The number of commercial vehicles is growing rapidly in Bangladesh. Moving transport activities, as well as the recent economic growth, made Bangladesh a potential market for commercial vehicles.
At present, the market size of the commercial vehicle is about Tk 4,200 crore whereas it was about Tk 2,000 crore a decade ago.
The market size of commercial vehicles grew 15% to 20% every year over the last decade.
At least 35,000 units of commercial vehicles such as bus, truck, auto-rickshaw, cargo van, human-haulier, pickup and tanker have been sold last year.
Mostly because of the rise of the overall automotive sector, the engine oil market has grown up around 10% to 12% in the last three years.
According to the Bangladesh Road Transport Authority (BRTA), the number of registered petrol and diesel-powered vehicles is 3,663,189 units.
In Bangladesh, automotive vehicles have increased by 2.5 times in the last eight years. So, the demand for engine oils will rise keeping pace with the increasing automotive vehicles.
That is why the overall engine oil consumption raised over 14% for the last four years. Now its current demand is around 160 million tonnes.
Keeping pace with the growth of the global automotive world, the demand for engine oils as well as the commercial vehicles in Bangladesh will rise.
So, the engine oil market for commercial vehicles is on the cusp of significant change triggered by rising transportation. And, it will evaluate how and when the diesel-run engine oil demand drives this market in the near future.
Because of a large market base across diverse geographical landscapes, the automotive market is changing rapidly with its own manner.
However, opportunities for partnerships to this commercial vehicle engine oil market may work as a new channel to market are among the positive factors.