Hyundai Motor Maintains No.1 Position in Hydrogen Vehicle Sales from January to July... Dual Power Structure with Toyota

[Asia Economy Reporter Ki-min Lee] The global sales of hydrogen fuel cell vehicles exceeded 10,000 units from January to July this year, with Hyundai Motor Company maintaining its position as the world’s number one in market share. However, with Toyota’s hydrogen vehicle sales surging, the market is shifting from a dominant one-leader-two-contenders structure to a two-leader system.

According to SNE Research on the 1st, global hydrogen vehicle sales from January to July this year recorded 10,300 units, a 109.1% increase compared to the same period last year. This surpasses last year’s annual performance of around 10,000 units in just seven months, showing a steep growth trend. SNE Research explained that Hyundai’s Nexo (1st generation) 2021 model and Toyota’s Mirai 2nd generation new model led the overall growth.

By company, Hyundai Motor held the top spot with a 51.2% market share in hydrogen vehicle sales from January to July. The sales volume of the Nexo (1st generation) 2021 model, launched in January this year, surged by 43.9% compared to the same period last year, contributing to maintaining the number one market share.

However, unlike the overwhelming dominance last year, this year Hyundai is being fiercely chased by Toyota, shifting to a two-leader system. Previously, Hyundai sold 3,600 units from January to July last year, more than seven times the 500 units sold by Toyota. But during the same period this year, hydrogen vehicle sales were 5,300 units for Hyundai and 4,100 units for Toyota, narrowing the gap to 22%. Toyota’s Mirai 2nd generation new model sales surged nearly 8.7 times compared to the same period last year, raising its market share from 9.7% to 40.1%.

Honda, ranked third, saw only a slight rebound in sales, with its market share dropping from 3.2% in January to July last year to 1.6% during the same period this year. As the two-leader structure of Hyundai and Toyota solidifies, Honda’s market position is expected to shrink rapidly going forward.

SNE Research stated, “Unlike last year’s overwhelming situation, this year Hyundai is being fiercely chased as the one-on-one competition with Toyota accelerates. Hyundai must intensify efforts not only in cultivating foundational competitiveness and reorganizing market strategies but also in researching and developing additional new models.”

This content was produced with the assistance of AI translation services.