From Jan to June 2023, Global FCEV Market with a 11.6% YoY Degrowth
- Hyundai Motor Group took up 38.6% of global FCEV market share.
A total number of globally registered FCEVs sold from Jan to June 2023 was 8,290 units, recording a 11.6% YoY decline and degrowth.
(Source: Global FCEV Monthly Tracker – July 2023, SNE
Research)
By company, Hyundai Motors sold 3,198 units of NEXO and ELEC CITY combined, taking up 38.6% of market share and keeping the leading position. However, due to a slowdown in sale of NEXO, it registered a 41.5% YoY degrowth. On the other hand, the sale of Mirai by Toyota, which has experienced a slight slowdown, saw a sharp jump in May and June. The market share gap between Hyundai Motors and Toyota was 10.5%p, a significant drop from the previous. Other Chinese makers who have been focusing on hydrogen commercial cars showed a high growth.
(Source: Global FCEV Monthly Tracker – July 2023, SNE
Research)
By
country, although Korea saw a 39.7% YoY decline due to a slowdown in the sale
of NEXO, it still remained on top with the market share of 36.1%. China ranked
2nd with a 95.3% of growth rate based on hydrogen commercial cars. The
US and Europe recorded a similar level of market share compared to the same
period of last year thanks to an upward trend in the sale of Toyota Mirai.
Amidst the entire world shows a strong will to invest in achieving carbon neutrality and the electric vehicle market continuously grew based on the global OEMs’ strategies toward eco-friendly cars, the FCEV market has consecutively seen a degrowth for a long period. This can be interpreted as being affected by several factors hindering the growth of hydrogen car market such as the shortage of hydrogen car charging infrastructure, an increase in hydrogen charging cost, and limited options for consumers.
Last June, Hyundai Motor Company unveiled the 2024 version of NEXO with an heightened marketability through broadening the coverage of basic options that have been preferred by customers. The motor group said, “For the convenience of NEXO owners, we will continuously expand hydrogen charging infrastructure in various forms such as mobile hydrogen charging stations. Together with NEXO, we will also work hard to realize a sustainable society through promoting hydrogen mobility in the field of commercial vehicles.”