From Jan to August 2023, Global FCEV Market with a 15.5% YoY Degrowth
- Hyundai Motor Group accounted for 37.6% of global FCEV market share.
A total number of globally registered FCEVs sold from Jan to August 2023 was 10,692 units, recording a 15.5% YoY decline and degrowth.
(Source: Global FCEV Monthly Tracker – September 2023, SNE
Research)
By company, Hyundai Motors sold 4,017 units of NEXO and ELEC CITY, accounting for 37.6% of market share and staying at the top of the list. However, due to the lingering slowdown in sale of NEXO, it posted a 45.8% YoY degrowth. On the other hand, the sale of Mirai by Toyota, which had slowed down in the past, continued to be in an upward trajectory from this May. The market share gap between Hyundai Motors and Toyota narrowed down to 8.1%p.
(Source: Global FCEV Monthly Tracker – September 2023, SNE
Research)
By country, due to the aftereffect from the declining sale of NEXO, Korea saw a 42.8% YoY reduction in its market share. However, by taking up 34.8% of the market share, Korea stayed on top of the list. China recorded more than 30% of the market share based on its continuous growth mainly with hydrogen commercial vehicles. The US, where Toyota’s Mirai is sold most, also recorded a growth together with China.
(Source: Global FCEV Monthly Tracker – September 2023, SNE
Research)
The entire world showed a strong will to invest in
achieving carbon neutrality. In addition, the global OEMs have been in a fierce
competition with their price reduction strategies as the electric vehicle
market has reached economies of scale. On the other hand, the FCEV market
continued to experience a degrowth. 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.
As for
hydrogen trucks in commercial vehicles, Chinese OEMs as well as Nikola, Iveco,
and Hyundai Motors have displayed a will to carry on their R&D effort. As it
is expected that the FCEV market would expand with commercial vehicles as a
center, attentions should be paid to changes in competition landscapes and
market shares of major companies, such as Hyundai, Bosch, and Toyota, who develop
the FCEV system.