Bangladesh Automotive Aftermarket Market

Bangladesh Automotive Aftermarket Market Overview

Bangladesh automotive aftermarket is facing major disruption in the coming years as new vehicle sales is grow significantly in the last one decade. Bangladesh Automotive Aftermarket is forecast to grow at robust growth rate of 10.2% owing to growing new passenger car sales coupled with ever-growing VIO (Vehicle in Operation).

Major Bangladesh Automotive Aftermarket Market Drivers

The Auto parts market has more than doubled in a matter of a decade driven by rising number of car users and the substantial increase in demand for used car in Bangladesh. This trend of buying used cars is projected to keep growing in the following years, as more people have the ability to buy a car. In addition, the import tariffs reduction for vehicles can further fuel the used car market’s growth.

Even though Bangladesh’s automotive automobile industry is still at the initial steps of development, but it stands poised for substantial growth in the near future. The rising middle-income class and robust economic growth contribute to boosting the demand for vehicles in the country. As a result of remarkable improvement and innovation, Bangladesh has been one of the emerging economies in South Asia with an impressive development in the automotive sector.

Nevertheless, imported products constitute the major share of automotive aftermarket parts in Bangladesh. To promote the growth of this segment, the government has also put manufacturing of parts and components as one of the key agendas of the National Automobile Policy 2020. Furthermore, the government also offers generous tax holidays and fiscal incentives to foster the market’s growth.

Bangladesh Road Transport Authority confirmed that in 2020 only 20,000 passenger vehicles were registered, which covered only 5.3 percent of the automobile industry volume. As of now, there are 500,000 registered passenger cars, showing an average yearly growth rate of 8 percent. With 12,403 units registered in 2020, Sedans represented almost 55 percent of vehicles. It is followed by SUVs with 4,911 units and microbuses with 2,779 units for the passenger vehicles segment.

The surge of passenger vehicle registration is due to the increasing per capita income and spending ability of the middle-income demographic which influenced the growth of economic activity. This, in turn, will lead to a substantial demand for both passenger and commercial vehicles.

In light of this fact, many automakers are eager to invest and have already started production facilities in Bangladesh. With the thriving economy and vast population, we can expect to see more automakers follow the lead over the coming years.

Segments covered in the Report:

The Bangladesh Automotive Aftermarket Market has been segmented on the basis of certification, replacement part, vehicle type. By replacement parts, the market is segmented into Battery, battery, brake parts, tire, filters, electronic components, Lighting Components, Lubricants, Engine Components, Clutch Parts and others. Based on the vehicle type, the market has been segmented into commercial vehicles and passenger vehicles. Based on certification, the market has been segmented into Counterfeit Parts, Certified Parts, Genuine Parts & Others.

Report Coverage	Details
Market Revenues (2023)	USD Million
Market Base Year	2023
Market Forecast Period	2024-2031
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Vehicle Type, By Replacement Parts, By Certification
Regional Coverage	Bangladesh
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Bangladesh Automotive Aftermarket by Vehicle Type

·         Commercial Vehicles

·         Passenger Vehicles

Bangladesh Automotive Aftermarket by Replacement Parts

·         Tire

·         Battery

·         Brake Parts

·         Filters

·         Air Filter​

·         Oil Filter​

·         Others​

·         Lighting Components​

·         Electronic components​

·         Lubricants​

·         Clutch Parts​

·         Engine Components

·         Timing Belt​

·         Spark Plugs​

·         Others​

·         Others

Bangladesh Automotive Aftermarket by Certification

·         Genuine Parts

·         Certified Parts

·         Counterfeit Parts

·         Others