As cars become more expensive, people are compelled to use motorbikes for daily transportation. The increased demand has allowed for huge sales figures that have made Pakistan the fourth-largest motorbike manufacturer in the world.
This update came from prime minister Imran Khan during his meeting with the business community in Islamabad yesterday. He added that tractor sales have also gone up by ten percent in recent years, whereas the parts localization rate has become ninety percent.
He added that the business community has a key role in the empowerment of the lower socio-economic class.
The meeting was attended by Saqib Sheerazi of Honda Atlas, Ali Asghar Jamali of Indus Motors, Ghiasuddin Khan of Engro, Sikander Mustafa of Millat Tractors, among other top-tier businessmen of Pakistan.
Motorcycle prices have gone up drastically over the last few years. After every event such as the COVID-19 induced recession, shortfall of raw materials, rise in the cost of sheet metal, and the depreciation of the local currency, motorcycle prices have gone up.
Industry analysts suspect that bike prices would continue to increase due to the rising cost of manufacturing and the demand would continue to rise despite escalating prices, as cars and fuel become more expensive.
However, people are frustrated as the government remains silent about the unjust, frequent, and unexplained price hikes. To mitigate these issues, the government must develop and implement a policy that encourages competition and improvement, ensuring proper regulation of motorcycle prices.