with a smaller car market than its neighboring countries, Bangladesh had to rely on imported vehicles from luxury SUVs to small compact sedans previously. However, with the rapid growth in purchasing power, has seen the automobile industry record a 10-12% increase in 2019.
Recent investments such as the partnership of FTL with Hyundai has seen an investment of $125 million, projecting to produce 5000 vehicles a year, shows ambition. BAIL is building a plant with BEV which is estimated to reach $1b market value within 5 year. Companies such as Pragati (Mitsubishi Motors), PHP Motors (Proton) give us a strong base to go big in the industry.
When it comes to two-wheelers, according to a report from the Daily Star in 2019, Bangladesh has sustained a 400% increase in motorcycle users while manufacturing or assembling 80% of 2,991,612 motorcycles. The growing industry has recorded an astonishing 1,500 motorcycles purchase every day! If the motorcycle industry is anything to take reference from, we can replicate similar growth with four-wheelers too.
The value of the automobile market has risen nearly 300% in the last decade with averaging 8% growth every year since 2012. Bangladesh can really hope to become a part of the global supply chain in future.