The global market for hybrid cars will grow more than 23-fold to 11.28 million vehicles by 2020 and account for nearly one in five cars sold in the United States, JPMorgan predicts.Demand for the fuel-efficient gasoline-electric vehicles will be spurred partly by stricter government regulation of carbon dioxide emissions in the United States and Europe, JPMorgan auto analysts wrote in their 88-page annual hybrid-vehicle report, released May 22.
Global hybrid-vehicle volume totaled 480,000 in 2008, accounting for a mere 0.7 percent of global sales. But business is seen swelling to 11.28 million in the next 12 years, with hybrids accounting for 13.3 percent of global sales, JPMorgan says.
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