Despite being an integral component of our daily life, transportation accounts for 37% of the world’s carbon dioxide emissions due to its heavy reliance on fossil fuels. However, people are inclined towards electric vehicles (EVs), as reflected in a recent study, which shows EVs account for 8.57% of total automobile sales in 2021 globally, demonstrating the exponential growth potential of the electric vehicle sector.
The electric car industry in Bangladesh is on the rise, as growth of 154% in hybrid car imports from 3,296 units in FY18 to 8,366 units in FY21 has been observed. Increased fuel prices and lower maintenance costs have driven the increase in sales. This adoption has enabled new ventures and start-ups to focus on developing locally manufactured EVs.
Few to no charging hubs, high import duties and misconceptions around the EV currently stand as a roadblock to the bright prospects of this industry. However, it shows promise as the government progresses towards “Vision 2041,” which will enable electric vehicles to run the streets of Bangladesh in full swing.
Md. Shah Jalal
Editor
IDLC Monthly Business Review
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