JP Morgan issued its annual hybrid report on May 22. The 88 page document seems fairly bullish on the prospects for hybrid-electric cars.

Analysts believe hybrids will account for 19.4% of the US market by 2020, and that the global hybrid market will grow 23-fold to 11.2 million by the same year.

In 2008 hybrids accounted for just 0.7% of global vehicle sales, with only 480,000 sold.

The two main factors expected to propel hybrid adoption are rising oil prices and falling costs of hybrid drivetrains.

Hybrid drivetrains now cost about $5,667 per car, and thats expected to drop to $1890 by 2020.

Source (Automotive News, sub. req.)