Vehicle registrations to decline by 38 percent in 2023

Vehicle registrations to decline by 38 percent in 2023

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Motorcycle sales were increasing year after year in the country. But motorcycle sales declined last year. According to BRTA, more than 500,000 motorcycles were to be registered in 2022. Sales dropped to about 300,000 in 2023. Motorcycle sellers said the price of motorcycles saw an increase of between Rs 10,000 and Rs 30,000 due to the rising dollar value. Moreover, some customers are waiting to buy bikes with higher engine capacity as some manufacturers are bringing motorcycles with engine capacity more than 165 cc in the Bangladesh market.

However, dealers said motorcycle sales have declined mainly due to price rise and inflationary pressure on people.

Private car registrations declined by 35 percent last year. Sellers say the price of each car has increased by Tk 200,000 to Tk 300,000 due to the rise in the value of the dollar and increase in customs duty.

Shubhon Khan, sales officer at Ronny Cars, a car trading company at Sangsad Avenue in the capital’s Manipuripara, told Prothom Alo that people have less money to spend and hence they avoid spending on buying a car.

The upper classes are usually buyers of sport utility vehicles (SUVs). A total of 7,756 SUVs were registered in 2023, which is 2,475 less than the previous year.

Car dealers said the government has discouraged buying cars in public projects. This is a major reason behind the decline in sales. Apart from this, rising prices and dollar crisis have affected the car market.

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