From Jan to Mar 2025, Global FCEV Market Posted an 11.2% YoY Degrowth
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Hyundai Motor Group ranked No. 1 in global FCEV market from Jan to
Mar 2025
In Q1 2025, the global FCEV market continued its downward trend,
with total sales reaching 2,119 units, down 11.2% compared to the same period
last year.
(Source:
2025 Apr Global FCEV Monthly Tracker, SNE Research)
By company, Hyundai Motor sold a total of
772 units, led by the NEXO, marking an 11.6% YoY increase and maintaining its
No. 1 position in the market. Notably, the NEXO is set to undergo a full model
change for the first time in seven years since its launch in 2018, with mass
production scheduled to begin in May. Hyundai plans to expand its presence not
only in the domestic market but also in key global regions such as North
America and Europe. In contrast, Toyota sold only 150 units combined of the
Mirai and Crown models, showing a sharp 82.8% YoY decline. Meanwhile, Chinese
manufacturers are focusing more on commercial hydrogen vehicles rather than
passenger cars, maintaining relatively steady sales performance.
(Source:
2025 Apr Global FCEV Monthly Tracker, SNE Research)
By country, Korea recorded a 15.0% growth, driven by strong sales of
Hyundai’s NEXO, with its market share rising by 7.8% points to 34.3%. China
achieved the highest global market share in the FCEV sector as well, following
its strategy centered on commercial vehicles, similar to its approach in the EV
market. In contrast, major developed markets such as Europe, the U.S., and
Japan showed sharp declines. In Europe, only 39 units of the Mirai and NEXO
were sold, resulting in a 91.0% YoY decline. The U.S. also saw a significant
drop in Mirai sales, down 86.1%. Japan recorded a 53.2% negative growth due to
sluggish sales of the Mirai and Crown.
(Source:
2025 Apr Global FCEV Monthly Tracker, SNE Research)
The ongoing downturn in the global FCEV market represents not a temporary fluctuation but a structural shift. Despite continued investment in technology development by major OEMs such as Hyundai and Toyota, the market is steadily transitioning toward battery electric vehicles (BEVs). This shift is primarily driven by policy direction and infrastructure readiness. While Korea and China continue to recognize the hydrogen industry as a strategic sector and maintain state-level support, the United States and Europe are clearly prioritizing BEVs through the Inflation Reduction Act (IRA) and carbon emission regulations. As a result, FCEVs are being pushed down the policy agenda. Coupled with challenges such as a lack of refueling infrastructure, high vehicle prices, and ongoing maintenance costs, they are also losing appeal among consumers.