The sale of hybrid and plug-in electric hybrid vehicles will increase, according to the recent Fuels Institute report Tomorrow’s Vehicles.
Hybrid vehicles will increase from 0.5 percent of the auto market in 2016 to 4 percent by 2025, while plug-in hybrids and traditional hybrids will be 7 percent of the market, the report said.
The Toyota Prius, the first mass-produced hybrid, has been on the market for nearly 20 years, yet only accounted for 2 percent of sales last year.
Drivers have not been attracted to hybrids because of their high purchase price and because gasoline prices have remained relatively low. Fuels Institute, however, believes this will change as vehicle prices decline.
The change already may be happening. The sale of electric and hybrid vehicles increased 15 percent in May compared to last year.
Plug-in hybrid sales jumped 45 percent and surpassed 15,000 vehicles.
During the first half of 2017, sales of electric and hybrid vehicles have grown 18 percent, with 193,000 units sold. Plug-in hybrids sales have grown 50 percent.
Globally, the number of electric vehicles on the road has reached 2 million.
“China was by far the largest electric car market, accounting for more than 40 percent of the electric cars sold in the world and more than double the amount sold in the United States,” the International Energy Agency said.