According to a recent study conducted by JPMorgan, hybrid sales are about to take off. Last year, there were some 480,000 total hybrid vehicles sold around the world, which represents less than 1% of global sales. By 2020, though, JPMorgan predicts that 11.28 million hybrids will be sold annually, representing over 13% of all vehicles sold.
Much of that increase in sales will be attributed to the United States, as the report suggests that hybrids will capture nearly 20% of total market share in this country. The study suggests that the increase in hybrid vehicle sales will be influenced by such factors such as increased pressure from government agencies to reduce fuel consumption and overall vehicle emissions, as well as a drastic reduction in the cost of hybrid technology.
Of course, it stands to reason that hybrid-producing automakers will benefit from this uptick in hybrid vehicle sales, but JPMorgan's study may also portend good things for the ailing supplier industry, which produces the majority of the hybrid drivetrain components used by major automakers all around the world.
What percentage of new U.S. vehicle sales do you think hybrids will represent in 2020? Take our poll after the jump!
[Source: Automotive News - sub. req'd]