The use of luxury cars is increasing in the country keeping pace with the economic development. BMW, Audi, Mercedes Benz, Lexus, Jaguar, Porsche and Range Rover models of luxury cars are always seen on any busy highway in Dhaka or Chittagong. Besides, there are luxury cars of well-known Toyota or Mitsubishi brand in the country.
According to a survey, the use of sport utility vehicles (SUVs) and other luxury vehicles in the country has increased by 39 percent in the last one decade. Market participants say that due to economic development and increase in income, the affordability of luxury cars is increasing among the citizens of the country.
From November 2011 to November this year, a total of 43,620 units of luxury cars and sports utility vehicles were sold in the country.
Market participants say that the high-powered and driving performance of the cars known as luxury in the country and other user features are much more than the ordinary sedan cars. Users also consider owning these vehicles as a status symbol of their financial success.
These SUVs and luxury cars usually focus on passenger safety, comfort and technology. As a result, its users feel much more comfortable in these cars.
Bangladesh has been one of the fastest growing economies in the world for the past few years. Besides, Bangladesh is one of the countries where the number of rich people has increased rapidly recently. According to a report by Wealth X, a New York-based research institute, Bangladesh was at the top of the world in terms of the growth rate of the super-rich between 2012 and 2016. These rich people are the buyers of these luxury cars and SUVs.
The Bangladesh government generally identifies cars with a capacity of more than 2000 cc as luxurious. The price of these cars in the country usually starts from Rs 60 lakh according to the brand.
Usually businessmen, factory owners, officials of various multinational companies and non-governmental organizations are the main buyers of these vehicles.
About 50 per cent of the country’s car market is occupied by reconditioned cars, 5 per cent is sold as brand new, on the other hand 45 per cent of the market is occupied by second hand or old cars.
Despite the growing number of car users in the country, the per capita car usage rate in the country is still much lower than other countries in the world.
A study by the Policy Research Institute of Bangladesh found that there are only three car users per 1,000 people in Bangladesh. This rate is 34 in Vietnam, 22 in India and 16 in Pakistan.