Overview of the Two-Wheeler Market in Bangladesh
Two-wheeler vehicles, or motorcycles, are one of the fastest-growing vehicle industries in Bangladesh. Motorcycle use has increased significantly over the last decade. Currently, many businesses promote motorcycles to meet rising consumer demand. The import of motorbikes from India, China, and Korea remains the main source of revenue for the two-wheeler industry. In Bangladesh, over 100 vehicle manufacturers operate in the market, but ten to twelve companies dominate the market share.
Market Growth and Key Drivers
Rising sales are driving rapid expansion of the two-wheeler market in Bangladesh, which is expected to grow at a CAGR of over 6% between 2023 and 2027. People widely use motorcycles in rural areas due to inadequate road infrastructure. Moreover, Bangladesh’s strong economic growth, growing population, and increasing consumer spending attract key industry players. Consequently, major companies like Honda and Yamaha are establishing production facilities in the country instead of focusing on more developed neighboring markets like India and China.
Leading Segments and Trends
The motorcycle segment currently leads the market and is expected to maintain its position during the forecast period. High adoption of two-wheelers, low maintenance costs, easy financing options, and popularity among office goers who want to avoid traffic congestion drive this leadership. Additionally, the electric two-wheeler segment is projected to grow at a high CAGR by 2025. Increasing demand for alternative transportation to reduce pollution and conserve fossil fuels drives this growth.
Honda Motors, Harley Davidson, Piaggio, BMW, Bajaj Auto Ltd. Kawasaki Motors, Yamaha, Suzuki, KTM, TVS Motor Company, etc. are major firms that produce two-wheelers in the Bangladeshi market. To grow their market share, the companies that are active in the market are concentrating on releasing new items at a faster rate.
The market for two-wheeler vehicles in Bangladesh is undergoing a dynamic and transformative phase. Indeed, the growing demand for motorcycles and scooters reflects the changing mobility landscape and increasing affordability. As a result, urbanization and economic growth are driving further expansion in the two-wheeler industry. Consequently, these vehicles offer commuters convenience and efficiency while addressing broader transportation challenges. However, stakeholders must prioritize safety measures, environmental considerations, and regulatory frameworks. By doing so, they can ensure a sustainable and beneficial future for both the industry and the country.
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