Global FCEV Market with 4.5% YoY Growth During Q1 2023
- During Q1 2023, Hyundai Motor Group sold 2,013 units of NEXO in the global market.
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total number of globally registered FCEVs sold during Q1 2023 was 3,737 units,
recording a 4.5% YoY growth.
Hyundai Motor Group took up more than half of market share by selling 2,013 units of NEXO. On the other hand, Toyota saw a 32.6% YoY degrowth in the sale of Mirai, selling only 902 units during the quarter, which consequently led to a 30.5%p gap between the market shares of Hyundai and Toyota. As over 90.0% of NEXO sales is made in the Korean domestic market, the gap between the market shares of two companies are expected to further widen in the coming 2nd quarter which is generally regarded as a high season for eco-friendly vehicles. In addition, the government subsidy policy for 16,000 hydrogen vehicles has been established, which is likely to act as a booster for the sale of NEXO, too.
(Source: Global FCEV Monthly Tracker – April 2023, SNE
Research)
By country, Korea with a 32.7% YoY growth accounted for more than half of the entire global market share thanks to strong sale of Hyundai NEXO in the domestic market of Korea. China recorded a triple-digit growth compared to the previous year, seeing a rebound in the sale of hydrogen commercial vehicles which temporarily halted in January and February. Other than these two countries, the US, Europe, and Japan all saw a drop in the sales of NEXO and Mirai, posting a degrowth.
(Source: Global FCEV Monthly Tracker – April 2023, SNE Research)
The FCEV market has witnessed the global sales volume exceeding 20k units last year, breaking the record in history, and continued to grow at a steady pace in Q1 this year. On April 11, BMW Group unveiled the prototype of iX5 Hydrogen developed based on fuel cell of Toyota Mirai at the BMW Driving Center located on Yeongjong-do Island in Incheon, Korea. The German carmaker announced its target for hydrogen fuel cell vehicle to lower the price to a similar level of electric vehicles and to increase the driving range. In addition to BMW, Honda announced the joint development of next-gen fuel cell system with GM, unveiling its plan to mass-produce a new hydrogen electric vehicle based on Honda CR-V in 2024. In case of Toyota, it has become known that it would add a hydrogen vehicle model, as a sequel to Mirai, to CROWN model line-up later this year. As major EV makers are quite willing to invest in and develop hydrogen vehicles, it seems that changes in the landscape of FCEV market, where Hyundai Motor Group is far ahead of others, would be inevitable.