The Development of the Hybrid Electric Vehicle Market by the Use of Interpretive Structural Modelling

Abstract

The last few years have seen the automobile industry grow at its fastest rate ever thanks to groundbreaking advancements in information technology and higher living standards brought about by Bangladeshi people. Naturally, the burgeoning market places a great deal of strain on the available non-renewable resources, such as fossil fuels, natural gas, and crude oil. If an alternative doesn't emerge to alleviate the current crisis, the supply and demand are beyond the breakeven point, and things could get worse. One of the other options for resolving the crisis is the hybrid electric vehicle (HEV). However, in Bangladesh, the HEV market is still in its infancy as compared to other developed and developing nations. The market for hybrid electric vehicles is expanding in Bangladesh due to a number of factors.  With the aid of an Interpretive Structural Model (ISM), the current study examines the most important variables for the growth and promotion of the HEV market in Bangladesh.