The automotive component market in Bangladesh has more than doubled in a space of a decade driven by rising car users.
The automotive component market in Bangladesh has more than doubled in a space of a decade driven by rising car users.
• Market size was Tk 1,300cr-Tk 1,400cr last year • Annual growth rate 10-12pc • Market size was below Tk 500cr 10 years ago • At least 200 traders import auto parts • Of the spare parts, 80pc are for Toyota cars
Importers bring in engine, alternator, radiator, air conditioner, suspension, brake pads, spoiler, rim, tire, trim package, body components, among other spare parts needed to serve the booming automotive market.
The market size of automotive components was about Tk 1,300 crore to Tk 1,400 crore last year with an annual growth rate of 10 to 12 percent in the last one decade.
spare parts of all kinds of motor cars are available in the market. Among the spare parts, 80 percent are for Toyota cars and the rest for other brands. Customers think that only the spare parts of Toyota cars are available in Bangladesh, but the scenario has changed in the last one decade as people use different brands of cars.
According to the Bangladesh Road Transport Authority (BRTA), only 20,093 passenger vehicles were registered in 2020, covering a mere 5.3 percent of the automobile industry volume. Passenger vehicles include sedans or private cars, sport utility vehicles (SUVs) or jeep, and microbus or multi-purpose vehicles (MPVs). Within the passenger vehicle segment, sedans (also referred to as private cars) accounted for almost 55 percent of vehicles, with 12,403 units registered in 2020. The remainder of the passenger vehicles segment was captured by SUVs and microbuses with 4,911 units and 2,779 units respectively.
Korea have a large industry for car components. Partner companies and business firms looking for expansion or const optimization can explore the available opportunities that keep presenting with time. We can work jointly as part our initiative to support and enhance the cooperation on multiple areas of energy plant.
We welcome firms to send enquiries and explore with us on various options.
Technology and trade are binding the world together. Globalization over the last few decades has pulled many nations out of poverty. Industrialization has propelled few countries as international powerhouses.
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