Market Size of Bangladesh Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 2.15 Billion |
| CAGR (2024 - 2029) | 7.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Bangladesh Used Car Market Analysis
The Bangladesh Used Car Market size is estimated at USD 1.40 billion in 2024, and is expected to reach USD 2.15 billion by 2029, growing at a CAGR of 7% during the forecast period (2024-2029).
Over the long term, The growing preference of consumers toward personal mobility is likely to increase the demand for personal vehicles. Flexible payment options through online platforms have encouraged industry participants to offer used cars at a reasonable cost. Flexible finance options provided by car dealers across the country are likely to further enhance used car sales.
Additional factors driving market expansion include rising disposable income levels, rising consumer demand for luxury automobiles, shorter car ownership durations, expanding import-export, and a growing inclination among two-wheeler owners to upgrade to tiny and compact cars.
Further, in the wake of the notable internet penetration rate in the country, the sued car companies are adopting various business models. They are focusing on increasing the visibility of the online marketplace to provide better opportunities for the customer to conduct proper research before delving into buying a used car product. Such developments are expected to offer lucrative opportunities for players in the market.
Consumers are refraining from investing hugely in newer vehicles and are opting to purchase used cars. As a result, we see the used car industry on the rise. Used car platforms are widely safe, accessible, and available at reasonable prices. This is likely to witness major growth for the market during the forecast period.
Bangladesh Used Car Industry Segmentation
A used car is a pre-owned vehicle that has previously had one or more retail owners. These cars are sold through a variety of outlets through independent dealers, online sales channels, and others.
Bangladesh's used car market is segmented into vehicle type, vendor type, and fuel type. Based on the vehicle type, the market is segmented into hatchbacks, sedans, sports utility vehicles, and multi-purpose vehicles. Based on the vendor type, the market is segmented into organized and unorganized. Based on the fuel type, the market is segmented into gasoline, diesel, Electric, and other fuel types.
For each segment, the market sizing and forecasts have been done based on the value (USD).
| Vehicle Type | |
| Hatchback | |
| Sedan | |
| Sport Utility Vehicles (SUVs) | |
| Multi-Purpose Vehicles (MUVs) |
| Vendor Type | |
| Organized | |
| Unorganized |
| Fuel Type | |
| Gasoline | |
| Diesel | |
| Electric | |
| Other Fuel Types |
Bangladesh Used Car Market Size Summary
The Bangladesh used car market is experiencing a robust expansion, driven by a shift in consumer preferences towards personal mobility and the increasing affordability of vehicles. The market is benefiting from flexible payment options and online platforms that make used cars more accessible and cost-effective. Factors such as rising disposable incomes, a growing demand for luxury vehicles, and a trend towards shorter car ownership durations are contributing to the market's growth. The inclination of two-wheeler owners to upgrade to compact cars further fuels this demand. The adoption of digital business models by used car companies, leveraging the country's high internet penetration, is enhancing market visibility and providing consumers with better research opportunities before purchasing. This digital shift is expected to create lucrative opportunities for market players.
The market is characterized by the presence of major international automakers like Toyota, Nissan, Ford, Maruti, and Renault, which have introduced compact car models to tap into the segment's potential. The popularity of hatchbacks and sedans, due to their economic benefits and comfort features, is evident, with these segments witnessing significant demand. The rise of online sales channels, supported by the increasing number of internet users, is making the market more organized and attractive. Key players such as Bhalogiri.com, Car Haat, and others are competing by offering value-added services and competitive pricing. Despite new duties and taxes on used car imports, the market is poised for growth, supported by the expansion of used car dealerships and the introduction of innovative sales platforms.
Bangladesh Used Car Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rise in Price of New Cars
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1.2 Market Restraints
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1.2.1 Trust And Transparency In Used Car Remained A Key Challenge For Consumers
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 Vehicle Type
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2.1.1 Hatchback
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2.1.2 Sedan
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2.1.3 Sport Utility Vehicles (SUVs)
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2.1.4 Multi-Purpose Vehicles (MUVs)
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2.2 Vendor Type
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2.2.1 Organized
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2.2.2 Unorganized
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2.3 Fuel Type
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2.3.1 Gasoline
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2.3.2 Diesel
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2.3.3 Electric
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2.3.4 Other Fuel Types
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Bangladesh Used Car Market Size FAQs
How big is the Bangladesh Used Car Market?
The Bangladesh Used Car Market size is expected to reach USD 1.40 billion in 2024 and grow at a CAGR of 7% to reach USD 2.15 billion by 2029.
What is the current Bangladesh Used Car Market size?
In 2024, the Bangladesh Used Car Market size is expected to reach USD 1.40 billion.
