Global fuel cell electric vehicle (FCEV) sales jumped 89.2%, hit a record 4,000 units in Q1 2021
- Hyundai slipped to the 2nd place with the release of Toyota’s second-generation Mirai model
In the first quarter of 2021, amid fierce competition in the hydrogen car market, Toyota topped the FCEV sales. The introduction of Toyota’s second-generation Mirai model in the US and Europe intensified competition and allowed Toyota to capture a significant market share. Hyundai Motor came in 2nd showing a steady growth.
Global FCEV sales jumped 89.2% year-over-year, hit a record close to 4,000 units in Q1 2021. Toyota saw its sales plummet in 2020 attributed to the aging of the first-generation Mirai model. The release of the second-generation Mirai model supported growth of Toyota by a considerable 6-fold increase in sales, driving the overall fuel cell vehicle market growth.
Toyota topped the global hydrogen car sales list seizing close to half of the market share in Q1 2021. Hyundai Motor, though came in 2nd, released the Nexo (first-generation) 2021 model in Korea in January, boosting sales by nearly 30%.
On the other hand, Honda, which was recognized as one of the leaders in the fuel cell vehicle space since the beginning, suffered from a drastic drop in sales owing to the obsolescence of its class model Honda Clarity. With Toyota and Hyundai Motor recorded a combined market share of over 90%, it is expected that a sales rebound for Honda will be tremendously difficult.
Global Sales of FCEV (Unit: 1,000 units)
* The data is not complete with FCEV sales in some countries n/a.
(Source: Global FCEV Monthly Tracker – May 2021, SNE Research)
Hyundai Motor led the hydrogen car market in 2020 and has lost ground to Toyota in 2021 when it introduced the second-generation Mirai model. Competition between the two companies intensified and it is foreseen that Toyota has an upper hand and will continue to lead the market with its flagship model. Accordingly, attention is paid on Hyundai Motor’s countermeasures before it comes up with the second-generation Nexo model in 2023.