Global FCEV Market Being Steady with an Upward Tendency with Hyundai Motors Staying in No. 1 Position from January to July 2022
- Hyundai Motors in the 1st place with a double-digit growth and Toyota in the 2nd place with a feeble growth
Amidst the stagnant growth of global FCEV market from January to July 2022, Hyundai Motors remained as the world’s no.1 manufacturer in the market. Despite the market contraction due to semiconductor supply and demand issues, raw material price increases, and opaque marketability, the Korean automaker managed to weather through such a harsh 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 July 2022 was 10,891 units, staying in the trend of being steady with an upward tendency if compared to the same period of last year. Hyundai’s Nexo (1st gen.) 2021 model was on a list of steady sellers in July 2022, but a new model of Mirai 2nd generation from Toyota has seen another YoY drop in sales. This widened the gap between the marker shares of the two leading companies in the FCEV market, reaching 33.2%p. There are several factors slowing down the growth of the global FCEV market compared to the previous year: stagnation in growth of the FCEV market resulted from the EV-oriented strategies; lingering issues with supply chains of raw materials and auto parts, especially semiconductors; and the ongoing Russia-Ukraine War. Despite these adverse conditions, Hyundai Motors has been leading the market growth, recording a growth rate of 16.1%.
By company, while Toyota stayed at degrowth from the previous month, Hyundai Motors succeeded in staying on the top of the list. The Japanese automaker was still under the influence of disastrous conditions including 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 0.3%p from the same period of last year
(Source: Global FCEV Monthly Tracker – Aug 2022, SNE Research)
The FCEV market, which experienced almost a two-fold growth in 2021, has constantly failed to reverse the downward trend without noticeable achievements in the face of numerous global issues in 2022. Hyundai Motors, propped up with the steady sales of Nexo (1st gen.) 2021 model, does not seem to have many difficulties in maintaining the leading position in the market. However, given the EV-focused strategies implemented by companies in the market, those players in the FCEV market may soon be in need of response measures to address the market stagnation factors and, ultimately, secure their shares in the market.