Global FCEV Market Being Firm with an Upward Tendency with Hyundai Motors Keeping No. 1 Position from January to June 2022
- Hyundai Motors ranked 1st with a double-digit growth, followed by Toyota in the 2nd place with a sluggish growth
Amidst the sluggish growth of global FCEV market from January to June 2022, Hyundai Motors managed to keep the leading position in the market. Despite enough ambiguity in marketability of FCEV and market contraction due to numerous unfavorable factors from outside, Hyundai Motors put up a good fight in the market, recording a double-digit growth rate compared to the same period of last year.
A total number of globally registered FCEVs sold from January to June 2022 was 9,769 units, keeping the trend of being firm with an upward tendency in comparison with the same period of last year. While Hyundai’s Nexo (1st gen.) 2021 model was a steady seller in June 2022, a new model of Mirai 2nd generation from Toyota experienced a huge drop in sales if compared with the same period of previous year. In this regard, the difference between market shares of the two leading companies in the FCEV market has gotten as wide as about 33%p. There seem to be factors leading to a sluggish growth of the global FCEV market compared to last year as follows: stagnation in growth of the FCEV market affected by car makers’ strategies focusing on electric vehicles; supply and demand issues with semiconductors; and the Russia-Ukraine War. Despite all these unfavorable factors, Hyundai Motors boasted a growth rate of 16.7%, taking the lead in the market growth.
By company, Toyota, similar to last month, still stayed at degrowth, while Hyundai Motors kept the top position in the ranking. Toyota was hit hard by menacing factors such as the nation-wide supply chain issues in Japan, natural disasters, etc. Honda, marking a double-digit, high growth, has seen a slight increase in its market share by 0.5%p from the same period of last year. However, in June, it only sold two FCEV units, which was almost devastatingly low in sales.
(Source: Global FCEV Monthly Tracker – July 2022, SNE Research)
The FCEV market that enjoyed a significant growth – nearly double the previous record in 2021, has not made any noteworthy progress in 2022 due to diverse issues around the world. Hyundai Motors, which has been leading the market despite harsh circumstances, is expected to be in need of concrete response measures against market uncertainties that can differentiate Hyundai from other global FCEV manufacturers.