At Reuters Global Environment Summit, Alex Molinaroli, president of Johnson Control’s Power Solutions division, said the company’s hybrid battery business will be profitable within five years as the new technology gains scale, Reuters reports.

Molinaroli says the company’s profit projection assumes that hybrid electric cars will make up 6 percent of the U.S. and Western European auto markets by 2020.

According to an IBM study, all new vehicles will have some level of hybridization by 2020.

A Harris Interactive study shows that 15 percent of U.S. consumers are very or extremely likely to buy plug-in hybrids.

Matter Network reported that automakers are hopeful that plug-in hybrid vehicles will revive their industry. However, the network says in order for plug-in hybrid vehicles to become commercially viable, smart grid technologies must be developed to accommodate intermittent solar and wind energy; and to manage peak power through demand response technology. The development of these technologies will allow “vehicle to grid” technologies to reach its full potential.