From Jan to Apr 2023, Global FCEV Market with a 11.5% YoY Degrowth
- Hyundai Motor Group took up 51.2% of global FCEV market share.
A total number of globally registered FCEVs sold from Jan to Apr 2023 was 4,699 units, recording a 11.5% YoY decline. Although Hyundai Motors accounted for nearly half of the market share by selling 2,405 units of both NEXO and ELEC CITY, the number of vehicles sold dropped 21.6% compared to the same period of last year. With the sale of Mirai by Toyota posting 1,149 units, a 28.1% YoY decline, the market share gap between Hyundai Motors and Toyota was 26.7%p. On the other hand, those Chinese makers who’ve been focusing on hydrogen commercial vehicles have seen themselves in an upward trend.
(Source: Global FCEV Monthly Tracker – May 2023, SNE Research)
By country, although the FCEV sale in Korea dropped 17.8% compared to the same period of last year, Korea still keeps the top position in the ranking of FCEV sale with a 47.9% of market share thanks to the sale of NEXO in the Korean domestic market. In China, where the sale of hydrogen commercial vehicle has continued to rebound, the FCEV market turned to an upward trajectory. With the sale of 1,145 units, China ranked 2nd in the global FCEV market, while 943 units were sold in the US, 207 units in Europe, and 138 units in Japan.
(Source: Global FCEV Monthly Tracker – May 2023, SNE
Research)
China, showing a strong will to foster the hydrogen energy industry, has been carrying out several policies including the expansion of hydrogen production infrastructure and the introduction of local subsidy policies. In this regard, it is expected that in China the upward trend in the sale of hydrogen cars focusing on commercial vehicles would continue at a gradual pace. In case of countries other than China, it can be concluded that such degrowth or slowness in the market was caused by an increase in the cost of hydrogen charging, a shortage of FCEV vehicle charging infrastructure, a limited number of models, and seasonal factors by which vehicle sales are generally low in the first month of every quarter.