The cost of registering motorcycles with a cylinder capacity of up to 100 cm3 is 2,000 Tk, compared to 4,200 Tk the previous year.
As the economy slowly recovers after being stuck for months, motorcycle sales have also increased. Last year, the number of motorcycle registrations fell by nearly 10%, according to data released by the Bangladesh Road Transport Authority (BRTA).
However, their sales are gradually reaching pre-pandemic figures. In May of this year, the number of registrations increased and already reached 133,044 units. It is likely that with the acceleration of the vaccination process, many are likely to avoid public transport as much as possible if they can afford a personal vehicle which is more preferred for social distancing, increasing the demand by two. -wheels.
After sales fell to 311,016 units last year from 401,452 units the year before, authorities proposed a 50% reduction in registration fees which has been effective since the start of this year. According to industry insiders, this has helped gain momentum and encouraged customers to buy.
Currently, the cost of registering motorcycles with a cylinder capacity of up to 100 cc is 2,000 Tk, compared to 4,200 Tk the previous year. For displacements greater than 100 cm3, the registration cost is 3,000 Tk, against 5,600 Tk.
In addition, the motorcycle industry has benefited from a lower VAT rate since 2018.
With the whole world in the grip of the novel coronavirus, the global market itself is down 14% from the previous year to reach 56.5 million in 2020. Almost all of the motorcycle markets in different countries of the world faced a similar fate.
For comparison, the Indian motorcycle market has also reacted similarly, with sales increasing this year compared to 2020. But still, the two countries have not yet been able to reach pre-pandemic figures.
In 2020, India saw a decrease in sales of 5 million units, Indonesia, the Philippines and Vietnam also saw a decrease with 2.9 million, 0.7 million and 0.5 million respectively.
Almost all brands are gaining ground in sales, according to Hafizur Rahman Khan, president of the Motorcycle Manufacturers and Exporters Association, and manufacturers are hopeful that companies will soon recover from losses suffered last year.