A Summary on Electrical Products Industry in Bangladesh
The electrical sector in Bangladesh is one of the fastest growing industries with high potentials for success. This sector has been considered as the ‘booster sector’ in the SME Policy Strategy-2005 and a ‘thrust sector’ in the National Industrial Policy-2010 of Bangladesh. During the beginning of the independence of Bangladesh only few companies were manufacturing the electrical products. According to Bangladesh Electrical Merchandise Manufacturers Associations (BEMMA), currently there are about more than 2500 manufacturers of electrical products in Bangladesh. According the industry associations & industry experts, the market size of the electrical products already reach BDT5000 crore or BDT150 billion which was hardly BDT1500 or BDT15 billion in 2010.
Total 2500 domestic companies producing 75 types of electrical products in Bangladesh. Electrical manufacturers of Bangladesh are producing import substitute products of BDT 150 billion (USD 1.92 billion) per year against the local demand of approximately BDT 200 billion (USD 2.56 billion). Global market for electrical products is growing, in the last six years’ statistics show that Bangladesh electrical sector is growing at about 38% to 42% annually. In 2009, the global market of electrical items production rate increased by 22% in Europe, 21% in North America, 14.5% in Japan, 24.3% in China, 13.1% in Asia Pacific and 5.1% in the rest of the world. As a result, few local manufacturers have started to export Bangladeshi electrical goods to some other nations such as USA, Hong Kong, Mexico, and UAE.
The major products are manufacturing in Bangladesh are Electric cables, distribution board, large and medium transformer, switch gear, sub-station equipment, electric arc welding machine, enameled ware, insulator, industrial fan, heat and speed control system, magnetic contractor, Parceling bright connector, different connecting equipment, main switch, electric iron and shouldering iron, ceiling fan, table fan, adjust fan, tube light, filament bulb, light fittings, table lamp, different laps, distribution board, electric meter, switch, plug, water heater, florescent light ballast, light & fan controller, torch light, refrigerator, lift equipment, extension cord, and energy saving lamp etc.
Major importers of electrical products from Bangladesh are USA, Canada, & Mexico from North America, Germany, Italy, Denmark, France and Finland from EU countries, Honkong, Some country from Middle East & Australia.
Key Challenges of Bangladeshi electrical sector is under invoicing during import of finished electrical products, lack of advanced technical & technological knowledge & equipment, absence of actionable IP protection mechanism, lack of infrastructure for getting access into the global market with electrical products etc.
Special Note: For more Details Insights on Electrical Products Market in Bangladesh and Conducting the Market Research or Getting the Consultancy Services on the Relevant Industry or Products, Please Contract below;
Share this Report
Data Source: Market Research on Electrical Products in Bangladesh-2019
Photo Source: Fieldwork-2019
Research Conducted By: PRITI Research & Consultancy Limited.
Copyright: All Rights Reserve @ PRITI Research & Consultancy Limited