Vehicle registration exceeds 2.5 million

Department of Transport Management Nepal New Vehicle Registration Stat

Motorcycle Registration

Automobile registration in the country recently exceeded 2.5 million, thanks to the growing automobile business in the country.

According to the data of Department of Transport Management (DoTM), 211,969 units of new vehicles were registered in the country in the first half of ongoing fiscal year. With these new registrations, the number of vehicles registered in the country has reached 2,551,138 units, the government statistics show.

DoTM data show that over one million new vehicles were registered in the country within the last four-and-a-half years alone. Ten years ago, in fiscal 2006-07, there were only 626,174 vehicles registered in Nepal. By fiscal year 2012-13, the number had surged to 1.5 million. This shows that the trend of purchasing vehicles in the country has increased

The government data show that there has been impressive growth in registration under all segments of vehicles like bus, micro bus, car/jeep/van, motorcycle, among others, in recent years. Motorcycle registration has overtaken the registration of other vehicles, with nearly two million (1,998,283) motorcycles registered in the country till the first six months of ongoing fiscal year. In the first half of the ongoing fiscal year alone, 208,454 new motorcycles were registered at different government offices.

Saurabh Jyoti, former president of Nepal Automobile Dealers’ Association (NADA), said that motorcycle import is increasing every year as it has become one of the basic necessities for Nepalis today.

“As Nepal does not have means of mass transportation and the existing public transportation system is unreliable, motorcycles have become the best means of mobility in the country,” Jyoti said, adding that unmanaged urbanisation and narrow roads in the city have also boosted the demand for motorcycles.

Easy financing and low interest rates on auto loan are the other two factors that automobile dealers attribute to the increasing automobile registration in the country. As per auto dealers, almost 60 per cent of vehicles plying on the roads are on hire-purchase scheme.

“Enhanced transportation sector is vital for the country’s economic growth and the increasing number of vehicles in the country hints that Nepal is marching towards the path of development. However, the recent decision of Nepal Rastra Bank to put a cap on the loan-to-value ratio of auto loans could put a brake on the growth of automobile sector and will leave a negative impact on the overall development of the country,” Anjan Shrestha, president of NADA, said.

Traders say that automobile business has gone down by almost 50 per cent after the central bank imposed the cap of 50 per cent on auto loans for financial institutions in the third week of February.

A version of this article appears in print on March 23, 2017 of The Himalayan Times.

