Global hydrogen car sales fall 30.2% in 2023.
According to Korean research company SNE Research, 14,451 hydrogen fuel cell vehicles (FCEVs) were sold worldwide in 2023. This is 30.2% less than in 2022. Sales are down even compared to 2021 (see chart). In comparison, 92,344 light-duty battery electric vehicles (BEVs) were sold in India alone in 2023.
Among automakers, the leader is the Korean Hyundai Motors. However, while it sold 11,179 of its NEXO hydrogen electric vehicles in 2022, it sold only 4,709 units last year — a drop of 55.9%. Including another model, ELEC CITY, Hyundai’s total sales of hydrogen cars were 5,012 units, occupying a market share of 34.7%.
On the other hand, the Toyota Mirai sold 3,737 units in 2023, up 3.9% from 2022, and the Japanese manufacturer’s market share rose to 26.6%.
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Sales of Chinese hydrogen cars are growing, and China has taken first place in the country ranking for the first time. However, Chinese manufacturers focus mainly on the commercial vehicle market.
In South Korea, which previously held the leading position, the market declined by 55.2% due to the aforementioned weak sales of NEXO.
The US, where Toyota Mirai sales grew the most YoY, recorded a 10.5% increase in new FCEV registrations. This is the highest percentage growth of any market. The states ranked third in terms of sales.
In the EU (fourth place), the market shrank by 39.5%.
In Japan, sales of hydrogen cars fell by almost 50%, and it was previously noted that over the last two years, the decline was as much as 83%.
SNE Research notes that due to the rising cost of refueling hydrogen vehicles, incidents with faulty filling stations, and infrastructure shortages, “FCEVs have inevitably begun to lose their luster in the clean vehicle market.” On the other hand, the Chinese government is accelerating the commercialization of hydrogen energy in China by actively expanding the distribution of hydrogen cars and creating related infrastructure as part of the Medium- and Long-Term Development Strategy of the PRC Hydrogen Industry (2021–2035). China has rapidly increased its share of the global FCEV market by exploiting its hydrogen-fueled commercial vehicle market.
Despite the sad picture, SNE Research believes that the market can recover thanks to the emergence of new hydrogen car models. In November 2023, Toyota launched the Crown FCEV, 102 units have already been sold. The Crown FCEV has the same hydrogen fuel cell system as the Mirai. Additionally, Honda plans to launch a hydrogen fuel cell vehicle based on its CR-V SUV model in Japan and North America in 2024. Honda, which stopped producing the Clarity in 2021 and exited the hydrogen car market, has decided to make a comeback based on the popularity of the CR-V. Hyundai Motors also has a plan to introduce the new NEXO in 2025. Additionally, as we previously reported, the world’s third-largest automaker Stellantis is launching eight models of hydrogen vans.
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Global hydrogen car sales fall 30.2% in 2023. source
