Expenditure on imports of motor vehicles into Sri Lanka recorded a 60% growth in 2015 compared to 2014 according to the latest edition of the ‘ Statistical Analysis and Industrial Overview of Sri Lanka’s Vehicle Market 2015,’ an annual publication issued by the Ceylon Chamber of Commerce.
According to the release, which is now available for purchase, Sri Lanka’s expenditure on motor vehicle imports during the year 2015 has accounted for 7- percent of the total import bill of the country and took up 13-percent of total export earnings.
With sharply increased vehicle imports, the registration of motor vehicles also has risen by 56-percent during 2015, thus pushing the country’s total vehicle population to 6.3 million. Import of Passenger vehicles recorded the highest growth in vehicle imports, growing by 88-percent year-on-year, mainly driven by imports of Motor Cars.
According the report, more than half (53-percent) of the current vehicle population consists of Motor Bicycles followed by Three-Wheelers (17-percent) and Motor Cars (11-percent). The report, compiled by the Economic Intelligence Unit of the CCC, features latest information on vehicle registration; vehicle population; imports of vehicles by vehicle category, popularity of key vehicle brands; and an overview on the global vehicle market. The newest addition to this year’s report is the information provided on the Hybrid and Electric Vehicles market.