From Jan to May 2023, Global FCEV Market with a 12.4% YoY Degrowth
- Hyundai Motor Group took up 44.3% of global FCEV market share.
A total number of globally registered FCEVs sold from Jan to May 2023 was 6,338 units, recording a 12.4% YoY decline and degrowth.
(Source: Global FCEV Monthly Tracker – June 2023, SNE
Research)
By company, Hyundai Motors sold 2,807 units of NEXO and ELEC CITY combined, taking up 44.3% of market share and keeping the top position.
Due to a slowdown in sale of NEXO, however, it posted a 36.1% YoY degrowth. On the other hand, the sale of Mirai by Toyota recorded 525 units in May, exceeding the sale of NEXO, 353 units, in May.
In this regard, the market share gap between Hyundai Motors and Toyota was 17.9%p, a huge drop from the previous. Other Chinese makers who have been focusing on hydrogen commercial cars have seen themselves in an upward trend.
(Source: Global FCEV Monthly Tracker – June 2023, SNE Research)
By country, although Korea saw a 34.5% YoY decline due to a slowdown in the sale of NEXO, it still remained on top with the market share of 41.5%.
China captured the 2nd position in the ranking with a triple-digit growth based on hydrogen commercial cars.
The US and Europe recorded the similar level of market share compared to the same period of last year thanks to an increase in the sale of Toyota Mirai in May.
Recently, Hyundai Motors showed a willingness to steadily invest in the hydrogen fuel cell and hydrogen car business by unveiling its hydrogen tracker in the North American market and announcing a plan to launch the next model of NEXO in 2025.
While electric vehicles have seen an explosive growth over the past years with an increasing distribution of green cars for carbon neutrality, the hydrogen car market has been posting 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 a limited option (NEXO only) for the Korean consumers.