Passenger Cars - Bangladesh

Bangladesh

Revenue in the Passenger Cars market is projected to reach US$521.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.84%, resulting in a projected market volume of US$845.1m by 2028.
The market's largest segment is SUVs with a projected market volume of US$222.9m in 2024.
Passenger Cars market unit sales are expected to reach 28.20k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$29.57k in 2024.
With a vehicle unit sales share of 30.1% in 2024, Kia is expected to have one of the highest market share in the selected region.
The value market share of the make Lexus in the selected region is expected to stand at 33.6% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Bangladesh has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Bangladesh have been shifting towards passenger cars as a mode of transportation.

This can be attributed to the increasing urbanization and rising middle-class population in the country. As more people move to cities and experience higher disposable incomes, they are opting for passenger cars for their daily commute and personal transportation needs. Additionally, the younger generation in Bangladesh is also showing a preference for passenger cars as a status symbol and a means of convenience.

Trends in the market indicate a growing demand for eco-friendly and fuel-efficient cars in Bangladesh. With the increasing concern for the environment and rising fuel prices, customers are looking for vehicles that offer better mileage and emit lower levels of pollutants. This has led to a rise in the popularity of hybrid and electric cars in the country.

Manufacturers are also focusing on introducing more eco-friendly models to cater to this demand. Local special circumstances in Bangladesh, such as the lack of a well-developed public transportation system, have contributed to the growth of the passenger cars market. As the infrastructure for public transportation is still evolving, many people rely on private vehicles for their daily commute.

This has created a favorable environment for the growth of the passenger cars market in the country. Underlying macroeconomic factors have also played a significant role in the development of the passenger cars market in Bangladesh. The country has been experiencing steady economic growth, which has resulted in an increase in the purchasing power of consumers.

As a result, more people are able to afford passenger cars and are willing to invest in them. Additionally, favorable government policies and initiatives, such as reduced import duties and taxes on passenger cars, have further stimulated the market. In conclusion, the Passenger Cars market in Bangladesh is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

As the country continues to develop and its population becomes more affluent, the demand for passenger cars is expected to further increase. Manufacturers and dealers in the market need to adapt to these changing dynamics and cater to the evolving needs of customers to capitalize on the opportunities in the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).