Autocomponents Industry Introduction in Bangladesh: Expert Voice Note, Important Details and Advice
Getting familiar with the Bangladesh Autocomponents Industry.
Autocomponents are the industry that produces equipment and accessories for automobiles, trucks, vans, tractors, and other motor vehicles. In the near future, the domestic automobile industry will export 90% of its products to global markets.
Who is in this industry?
The people who are manufacturing and trading auto accessories, interior, exterior, tyres, tube, tubeset, passenger carriers are in this industry.
Summary:
Autocomponents are the industry that produces equipment and accessories for automobiles, trucks, vans, tractors, and other motor vehicles. In the near future, the domestic automobile industry will export 90% of its products to global markets.
Getting familiar with the Bangladesh Autocomponents Industry.
Importance in our country:
It is one of the largest sectors in Bangladesh, which is also in a good condition for getting prepared for new markets. The Automobile sector requires to concentrate on the export market of products.
The T&C export sector and RMG have dominance over the share in the national export market. We do not have export performance in any products. Because of this, the way will open for foreign companies.
Country focus:
Auto is one of the top five economic fields in Bangladesh. It¡¯s going to be there in the coming time as well. The country mainly focuses on exporting auto products to foreign countries like United States, United Kingdom, Germany, Hong Kong, France, Australia, Canada, Singapore, Spain, Italy, Japan, New Zealand, etc.
The government policies are good and supportive. Government also gives subsidy for this business.
Bangladesh has the largest population of Muslim, the second largest is Indonesia and the third largest is India. So, most of the countries of the Middle East export their auto products to these countries.
Government policies:
The government has given many good and supportive policies for this industry. For more details, you can read on the link below;
Tips and advice:
Please follow the links below for your information;
The competition:
The internal competition is medium but the foreign competition is low.
https://www.peopledailybd.com/en/read/22
https://abimg.portalbd.org/Home/BusinessProfileDetail?BusinessProfileId=5226
FAQs:
- What is the importance of this industry?
Ans. It is one of the largest sectors in Bangladesh, which is also in a good condition for getting prepared for new markets. The Automobile sector requires to concentrate on the export market of products.
- How many companies are there in this sector?
Ans. Around 800-900 companies are there and the number is going to increase in coming time.
- What will be the budget for a small, medium and large type of business?
Ans. The budget will be:
Around 50000 for small
Around 1 lac for medium
Above 1 lac for large
- How much can one earn in this sector?
Ans. We can earn around 50,000 ¨C 2 lac per month or more.
- What is the importance of this industry in our country?
Ans. It is one of the largest sectors in Bangladesh, which is also in a good condition for getting prepared for new markets. The Automobile sector requires to concentrate on the export market of products.
- What type of products are exported from this industry?
Ans. The products are exported as:
Parts/Components
Passenger carriers
Tyres
Tube
Tube set
Raw Materials
Interior
Exterior
Tools & Equipments
- Are there any import opportunities for this industry?
Ans. Raw material for manufacturing the products.
- Who is our direct competition?
Ans. The foreign companies are our direct competitors.
- Who is our indirect competition?
Ans. The internal auto parts sellers, RMG and T&C exporting industries.
- Is there any other product which is related to this industry?
Ans. Yes,
Manuals
Garment for workers
Acrylic, signboards, digital advertising materials
Plastic wastes
Covered vans, coaster van
Coupons or tokens
Cement, wooden for bodywork shop
Fuel and engine oil
Hydraulic car lift, machines for paint spray
Silicone oil
- Can I start this business in home or office?
Ans. No, home and office cannot do this type of business.
- What¡¯s the total set up require to start a factory for this business?
Ans. Around 1 lac for small, 5 lac for medium and 10 lac and above for large.
- Can I start this business by online?
Ans. No, online not possible, need to build a workshop with some machineries.
- What is the best thing about this business?
Ans. The price is high and cost is low.
- Do you have any specific links regarding this industry?
Ans. For more details, you can read on the links below;
