Automobile industry is one of the growing sectors in Bangladesh. Compared to the last decade, the growth of the automobile industry has gradually increased due to the socio-economic development and purchasing power of the middle and upper middle class of the country.
Bangladesh’s automotive parts market size was reported to be in between BDT 1,300 crore to BDT 1,400 crore last year with a annual growth rate of 10% to 12%. Automobile market was below BDT 500 crore 10 years ago in Bangladesh.
According to The Daily Star, There were only 303,215 units of registered motorized vehicles in 2003 in Bangladesh. But up to MAY 2021, According to BRTA data, there were 4,729,393 units of registered vehicles in Bangladesh. Among them, 544,616 are passenger cars.
Authorized importers and dealers are now ensuring the availability of authentic parts for brand new and luxury cars. Importers are importing new cars from various brands of China, Germany, India, Malaysia, South Korea, Thailand, UK and US. It is expected that the brand new car’s market share will increase to 20%-60% by 2025.
The covid-19 pandemic also hits the market to the worst. But it is expected that the automobile market will be back on track after the pandemic effect ends and the economy gets stable.
Although the automobile industry of Bangladesh is more developed than before, so far it has not achieved the expected success. Considering hybrid and electric cars, import duty policies will bring sustainable growth in the future. We are still not capable of manufacturing cars in Bangladesh.
If the government emphasizes the automobile assembly and manufacturing sector, one day we might see “Made in Bangladesh” cars fulfilling the local demand of this country.
That’s why the best exhibition organizer Eco Expo working on this sector efficiently.
