Global sales of hydrogen vehicles fell more than 30 percent in 2023 from the previous year. The decline was largely due to a slump in sales of Hyundai Motor which ranked first in the global hydrogen vehicle sales standings and held the majority of the global hydrogen vehicle market share.
The total number of hydrogen vehicle registrations reached 14,451 in the world from January to December 2023 and this figure was a 30.2 percent year-on-year decline according to market research firm SNE Research on Feb. 15. It was the first time in three years since 2020 that hydrogen vehicle sales have slowed down.
Hyundai Motor ranked second in the global hydrogen vehicle market by selling 5,012 units of the NEXO and Elec City, including commercial hydrogen vehicles, in 2023, down 55.9 percent from 11,354 units the previous year. In particular, the Korean automaker sold 11,179 units of the NEXO in 2022, but only 4,709 units in 2023.
China Commercial, on the other hand, sold 5,362 hydrogen vehicles in 2023, including commercial hydrogen vehicles, up 2.4 percent year on year, overtaking Hyundai to become the No. 1 player with a 37.1 percent market share. Toyota of Japan ramped up its market share to 26.6 percent, up 3.9 percent to 3,839 units.
By country, hydrogen vehicle sales, excluding commercial hydrogen vehicle sales, were 5,600 units (38.8 percent) in China, 4,631 units (32.0 percent) in Korea, 2,992 units (20.7 percent) in the United States, 773 units (5.3 percent) in Europe, and 424 units (2.9 percent) in Japan.
In Korea, 4,631 hydrogen vehicles were sold in 2023, down 55.2 percent year on year. China saw sales of 5,600 units, up 2.8 percent, and the United States saw 2,992 units, up 10.5 percent. In Europe and Japan, sales of hydrogen vehicles fell 39.5 percent and 49.9 percent, respectively.
“The rising cost of refueling hydrogen vehicles, accidents caused by defective hydrogen, and a lack of hydrogen refueling infrastructure are bound to undermine the attractiveness of hydrogen vehicles in the eco-friendly vehicle market,” said an SNE Research official. “On the other hand, the Chinese government is actively expanding the diffusion of hydrogen vehicles and building infrastructure through the Mid- to Long-term Development Plan for the Hydrogen Energy Industry (2021-2035), accelerating the commercialization of hydrogen energy in China.”