Hydrogen Vehicle Market Up 20.6% Year-on-Year in Q1... "NEXO Stands Out"

Hyundai Leads Hydrogen Vehicle Sales
With 67.3% Market Share

In the first quarter of the year, 2,602 hydrogen vehicles were sold worldwide, marking a 20.6% increase compared to the same period last year. Hyundai Motor Company continues to dominate the market, selling 1,752 units led by the 'NEXO'.

According to SNE Research on May 12, the global fuel cell electric vehicle (FCEV) market recorded 2,602 units sold from January to March, up 20.6% year-on-year.

Hyundai Motor Company, focusing on the NEXO, sold 1,752 units, achieving 132.4% growth compared to the same period last year. The company maintains both passenger and commercial hydrogen vehicle lineups, including the commercial 'XCIENT' model, and is expanding its business scope to include fuel cells and water electrolysis through investments in the Ulsan hydrogen fuel cell plant.

Toyota sold a combined total of 174 units of its 'Mirai' and 'Crown' models, an increase of 14.5% year-on-year.

Honda released the 2025 'CR-V e:FCEV', a hydrogen passenger vehicle, in the United States and Japan, but sales amounted to only 49 units. As the first SUV to combine hydrogen fuel cell and plug-in hybrid functions, it is equipped with a 4.3 kg hydrogen tank and a 17.7 kWh battery, offering an EPA-rated driving range of 435 km.

Chinese companies sold 627 units, down 47.6% from last year. By focusing on the commercial vehicle and logistics transportation sectors, they are maintaining a stable sales flow.

By region, the contraction of the hydrogen vehicle market in Europe was particularly notable. The European Union has established a regulatory framework to build hydrogen refueling infrastructure along key transport networks and urban hubs by 2030, providing the possibility of mid-to-long-term market recovery.

In China, through the hydrogen comprehensive application pilot project, the focus is on developing demand for medium and heavy-duty trucks, refrigerated logistics, and industrial hydrogen, thereby expanding the hydrogen vehicle market toward commercial vehicles and logistics sectors.

In the United States, although support is being promoted for clean hydrogen hubs and medium-to-large-scale hydrogen refueling infrastructure, high hydrogen prices and the instability of refueling station operations are acting as barriers to the widespread adoption of hydrogen passenger vehicles.

In Korea, thanks to strong sales of the NEXO, the market share reached 66.9%, ranking first in the market. The NEXO, released last year, showed sales performance surpassing its predecessor at launch, signaling a rebound in the previously stagnant hydrogen passenger vehicle market.

SNE Research noted, "The growth engine of the global hydrogen vehicle market is shifting from passenger cars to medium and heavy-duty commercial vehicles, long-distance logistics, buses, and port transportation. The mid-to-long-term growth potential of the hydrogen vehicle market depends on the expansion of refueling infrastructure, stabilization of hydrogen prices, and securing the economic viability of commercial vehicle operations." The research firm added, "Hydrogen vehicles are more likely to establish themselves as a complementary technology to battery electric vehicles in areas such as long-distance, heavy-weight, and high-utilization transport, rather than directly competing with battery electric vehicles."