Sri Lanka has reached a 6.8 million motor vehicle population in 2016, an 8 percent increase from 6.3 million registered in 2015 according to the latest edition of an annual report on the country’s vehicle market.
The report, compiled by the Ceylon Chamber of Commerce shows that during 2016, the country’s expenditure on motor vehicle imports declined by 32 percent to Rs.194 billion compared to 2015 where Sri Lanka spent the highest ever expenditure for motor vehicle imports of Rs.288 billion.
This sharp drop was mainly driven by motorcars, the report revealed.
The report further reveals that with this significant decline of motor vehicle imports vehicle registrations declined by 26 per ent compared to 2015. More than half (54%) of the current vehicle population consists of motorcycles followed by three-wheelers (16%) and motor cars (11%).
The report, prepared by the Economic Intelligence Unit of the Ceylon Chamber of Commerce, provides a detailed statistical analysis and industry overview of Sri Lanka’s Vehicle Market, featuring the latest information on registration; vehicle population; imports of vehicles by vehicle category and an overview on the global vehicle market and Global Hybrid and Electric Vehicle market.