A new survey released by J.D. Power & Associates says hybrid electric vehicle sales will exceed 500,000 units annually by 2008 and hit 872,000 by 2013.
The 2003 Hybrid Vehicle Outlook predicts hybrids will account for 1% of the overall U.S. vehicle market by 2005, rising to 3% by 2009. By 2013, they will make up 5% of all vehicles sold.
The most notable growth will be in the truck segment, where trucks are expected to account for 39% of all hybrid sales by 2005.
The forecast is based on increased offerings from auto makers coming on line in the next few years.
“As more auto makers enter the hybrid market, we’ll see dramatic movement in market share, says Walter McManus, executive director-global forecasting at J.D. Power and Associates. “The auto makers that have the most diverse product lineup should have the competitive advantage in market-share growth.”