Hyundai Motor Maintains No.1 Position in Global Hydrogen Fuel Cell Vehicle Market

Nexo Sold 8,449 Units Through September
Toyota, Ranked 2nd, Sees Sharp Decline in Sales

[Asia Economy Reporter Kiho Sung] Hyundai Motor Company has maintained its number one position in the global hydrogen fuel cell vehicle market through the third quarter of this year.

According to SNE Research, an energy-specialized market research firm, the number of hydrogen fuel cell vehicles registered worldwide from January to September this year reached 14,400 units, an increase of 1,325 units (10.1%) compared to the same period last year (10,375 units).

The SNE report analyzed that the global hydrogen vehicle market growth has slowed compared to last year. In particular, factors such as growth stagnation due to companies’ focus on electric vehicle strategies, ongoing supply disruptions of parts and raw materials centered on semiconductors, and the Russia-Ukraine conflict were cited as negative influences on the hydrogen vehicle market.

Despite this, Hyundai Motor, supported by steady performance of the 2021 model of Nexo, sold 8,449 units through September this year, a 23.2% increase compared to the same period last year (6,859 units). Excluding Korea, the highest sales in September were recorded in the United States (27 units).

On the other hand, Toyota, ranked second, saw a significant decrease in sales of the second-generation Mirai, with cumulative sales through the third quarter dropping 47.7% to 2,619 units from 5,007 units the previous year. Toyota continues to face supply volume challenges due to overlapping external adversities including supply chain issues and natural disasters.

Accordingly, Hyundai’s market share stood at 58.7%, while Toyota’s was 18.2%, widening the gap between the global hydrogen fuel cell vehicle 'Big 2' to 40.5 percentage points.

However, the SNE report forecasted that Toyota’s market share will gradually recover as the second-generation Mirai is scheduled to be sold in China through imports by the end of this year, and Toyota is reportedly planning local production as well.

Hyundai is also planning to launch a China-specific model based on the existing Nexo for the Chinese market, drawing attention to the competition between the two companies in China.

The SNE report stated, "Hyundai appears to have no difficulty maintaining its lead in the hydrogen vehicle market with steady sales of the 2021 Nexo model, but Japanese and Chinese automakers, supported by government investments in their respective countries, are planning to develop and launch passenger hydrogen vehicles, which will fiercely challenge the leading position."

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