilize the components existing in the country correctly and make it whole with necessary policies to structure a well-shaped local automobile industry.
Doing so will definitely increase the opportunity for foreign investments and will open an enormous opportunity for the automobile industry.