The motorcycle market in Bangladesh hit a five-year low in 2024, reflecting ongoing economic instability, inflation, and political challenges. Sales fell by 2 percent compared to 2023, surpassing the downturn experienced during the Covid-19 pandemic stated in a report.
Significant price hikes, driven by a US dollar crunch and rising inflation, compounded the market’s struggles. Despite this overall decline, the premium motorcycle segment thrived, driven by affluent buyers unaffected by economic pressures.
The broader market, however, faces limited opportunities for growth as manufacturers and retailers grapple with economic strain. While some brands capitalized on strategic pricing and innovation, others suffered due to rising competition and shifting consumer preferences.
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Hero Motorcycles emerged as a standout performer in 2024, recording the highest growth rate of 19 percent. Its focus on affordable, fuel-efficient models resonated with budget-conscious buyers, boosting sales to 58,189 units and increasing market share to 14.8 percent.
Suzuki and Yamaha also achieved positive growth, with sales rising by 8 percent and 11 percent, respectively. Both brands now hold a 19.3 percent market share, competing fiercely in the mid-range segment. Yamaha’s marketing strategies and innovative features fueled demand, while Suzuki maintained its reputation for reliability.
In contrast, Bajaj experienced a sharp 10 percent decline, with sales falling to 85,696 units and its market share shrinking to 21.8 percent, though it remains the market leader. Analysts point to rising competition and fewer new launches as contributing factors.
Honda saw a slight 1 percent drop in sales, with a market share of 15.2 percent. Industry experts suggest the brand needs to refresh its lineup to align with changing customer expectations.
The overall market reflects a shift towards value-for-money options that balance affordability, style, and performance. Brands are focusing on innovation, targeted promotions, and pricing strategies to navigate the challenging landscape.
TVS faced a sharp 35 percent decline, selling 29,932 units in 2024. Inflation, political disruptions, and economic instability heavily impacted the brand’s performance, with prolonged outlet closures adding to the challenges.
Despite a challenging environment, Honda emphasized its commitment to customer-centric designs and high-performance models, maintaining a steady position in the market. The brand’s focus on innovation and adaptability highlights its resilience in navigating Bangladesh’s dynamic motorcycle industry.
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