The future demand for hybrid and electric vehicles is promising for Bangladesh. Not only is there a valid argument to minimise global warming with the use of hybrid and electric vehicles, but also there is also an economic case to purchase hybrid cars at affordable prices (with government subsidies) and access to quality hybrid/electric cars with better fuel efficiency.
Climate change is a pressing issue in Bangladesh. According to research done by National Geographic, Bangladesh is one the most vulnerable nations to the impacts of climate change. It is projected that, by 2020, from 500 to 750 million people will be affected by water stress caused by climate change around the world.
The biggest risk factors include population displacement which leads to irrigation and health hazards, food scarcity, famine, extreme property and potential civil unrest as more communities are disrupted from rising sea levels and a sinking coastal line.
To mitigate these risks, the Bangladesh Government has established several initiatives such as the Bangladesh Climate Change Trust Fund (BCCTF) and the Bangladesh Climate Change Resilience Fund (BCCRF) as well as developed policies to incentivise the purchasing hybrid and electric vehicles which will emit lower carbon emissions.
In the 2019 financial year budget hybrid cars will become cheaper as the government has proposed a supplementary duty reduction on the import of hybrid cars from the existing 45% duty to only 20%. Furthermore, in FY2018, the Government slashed the supplementary duty on the import of hybrid SUVs in varied perce ntages. These policies make hybrid cars more affordable for buyers and increase their demand.
The largest barriers for purchasing hybrid and electric vehicles in Bangladesh is the limited access to specialist mechanics and parts for maintaining and servicing hybrid and electric vehicles. However, this leaves significantly large opportunity and market-gap for mechanics to specialise in the servicing and maintenance of hybrids and electric vehicles and own this space. We believe that the supply for quality specialist mechanics in this area will increase to meet future demand.
The Bangladesh government is already on the front foot with policies to increase the demand for hybrids vehicles, the next frontier is electric vehicles. With the pressuring threat of climate change, it is now critical for Bangladesh to implement policies to minimise global warming as it’s getting too late. Countries that have made early progress in the sale of electric cars include Norway, France and Netherlands. Bangladesh can lead by example for emerging countries to increase the usage of hybrid and electric vehicles.
The import of hybrid cars has almost increased by 10x from FY17 to FY18. With a hybrid car you get the same power as a gasoline car with up to 90% lesser emissions. Imported hybrid cars are already increasing exponentially especially in the busy cities such as Dhaka and Chittagong. At Motor-Bazar.com we have a large variety of hybrid cars for sale. If you’re interested in a hybrid vehicle, we encourage you to search and select the hybrid range with our filters and choose the car which best appeals to you by using the car search feature.
If you found this article useful, please visit our other articles in our News and Reviews page. Whether your next vehicle is new, used or reconditioned - on behalf of Motor-Bazar.com we wish you all the best in finding your next dream car (hopefully it’s a hybrid one).