Ride-sharing in Bangladesh has brought a remarkable change in the transportation system, especially in the metro. People now think easily to get the desired vehicle to reach somewhere via mobile app-based ride- sharing.
It is found as a success in terms of solving traffic woes; however, the ride-sharing apps are middle-class urban solutions for the metro people.
Operators said the rapid popularity of ride-sharing through apps has also pulled up demand for two-wheelers since last years. This popularity has already increased the two-wheeled traffic in Dhaka.
Especially, the motorcycle population focused on ride-sharing has increased a 44% uptake in motorbike sales. Even, the local ride-sharing market is turning out to be decidedly two-wheeled in nature.
On average about 1,000 units of two-wheelers are being sold in the country as the demand is rising. Five years ago, the number was around 550.
Currently, the ride-sharing industry is worth an estimated Tk 2,200 crore, yearly. And it has barely made a dent in the larger picture of the overall transport industry.
We know, last year, the Motorcycle Industry Development Policy 2018 has already approved to facilitate the motorcycle manufacturing process to meet the domestic demand.
Operators predict that the market would grow many folds in the next two-three years.
So, it is clear that the motorcycle oil segment is on the cusp of significant change triggered by forces shaping the future of mobility as well as the growing motorcycle population in our country.
Market Insiders forecasted the motorcycle 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 motorcycle engine oil demand due to more frequent oil drain intervals in the near term.
Now, building partnerships between motorcycle brands and the lubricant products would be seen as a new channel to market.
Is the current marketing message of motorcycle engine oil suppliers revived with this group of buyers, decision-makers, and influential people, or do they need to be amended for this new and growing section of the market?