Sri Lanka Car Market 2022: Facts and Data

The Sri Lankan car market has been lively throughout the economic downturn. Though car prices have increased, the demand has remained more or less the same. We saw how the country stopped moving due to a lack of fuel, and that only highlights the demand and usage of vehicles in the country.

In a bid to promote inward remittance, the government recently launched a program to allow migrant workers to import electric vehicles. Whether or not the electric car market booms, we have to wait and see.

ikman ad listings have continuously seen top brands like Toyota leading the car market. With the introduction of price suggestions for car ads, our users have been getting the best deals so far in the country.

Here at ikman – we have seen never-ending ad listings for both used, reconditioned, and brand-new cars throughout 2022. The growth in the car market has been fluctuating but has been as strong as ever, fighting price increases due to import restrictions.

Let's take a look at some infographics of the Sri Lankan car market so far in 2022.

Which cities have the highest Car Sale ads in Sri Lanka?

ikman is a widely used online marketplace in our island nation. Our ad listings show cars for sale and rent all over the country. The majority of them are seen in Colombo, the commercial capital of Sri Lanka.

One could argue that it is understandable as taxis and food-delivery services are popular in Colombo city. But Colombo has always been busy, and it is not a surprise to see it topping the charts, with a percentage share of 42%.

Second in the list of car ads by location is Gampaha, holding 18%. It is then followed by Kurunegala (6%), Kandy (5%), Kalutara (5%). The rest of the ads are posted from other major districts in the country, amounting to 24% of the total car ads at the moment.

Which car brands are most popular in Sri Lanka?

As mentioned earlier, Toyota is dominating the ikman car market. With 28% of the total car ads, it is safe to say that Toyota cars are fast-moving. It is easy to spot a Toyota car in any town – be it saloon cars or sedans, compact cars, microbuses, or even SUVs. Out of all Toyota car ads, the top models are Corolla, Vitz, Aqua, and Axio among others.

The runner-up car brand in our marketplace is Suzuki (17%), followed by Nissan (11%), Honda (8%), and Mitsubishi (6%). The rest of the car brands account for 30% of our car market, including Jaguar, BMW, Volkswagen, Audi, Porsche, etc.

What is the average selling price of cars in Sri Lanka?

• Less than 10 Lakh – 580 – 5%
• 10 to 20 Lakhs – 1404 – 11%
• 20 to 30 Lakhs – 2123 – 17%
• 30 to 40 Lakhs – 1,391 – 11%
• 40 to 50 Lakhs – 1423 – 12%
• Above 50 Lakhs – 5847 – 44%

Prices in Sri Lanka increased rapidly in 2022, with record-high inflation. It visibly affected the car market too, as we can see the majority of cars for sale are priced above LKR 50 Lakhs.

This segment includes both used cars and brand-new cars. We found that 5% of car ads are priced under LKR 10 Lakhs, whereas 44% of listings fall above the LKR 50 Lakh car range. All other listings fall between the LKR 10 to 60 Lakh range.

Car ads based on their condition

Recon – 0.5

As you see, most car listings on our platform are used or second-hand cars, taking up almost 99% of the ad space. Reconditioned and new cars have a share of 0.5% each.

It makes sense. Because due to the economic downfall, people might be trying to sell off their used cars and liquefy their assets.

Due to the import restrictions on vehicle imports, we can safely assume that the new car market has a similar island-wide trend. Most of our new car listings are by verified members who are authentic car dealers. Although there are reconditioned vehicles being sold, it amounts to a small number.

Car ads on ikman based on car types

35% of all car listings are for Hatchback body type. Hatchbacks are typically 4-door vehicles, with extended trunk space, and are smaller than SUVs and larger than sedans.

Saloon and SUV car types make up 32% and 17% of the total car ads respectively. They are followed by station wagons (4%) and Multi-Purpose Vehicles (MPV, 1%). The rest of the car types amount to 11% of the car listings on the ikman car marketplace.