Sri Lanka, Bangladesh, Nepal Automotive Market Research Report, Growth, Revenue and Analysis - Ken Research

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Bangladesh, Sri Lanka, Bhutan and Nepal
Automotive Market 2021 Upcoming Trends, Industry
Size, Market Growth, Demand and Forecast
Research Report to 2027 Ken Research How is
South Asian Automotive Market Positioned? Asian
countries vary greatly in terms of automobile
manufacturing and market demand. It includes
Bangladesh which is the third largest automotive
market in Asia. The countries that we have
considered in this research are Nepal, Bhutan,
Bangladesh and Sri Lanka. Except Bangladesh, all
the countries are heavily reliant on the import
of automotive vehicles. Most popular means of
transport is two wheeler in these countries
since it is easy to transport and will be more
affordable than four wheelers, except Sri Lanka.
Out of the Heavy weight vehicles, ambulance are
most popular, followed by Buses and Trucks.
Pre-COVID, Bangladesh saw the Automotive Industry
growing as a result of its government
schemes. Market The automotive Industry has
seen significant growth in the last few years,
recording a CAGR of during 2016-2020 primarily
due to strong economic growth, increased
consumer spending, increased consumer and
business confidence in the economy and
affirmative government policies. Apart from
these factors, other indirect factors have played
a major role as well, like condition of public
transport, geography and terrains of the
countries, accessibility to micro-chip
manufacturing centres and trade agreements that
have facilitated strong growth and increased
sales in units. Nepal Automotive Market By Type
of Vehicle 70 of the vehicle consists of two
wheelers in the country as they are more
affordable and easy to replace along with they
fit fairly well with geography and terrain of
Nepal. With pandemic, there was a massive
increase in sales for 2 wheelers as people were
hesitant to travel in any mode of public
transport. While two-wheelers recorded
encouraging sales when the lockdown was lifted,
the same wasnt the case for four-wheelers.
Unlike two-wheelers, buying a four- wheelerthe
least expensive of which cost two million
rupeesin Nepal is a high- value investment. By
Region (Zone) Bagmati and Lumbini
are the leading regions in
Nepal representing lions share of sales in
Automotive Industry. In 2019, the country was hit
with a nationwide lockdown due to COVID and this
was implemented in the peak sales season.
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Bhutan Automotive Market Bhutan has witnessed a
massive increase in the sales of cars in the past
5 years. Estimates say that now there is one car
for every 7 people in Bhutan. However, Bhutan
has always been well known for its efforts to
attain complete sustainable development. Keeping
these goals in mind, the country is pushing
towards EVs or electric vehicles. It aims to
become a hub for electric vehicles. To discourage
the use of vehicles (pre-COVID) in order to keep
in track with the happiness index (which the
Bhutanese prioritise), the government also
increased taxes on vehicles. However, car buyers
were not discouraged from obtaining loads and
hence financing this purchase was easy. Power
tillers are a highly growing segment in Bhutan
with a CAGR of 14 for 2020- 2025. It is the
sign of the growing agriculture in the country.
Another leading segment is the light weight
vehicles.
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Sri Lanka Automotive Market Sri Lanka is an
import based country when it comes to automotive.
The decline in the automotive sales started when
there was a terrorist attack on the country which
was followed by a ban on imports to save the
much needed foreign exchange. To make matters
worse, the government revised and increased the
excise duty for automotive vehicles in Sri Lanka
which slowed down the imports. The ban took a
toll on the entire market as this ban was
imposed at a time where public transport was not
convenient and there was a demand for two
wheelers. Companies have been selling vehicles
from their inventory but they do not have any
inventory to sell after 2020. Many small
dealerships have shut shop during this period as
they did not have enough inventory to stay in
business and this has also led to massive
unemployment. By OEM We have divided this
segmentation into two sections, one for motor
cars and the other for motorcycles. The most
popular OEMs in two wheeler segment are Indian
companies whereas in the four wheeler segment it
is the Japanese that take the largest
share. Bangladesh automotive Market With a
population of 167 million people and an annual
GDP growth averaging over 7 in the last five
years, and high remittance from expatriates,
Bangladesh represents one of the Worlds Top 5
emerging economy for the next decade. Despite
doubled in the last five years, the per capita
income is still among the lowest in the World
(US1.829 in the 2019), but it is projected to
double within the next five years. Pre- COVID,
Bangladesh saw the Automotive Industry grow as a
result of its government schemes. There was a
decrease in automotive taxes which led to an
increase in mobility and sales. Similar to other
countries, sales were down during the year 2019-
2020, owing to COVID. However, post the lifting
of lockdown, Bangladesh saw a rise in the demand
for 2 wheelers as public transport was not
convenient for everyone and the most affordable
option in the market was a 2 wheeler. The
government has been very supportive of the
industry and has schemes in place to promote the
industry in a post-COVID world. Request For
Sample Report - https//www.kenresearch.com/sample
-report.php?FrmdetailsNDc2NDk5 Nepal Bhutan Sri
Lanka and Bangladesh Automotive Market Future
Outlook and Projections
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• Nepal Bhutan Sri Lanka and Bangladesh Automotive
  Market is expected to increase at a CAGR of
  double digit during 2021 to 2026 basis volume.
  After the pandemic there will be a push and
  rebound growth in the manufacturing sector of the
  country and consumer demand rebound in the
  countries, pushing the growth. There will be a
  boast in various low share segments like Taxi
  and Power Tillers due to rebound of the
  commercial activities in country. Government
  Policies and taxation policies provide a
  foundational support for the growth of this
  industry.
• Key Factors Considered in the Report
• Nepal Bhutan Sri Lanka and Bangladesh Automotive
  Sales Volume
• Nepal Bhutan Sri Lanka and Bangladesh Automotive
  Vehicle Type (in Units)
• Nepal Bhutan Sri Lanka and Bangladesh Automotive
  Vehicle Type (Market Share)
• Nepal Automotive Vehicle Registration by Region
• Nepal Vehicle Registration by State
• Nepal Bhutan Sri Lanka and Bangladesh Automotive
  Maker Market Share
• Future Market Size and Segmentations, 2020-2025F
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