Sales of alternative fuel vehicles such as hybrid, plug-in hybrid, and electrics, in the US, saw a 73% rise in 2012, according to a report by Mintel.
Over 440,000 hybrid, plug-in hybrid, and electrics were sold so far this year, with the availability of plug-in and electric models increasing four times, from three in 2011 to 11.
The market for the vehicles has increased from 0.5% in 2004 to 3.3%, of the total vehicles sold in 2012.
The report also forecasts the sales to cross 535,000 units by 2013 with a 14% increase in sales compared to the sale of 440,000 units in 2012, and further increasing to 850,000 by 2017.
The current share of the hybrid vehicles segment in the overall market is 3.3%, an increase from 0.4% in 2003.
Mintel automotive analyst Colin Bird said that the segment will grow even further in 2013, with the launch of new models, such as the Ford Fusion Hybrid series and the Honda Accord Hybrid.
"Hybrid and electric cars might be positioned to help consumers weather the storm of future spikes at the pump and they might be marketed as long-term investments that can help consumers protect against likely increases in gas prices," Colin added.
Rising fuel costs will also make the alternative fuel vehicles more attractive, however, high price and battery issues may act as impediments in the growth of the segment.
