Tapping new opportunities in personal mobility market: opportunities & challenges for SUZUKI Bangladesh
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Rancon Motor Bikes Limited, one of many sister concerns and a strategic business unit of RANGS Ltd, has established itself since 2014 as the official representative of SUZUKI in Bangladesh – from importing disassembled motor bicycle parts to suppling road-ready two-wheeler motor vehicles all the country through its vast network of dealers. Overall, Rancon Motor Bikes Limited has 86 dealers all over the country, and that include numerous service centers and service café. The numbers are growing on daily basis. In addition, the market has great potential as they are still scratching the surface. In addition, political stability and steady economy growth have made Bangladesh a hotspot for local and foreign investment. There are slow but definite changes in every sphere of life of average Bangladeshi-better standard of life, increasing literacy, growing middle classes, greater consumer buying power etcetera. One of those changes in growth of greater and faster personal mobility especially, motor bicycle. Emergence of app-based ride sharing service, and subsequent TAX and VAT reduction have contributed in massive growth of the market. Moreover, personal mobility gives its owner freedom and independence to go virtually anywhere and anytime. According to a report, since 2017 the market has grown 50 percent 1 and still growing fast. To capitalize the opportunities, Rancon Motor Bikes Limited has established an assembly unit spanning more than 1.5 lakh square feet in Gazipur as well as has been expanding network of dealers and service centers, partnering with banks to arrange EMI, selling through e-commerce sites, striking deals with ride sharing service providers, running aggressive promotional campaigns and so on.