Tech and Teen
  • Technology
  • Teen
  • Entertainment
  • Sports
  • Politics
  • Business
  • World
  • Multimedia
  • IT HOT
  • Blog
  • Technology
  • Business
  • Sports
  • Entertainments

Tech and Teen

  • Technology
  • Teen
  • Entertainment
  • Sports
  • Politics
  • Business
  • World
  • Multimedia
  • IT HOT
  • Blog

The Booming Automotive Industry in Bangladesh

by Tech and Teen July 30, 2018
written by Tech and Teen July 30, 2018
The Booming Automotive Industry in Bangladesh

Carmudi examines the current and future state of the automotive industry in Bangladesh and other Emerging Markets.

Carmudi’s report on “The Booming Automotive Industry in Emerging Markets” provides a detailed look into the global state of automotive sales and how car purchasing behaviors have changed due to the drastic increase in internet and mobile penetration, rising GDP, and the emergence of a middle class. The findings in this report are the result of Carmudi’s quantitative surveys conducted online with both car buyers and car dealers, and in-depth interviews with industry influencers throughout Bangladesh.

The State of Global Car Sales

Global automotive sales for 2015 are expected to reach close to $89M, a 2.4% growth from 2014. Emerging markets’ share of global sales will rise from 50% in 2012 to 60% by 2020, while their share of global profits is also set to rise by 10%. When it comes to new cars, purchase intent is strongest in Asia, where 65% of respondents say they will buy new cars in the next two years, compared with 7% who plan to buy used cars.

Growth of Auto E-Commerce

Globally, auto E-Commerce has grown at such a staggering rate that now as many as 80% of new car customers and almost 100% of used car customers begin their car shopping experience online. With internet and mobile penetration significantly growing in emerging markets, the rate of moving the car shopping experience online is beginning to mirror that of Western Markets. In Bangladesh, as one of leading importers of reconditioned cars, 70% of car buyers report using online car classifieds to conduct research on a car before making a purchase.

Changes in Bangladesh Car Sales

The Carmudi study found that around 40% of car dealers in Bangladesh saw no change, and the remaining 60% were equally split, with 30% reporting seeing an increase and 30% reporting seeing a decrease in sales. According to Khaan M. Saakib Us Salehin from RANGS Group and Ahmed Nafiz Naihan from progress Motors, this phenomenon occurred due to high stock, more fierce competition between dealers, and the political instability in the country.

The Shift to Online

Bangladesh has entered a big transition by using both offline and online media. Facebook, arguably the most popular social media platform, is used by over 50% of car dealers in Bangladesh to advertise their listings. Even with the shift to online, 50% car dealers are still majorly focusing on newspapers.

The Future of Car Sales in Bangladesh

As one of the fastest growing and most promising economies in Asia-Pacific according to the Euromonitor International, Bangladesh’s economic outlook is highly promising with an anticipated real annual GDP growth at 7% on average until 2018. With improving road infrastructure and greater household purchasing power in Bangladesh, used car sales are set to accelerate over the next five years. “Car sales will grow significantly only when the tax rate will be in a tolerable state. If the current tax structure remains same the good quality small cars sale will increase”, said Khaan M. Saakib Us Salehin, Marketing Head of the Automotive Division from RANGS Group.

João Pedro Príncipe, Country Manager of Carmudi Bangladesh said, “The automobile industry in Bangladesh is undoubtedly the most invigorating and dynamic one I have ever encountered! Motorcycle sales are skyrocketing, with over 300,000 units sold in 2014 alone. New players are coming to the market every month, in pursuit of this fascinating market, and some are taking the market by assault. Regarding cars, Toyota (especially with the reconditioned models Axio, Allion and Premio) is the undefeated champion. However, it will be exciting to see how long this will last, since I know from secure sources new European brands are arriving in the market this year, at very competitive prices and with irrefusable conditions. The unpredictableness of the market for the next couple of years regarding models’ and brands’ trends is unavoidable. However, one thing is certain – Carmudi will play an increasingly important role in vehicle trade in Bangladesh, especially as more models become available and vehicle buyers need to find a secure, trusted way to compare information and specifications to make smart purchasing decisions, tailored to their requirements.”

About Carmudi

Carmudi was founded in 2013 and is currently available in Bangladesh, Cameroon, Congo, Ghana, Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Rwanda, Saudi Arabia, Senegal, Sri Lanka, Tanzania, United Arab Emirates, Vietnam, and Zambia. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online.

0 comment
0
FacebookTwitterGoogle +PinterestLinkedinWhatsapp
previous post
Round Table on Policy Support for Local E-Commerce Industry
next post
Ramadan begins Friday

related posts

Make your retail transaction easy and secure with...

May 9, 2019

Huawei Predicts 10 Megatrends for 2025

August 21, 2019

Heavygari: Commercial vehicle renting is just a click...

March 21, 2019

Porimoni’s cows

August 15, 2019

realme’s Founder and CEOSky Li shares open letter...

August 13, 2023

Huawei Sues the U.S. Government

March 9, 2019

The realm of Oppo’s camera phones

April 7, 2019

Daraz Created History by Selling Products Worth BDT...

November 13, 2020

Global Lifestyle Brand GIORDANO completes 3 years in...

May 6, 2019

Next Generation of Oracle Autonomous Data Warehouse Available

March 21, 2021

Buy air ticket on 16 December with only...

December 13, 2019

GP network offers enhanced maritime communication and safety

April 29, 2019

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

  • Pepe Jeans Powers up in Jaipur with its Biggest Indian Store Yet

    May 15, 2025
  • Shafayat Alam takes helm as CEO of Nagad

    May 14, 2025
  • Global Investors Witness PriyoShop’s Impact Firsthand

    May 14, 2025
  • Buyers win iPhones by buying products from ‘Beauty Booth’

    May 14, 2025

Popular Posts

  • 1

    Itel Mobile Brings new affordable Dual 4G Smartphone

  • 2

    Grameenphone and its 25 years history

  • 3

    National Hackathon final

  • 4

    Bangladeshi Razib Ahmed awarded Facebook fellowship

  • 5

    Vivo’s new phone Y12 in BD market

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018

Mobiles

  • realme launches C75x: The ultra-waterproof smartphone under Tk 18,000 in Bangladesh

  • TECNO launches CAMON 40 Series with FlashSnap & IP68 & IP69 Waterproof technology

  • Infinix leading another lifestyle with Note 50 series

  • Stylish HONOR X8c to hit Bangladesh market soon with 512GB Massive Storage

  • vivo V50 Lite Launches in Bangladesh with Tahsan at Grand Event

Popular Posts

  • 1

    Airtel signs agreement with Concito PR

  • 2

    Chevron Launches Social Investment Program with BRAC

  • 3

    Aamra technologies make Agreement with Microsoft

  • 4

    Bikroy.com Offers Animal Preorder and Delivery for Qurbani Eid

  • Meridian Finance lowers home loan interest through bproperty.com


Tech and Teen is proudly powered by WordPress