Latest NEWS You might be interested in

NEWS Tag Cloud

TVS Diesel Crisis CB160R Accident Max Biaggi CRF 3rd edition Sym Scooters Maverick Vinales CB Trigger HONDA INDIA 150 SCOOTER Monster Tech3 LCR Honda RED BULL GRAND PRIX OF THE AMERICAS Duke 390 Bullet 500 Discover 100T Monza Renegade Anna business group Passion KTM BMW G 310 R Movistar Yamaha Pantero Green Fly 400 NK Discontinued Sales Scrambler Rai Motors Pulsar AS200 YZF R3 Swish Sales Report Vitpilen 401 390 Adventure RC213V Pulsar 200SS NCell Classic 500 New Colors Petrol Africa Twin Harris Performance Mugello MotoGP Rally 650 NK New Specifications Missano Valencia Motogp Barcelona GP Repsol Honda Aprilia honda dio R 1200 IME Automotives Le Mans GP Avenger Aprilla Sport CB Twister Jerez GP Carl Crutchlow Rumour Navi Riding Styles NGM Repsol Honda Team Racemandu Duke 200 Winter Test 2018 TVS Akula 310 launch TRK502 Dovizioso CRF250L CRF250 Rally Folgar Motorcycle Registration Bhaktapur Concept Bike Offer Jorge Lorenzo Winners CTX700 CX-01 concept Discountinued MOTUL GRAND PRIX OF JAPAN xDrive Hybrid Himalayan Acquistion BS IV Puslar 160 Honda Nepal Johann Zarco TVS Akula 310 concept Scooters HMSI Pulsar RS 200 Concept Motorcycle Motorcycles World Champion Lets India News SR 125 VG Suzuki Motorcycle TVS Motor Company GRAN PREMIO D'ITALIA TIM Qatar Moto2 v3 TNT 600i Monkey bike Pulsar SS400 Xtreet Sepang Test BS III NADA Auto Show Limited Edition Two-wheelers Johhy Rea UM Global Cliq Andrea Innanone Stolen Bikes Fazer FZ25 Path 22 Adventure 390 Isle of Man TT AS200 Adventure Bike Triump BN 302 Winglets QatarGP New Launch Activa Spy Shot Exchange Offer RAC NADA 2017 Petrol Crisis Suzuki Gixxer SF Agni Moto Inc Splendor Pro Classic SG Global Hornet CatalunyaGP FrenchGP D-Lifestyles 150 NK CB Unicorn New Showroom Mahindra UNICEF Nepal 2017 Motorcycle Turbo Nepal HONDA AFRICA TWIN Suzuki CBR500R NS200 The Wheels Saurav Jyoti Hunk Upcoming Bikes Duke 250 Nepal Police CFMoto Akula Benelli Future RC 200 NEW HONDA SCOOTER LAUNCH Duet 24x7 service Cal Crutchlow Hunter Assen TNT 135 Access Schemes Price CBR150R Birjung EICMA Australian GP Rossi Japan Nepal Traffic Police Interest Rates Kawasaki NOC Stoner Q2 Hetauda Motegi Yamaha Rumours Syakar Trading Earthquake Relief Classic Ganesh International Tech 3 Yamaha Harley-Davidson New Motorcycles Star City Plus Render Image Dominar 400 NEWS Stat HF Dawn Gixxer SF TNT135 volkswagen Brutale 1090R Marquez Nepal Petroleum Dealers Association Vespa Dani Pedrosa MIchele Pirro SR150 Hero Andrea Dovizioso Scheme TVS Akula 310 design Just Bikes Digital License Multistrada Scooter Day Dare Venture Crossover Valencia KTM International Trading Update Apache Ducati Pulsar CS400 Gearventure Bike Nepal Danilo Petrucci Xtreme Sports Vinales R6 Husqvarna Bajaj CRF250Rally HMSI INDIA LAUNCH New Driving License system Procedures honda scooters XRE 300 2016 Ninja 300 New Year Campaign TNT300 World Superbikes honda two wheelers ETX 150 Brutale Italia limited edition Movistar Yamaha MotoGP Dominar MotoGP Aragon MotoGP GRAN PREMIO MOTUL DE LA COMUNITAT VALENCIANA CBR 650F Inazuma Hansaraj Hulas Chand TVS Motors Palpa Gusto Shankar Group Fascino Czech Grand Prix Thunderbird Saluto Argetine GP Fuel Economy Passion Pro Installment Procedures Audi Activa 125 Ray GS Department of Transport Management 150SS Racer New Year 2018 Apache RTR 200 BN600 Victor Continental GT India Spain Honda Thunderbird 500 Valentino Rossi Tax Morang Autoworks R15 BMW TVS Racing Opinions Gixxer RR310 JnJ Helmet Mojo commuter motorcycle Circuit of the Americas in Texas Hansaraj Hulaschand STX 150 Zest Malaysia Golcha Tornado 302R Euro IV CBR400R 190L 250 Livo 110 RC 390 AS150 Australia R400 Centuro Pedrosa Showroom XR125 Offers Nepal British GP FZ XR Madrid Auto Show 125cc Dovizios Iannone TVS Akula 310 Lorenzo Royal Enfield Phillip Island Pulsar AS150 CB400F RC390 MINORU KATO BJ600 New Vehicle Registration Valencia Test Budget 2074 New Launches VG Automobiles Scooter Jupiter Splendor iSmart MV Agusta Argentine Grand Prix Pulsar Hayate Activa-i Pulsar RS200 Talkies RE Maha Test Drive Mela Dio ST Papio COTA R650 Luis Salom Sepang Jagdamba Motors Malaysia GP Movistar FZ-S Pleasure CS400 Germany Aerodynamics Marc Marquez Jerez CB400X Karizma