In 2023, vehicle registrations in Bangladesh dropped to an eight-year low, with only 360,861 vehicles registered, marking a 38% decline from the previous year’s record of over 578,000. This significant decrease is attributed to global instability and economic crises, impacting consumer purchasing power.
Excluding 2020, which was affected by the Covid pandemic, the country’s car market had shown consistent growth over the last decade. However, motorcycles, constituting 80% of vehicle sales, experienced the most significant decline, with registrations falling from about 5,07,000 in 2022 to just over 3,10,000 in 2023. Industry stakeholders, including BRTA Chairman attribute the decline to global economic instability caused by the war situation and suggest potential impacts of mandatory learner’s driving licenses for motorcycle registration.