The cardinal of high-end car sales in Bangladesh has increased by about 17% annually in the aftermost three years.
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This is bottomward to the growing cardinal of affluent bodies in Bangladesh, brought about by the country’s abiding bread-and-butter advance over the accomplished decade.
Bangladesh has topped the account of countries that saw the quickest advance in the cardinal of ultra-wealthy bodies amid 2012 and 2017, according to a address of New York-based analysis close Wealth-X.
The World Ultra Abundance Address 2018 showed the number of aerial net-worth individuals in Bangladesh rose 17.3% during the period.
This is accent by the access in the cardinal of millionaires in the country. In 1975, there were 47 millionaires. Today, there are over 30,000.
As a result, affluence agent brands such as BMW, Audi, Lexus, Jaguar, Maserati and Mercedes-Benz are a accepted afterimage on the Dhaka roads.
In addition, high-end models of Toyota, Nissan and Mitsubishi are consistently apparent in Bangladesh.
The best affairs car in Bangladesh is the Toyota Corolla, but as abundance increases, added bodies are opting for top-end brands.
More bodies are additionally affective from reconditioned cartage to affairs cast new models. However, reconditioned cars are still common.
But as the abundance increases, bodies are opting for high-end reconditioned cars.
A affluence car and the abundance of a actuality go hand-in-hand. As there are added affluent bodies in Bangladesh, added affluence cars are present on the roads.
There were beneath than 300 affluence car units awash in 2014, in allegory to 450 units awash in 2017.
According to the government, they accede cartage with an agent accommodation over 2,000cc to be affluence cars. However, some brands are bearing affluence cartage with abate agent capacities.
The majority of high-end cars are bought by industrialists and the government. This is because arch car manufacturers are about bigger fabricated and safer than added brands.
The top admiral of bunch companies and all-embracing organisations which are based in Bangladesh use affluence models during their circadian life.
Many of these cars are alien and again awash through dealerships, like Executive Motors which is the sole benefactor of BMW in Bangladesh.
Dewan Muhammad Sajid Afzal, administrator for operations at Executive Motors, said:
“The company’s sales of affluence car grew four times in the aftermost bristles years on the aback of college bread-and-butter growth.”
In 2017, 135 BMW units were sold. As of October 2018, over 80 units were sold.
Mr Afzal added: “As bodies became richer they confused to affluence brands from reconditioned exceptional cars.”
BMW car prices alpha at Tk. 75 Lakh (£70,000) to Tk. 3.25 Crore (£304,000).
Mr Afzal said: “Executive Motors imports BMW cars alignment from 1,500cc to 2,000cc as the acceptation assignment is reasonable and aural the purchasing ability of customers.”
BMW is about beheld as a affluence car accomplish and is accepted for its elegance. It is no abruptness that is awful approved afterwards in Bangladesh.
While the cardinal of affluence car brands awash in Bangladesh increases, added high-end agent models are bottomward in sales.
Many approved bodies are not accustomed the adventitious to acquirement assertive cars as they are alone actuality awash to baronial officials.
Managing administrator Touhidul Islam said: “Pragati Industries, a state-owned automotive aggregation that assembles Mitsubishi’s action account agent (SUV) Pajero, awash about 400 units in budgetary 2016-17, bottomward from 630 units a year earlier.
“The government is the capital client of Pragati and it has absitively to admeasure high-end cars alone to chief secretaries and secretary-level officials.
“This is why our sales dropped.”
Pragati makes the 2,477cc Pajero, which sells for Tk. 92 Lakh (£86,000). Cartage like the Pajero are awash to industrialists because abundance and assurance are the capital priority.
SUVs are primarily accepted for actuality adequate and safe. Industrialists consistently appointment their factories which are amid alfresco of Dhaka city.
Mohammed Shahidul Islam, administrator of HNS Group, imports reconditioned and cast new high-end SUVs from Japan such as the Nissan Patrol and Toyota Land Cruiser.
He says that abundance and assurance are important for those who are consistently in and out of Dhaka city.
Islam said: “That’s why they buy high-end cars.”
Islam’s aggregation additionally benefitted from Bangladesh’s bread-and-butter advance as there was a 10% advance in sales in the aftermost three years.
According to Islam, bodies do not apperception affairs reconditioned affluence cars as they appear in altitude which attending about cast new.
The added account of affairs a reconditioned car is that they are decidedly cheaper than their cast new counterpart.
For example, a cast new Toyota Land Cruiser will advertise for Tk. 9 Crore (£845,000), admitting a reconditioned one costs Tk. 4 Crore (£375,000).
The access in abundance amid bodies in Bangladesh continues to abound and as a result, there is added appeal for high-end car brands.
In a few years, added bodies active the top car brands and some may alike be active comfortable supercars.
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