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Global hybrid sales to top 11 million units by 2020

It took Toyota - the world's leader in hybrid technology - just under nine years to sell 1 million hybrid vehicles around the globe, but a new report indicates more than 11 million hybrids will be sold annually by 2020 - roughly 23 times greater than today's sales levels.

According to a new study by JPMorgan, hybrids will account for 11.28 million annual sales by the year 2020. If that tally proves to be correct, hybrids will own a 13.3 percent share of the global auto market, with that portion ballooning to 19.4 percent in the United States.

In comparison, hybrid sales totaled 480,000 units in 2008, or roughly 0.7 percent of all global sales, according to Automotive News.

JPMorgan speculates that lower costs and stricter government regulations will spur the growth of hybrid sales. Whereas the typical hybrid system currently adds about $5,600 to the price of a vehicle, that figure is expected to fall to just $1,900 in 2020. Moreover, governments worldwide will be enacting much tough fuel economy regulations in the coming years, making hybrids an integral part of the automotive future.