Carmudi’s report on ‘The Booming Automotive Industry in Emerging Markets’ provides a detailed look into the global state of automotive sales and how car purchasing behaviors have changed due to the drastic increase in internet and mobile penetration, rising GDP, and the emergence of a middle class.
The findings in this report are the result of Carmudi’s quantitative surveys conducted online with both car buyers and car dealers, and in-depth interviews with industry influencers throughout Sri Lanka.
The motor industry in Sri Lanka has witnessed a number of changes in recent years. Prices fell sharply in 2010 due to cutback of duty charges, which resulted in a surge of vehicle imports. New motor vehicle registrations in 2011 jumped 46% higher than the previous 12 months. Import duties were revised in 2012 to regulate the rising motor vehicle imports, presenting a major impact on the volume of imports.
The Carmudi study found that 70% of car dealers in Sri Lanka reported an increase in car sales over the past twelve months due to the changing economic climate, while 20% of car dealers surveyed reported a decrease. The President of Sri Lanka’s Vehicle Importers Association stated to the media that reductions up to Rs. 300,000 for the prices of vehicles with 1000cc or less engine capacities are in the plans. These plans were later executed in hopes of reviving the sluggish attitude of the overall motor sector and to allow all motor sector players a positive impact.
The shift to online
Car dealers in Sri Lanka have reported that over 30% of car buyers mentioned turning to the Internet and 10% of car buyers are turning to dealer sites when researching for cars.
Carmudi was founded in 2013 and is currently available in Bangladesh, Cameroon, Congo, Ghana, Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Rwanda, Saudi Arabia, Senegal, Sri Lanka, Tanzania, United Arab Emirates, Vietnam, and Zambia. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online.
