Ride-sharing is a building block of the transportation system known as the “sharing economy”. It connects the drivers and vehicles with consumers who want rides at an agreed price.
So far, in Bangladesh, it is being observed as a tech-oriented business venture, a transformative one to our transportation system.
Bangladesh witnessed a leap in ride-sharing space with the emergence of Pathao in 2016. And the entrance of Uber was in late 2016.
At this juncture, apart from these two, quite a few ride-sharing companies are emerging to cater to the mounting public demand.
Yearly, the ride-sharing industry is worth an estimated Tk 2,200 crore. Even then, it makes up only 23% of the transportation and has already grabbed a larger portion of the overall transport industry.
It has already set a trend of using mobile apps to order a taxi or motorbike for either sole or shared travel.
In essence, Uber has essentially set the tone for companies such as Chalo, Muv, Dhaka Moto, Bahon, Amar Bike, Amar Ride, Taxiwala, Dako, Ezzyr, Goti and Hellow Ride, all of whom have created a booming ride-sharing market.
Operators predict that the market would grow many folds in the next two-three years.
So it is clear that the automotive oil market is on the cusp of significant change triggered by forces shaping the future of mobility as well as the growing ride-sharing population in our country.
Market Insiders forecasted that how and when engine oil demand will change as a reaction to transformative venture redefining mobility, including the advent of ride-sharing.
So, ride-sharing as a mobility revolution, impacting automotive engine oil demand due to more frequent oil drain intervals in the near term.
Now, building partnerships between vehicle brands and the automotive oil brands would be seen as a new channel to market.
Do the current marketing messages of automotive engine oil suppliers resonate with this group of buyers, decision makers, and influencers, or do they need to be modified for this growing market?