The passenger car motor oil market of Bangladesh: Outlook 2020 is eyeing mostly on the modified hybrid cars, ride-sharing services, and the impact of these factors on PCMO demand.
This market also evaluates the passenger vehicle population by vehicle size, fuel consumed, vehicle age, leading OEMs, and trends in passenger vehicle production, sales, and population growth, as well as PCMO demand overall and by SAE viscosity grades, formulation types, and channels.
This year, the government has allowed the import of second-hand hybrid cars as well as slashed the supplementary duty ranges from 5 per cent to 45 per cent.
Consequently, the sales of the used hybrid cars are surging for better fuel economy and comparatively lower prices than the brand new ones.
Market Insiders says hybrid cars account for 10 per cent of the total reconditioned cars brought into the country in the first half of the fiscal year.
Besides, the ride-sharing industry has made up only 23 per cent of the transport sector and has barely made a dent in the larger picture of the larger overall transport industry.
Uber, Pathao, and other ride-sharing apps are now middle-class urban solutions to a problem that affects the masses. The emergence of the ride-sharing companies has already initiated a mobility revolution, impacting PCMO demand due to more frequent oil drain intervals in the near term.
So, the passenger car motor oil (PCMO) market is on the cusp of significant change triggered by forces shaping the future of mobility. These future prospects will evaluate how and when PCMO demand will change as a reaction to the emerging modified hybrid cars, including the advent of ride-sharing.
In the medium term, the impact is more difficult to model; however, opportunities for partnerships to market PCMO and other lubricant products or use it as a new channel to market are among the positive factors.
Do the current marketing messages of PCMO suppliers resonate with this group of buyers, decision makers, and influencers, or do they need to be modified for this new and growing segment of the market?