Hybrid electric vehicle sales in the United States are expected to exceed 500,000 units annually by 2008 and 872,000 by 2013, according to research firm JD Power and Associates.
US buyers purchased approximately 38,000 hybrid vehicles in 2002, and hybrid sales are expected to increase to 54,000 vehicles in 2003.
“The biggest limiting factor on sales is that up until now, the hybrid engine option has been offered only in compact cars,” said Walter McManus, JD Power’s executive director of global forecasting. “That’s about to change, and when it does, we’ll see sales increase dramatically.”
The hybrid electric vehicle first reached the US market in 1999 with the launch of the Honda Insight. The Toyota Prius, on sale in Japan since 1997, debuted Stateside the following year, and the Honda Civic Hybrid went on sale in 2002.
The first SUV hybrid, the Ford Escape, and the first full-size pickup hybrids-a Chevrolet Silverado and GMC Sierra-will hit commercial fleets later this year and retail dealers in early 2004.
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By GlobalData“By 2005, trucks should account for about 39% of hybrid sales,” McManus said. “We know that consumers express interest in a hybrid powertrain option in the same segment as their current vehicle. Once those vehicles are available, and in most cases that will be very soon, hybrid sales could take off.”
Hybrid vehicles are expected to take 1% of the market by 2005, reach 3% market share by 2009 and account for nearly 5% by 2013.
Honda, which split the hybrid market with Toyota in 2002, should see its share of the hybrid market rise to 51% this year based on strong Civic Hybrid sales of more than 2,000 per month to the end of April.
As other manufacturers enter the hybrid market, Toyota’s hybrid share is expected to drop to 26% by 2007.
Ford is expected to take 16% of the hybrid market by 2007, while General Motors is expected to see growth from 11% in 2003 to 25% in 2008.