According to SNE Research, the total sales volume of hydrogen fuel cell vehicles registered around the world last year was 14,451 units, a decrease of 30.2% compared to the same period last year, recording negative growth.
Looking at all companies, Hyundai Motors sold 5,012 units of NEXO and ELEC CITY, maintaining its leading position in the hydrogen car market with a market share of 34.7%.
Hyundai Motor Company held an overwhelming market share with sales of 11,179 Nexo units in the same period last year, but sales this year were only 4,709 units, a 55.9% drop compared to the same period last year.
On the other hand, in the case of Toyota Mirai, 3,737 units were sold this year, up from 3,694 units in the same period last year, an increase of 3.9% compared to the same period last year. Other Chinese companies continue to record growth, particularly in the commercial vehicle market.
Looking at all countries, Korea sales of Hyundai Motor Company’s Nexo fell 55.2% compared to the same period last year due to sluggish sales. China has recorded continued growth focused on hydrogen commercial vehicles, coming first in hydrogen vehicle market share following the global electric vehicle market. The United States was the country where the Toyota Mirai was sold the most, with sales increasing compared to the same period last year, recording growth along with China.
Since Hyundai Motor Company’s Nexo was first unveiled in 2018, the hydrogen car market has continued to grow every year, with annual global hydrogen car sales exceeding 20,000 units in 2022, ending negative growth of 30.2% in 2023. In particular, the main reason is that sales in Korea, which came first in the hydrogen vehicle market share, have plunged by more than half compared to the same period last year.
The only Hyundai Nexo model that has lasted since 2018 has been facelifted twice in 2021 and 2023, so options for domestic consumers are limited. Additionally, the attractiveness of hydrogen vehicles in the eco-friendly vehicle market is bound to decline due to rising hydrogen vehicle charging costs, faulty hydrogen accidents, and a lack of hydrogen charging infrastructure.
On the other hand, the Chinese government is accelerating the commercialization of hydrogen energy in China by expanding the supply of hydrogen vehicles and building infrastructure through the ‘Medium to Long Term Development Plan of the Hydrogen Energy Industry (2021-2035)’. The Chinese government actively used the commercial vehicle market and rapidly expanded its share of the hydrogen vehicle market.
Attention is being given to whether the global hydrogen car market, which has slowed down significantly in 2023, will be able to regain its growth as new cars are expected to be released this year.
In November 2023, Toyota launched a hydrogen fuel cell vehicle based on the CROWN sedan, and a total of 102 units were sold in 2023. Crown has the same hydrogen fuel cell system as the current Mirai.
HONDA plans to launch a hydrogen fuel cell vehicle based on the CR-V sport utility vehicle (SUV) in the Japanese and North American markets within this year. Honda withdrew from the hydrogen car market by discontinuing the Clarity hydrogen car in 2021, but re-entered the competition based on the popular CR-V.
Hyundai Motor Company plans to launch the new Nexo in 2025.
Hello Reporter Te Lee Dong-jae |
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