How many motor oil brands exist in the lubricants shelves? Observers say it is around 30 to 50. But, how many of them are global brands that are a question? Most products are available on the shelves are the product by name.
Are there any shelves open for a new brand? You might get surprised hearing such a statement. For your information, it is not a surprising one. This market has become more overstated in terms of brand names and local products.
In 2017, Bangladesh Energy Regulatory Commission released that, “Around 350 application has been filled to open LC for importing abroad oil brands”
Now, the market is receiving a many by name lubricants products. And more products are yet to enter this market. So, retailers are welcoming new sales reps regularly.
“We are very much surprised seeing so many by name products in Bangladesh, even in India we don’t have too many brands,” said Kaushik Mazumder, national sales manager to Veedol Lubricants in Bangladesh.
However, global brands like Mobil, Shell, Castrol, and BP are enjoying their brand values in this market, which is around 35% of the total market share.
The rest of the market share belongs to other existing local and foreign brands, which market share is still undefined. Now, this over-flooded market with many by name products will be more competitive.
It can be said that the situation is being tough for the overall market. Existing lubricants oil brands with small market share, are struggling to hold their market shares.
The market players should concentrate on the overall market scenario to regulate it to make it business- friendly for the future. The more open this market, more unregulated market it is.