The worldwide hydrogen car market has skilled a big downturn in 2023, marking a greater than 30 p.c decline in gross sales in comparison with the earlier 12 months. Particularly the world witnessed a 30.2 p.c year-on-year lower in hydrogen car registrations, with a complete of 14,451 items registered from January to December. This downturn is notable because it represents the primary slowdown in hydrogen car gross sales since 2020, based on knowledge from SNE Analysis.
Hyundai Motor’s Gross sales Droop
Hyundai Motor, which beforehand led the worldwide hydrogen car gross sales rankings, skilled a dramatic 55.9 p.c drop in gross sales in 2023, promoting solely 5,012 items of the NEXO and Elec Metropolis Bus. This vital decline from 11,354 items within the earlier 12 months contributed largely to the general market downturn. Regardless of that, Hyundai already introduced that it’s going to launch a brand new NEXO mannequin in 2025.
China Business Takes the Lead
Contrasting Hyundai’s efficiency, China Business noticed a slight improve of two.4 p.c in its hydrogen car gross sales, promoting 5,362 items in 2023. This progress has positioned China Business as the brand new chief within the international hydrogen car market, capturing a 37.1 p.c market share.
Hyundai Introduced a brand new NEXO throughout 2024 Shopper Electronics Present at Las Vegas early 2024
Toyota’s Market Share Improve
Toyota of Japan additionally elevated its market share to 26.6 p.c by promoting 3,839 items in 2023, marking a 3.9 p.c rise from the earlier 12 months. This progress underscores the shifting dynamics throughout the international hydrogen car market.
Regional Gross sales Efficiency
The gross sales efficiency of hydrogen autos assorted considerably by nation:
China: Led the gross sales with 5,600 items, reflecting a 2.8 p.c improve.
Korea: Skilled a pointy 55.2 p.c decline, with 4,631 items offered.
The US: Noticed a rise of 10.5 p.c, with 2,992 items offered.
Europe and Japan: Confronted vital gross sales drops of 39.5 p.c and 49.9 p.c, respectively.
Challenges Going through the Hydrogen Automobile Market
The decline in hydrogen car attractiveness may be attributed to a number of components, together with the rising price of refueling, accidents brought on by faulty hydrogen, and a scarcity of hydrogen refueling infrastructure. These challenges have notably impacted the market’s progress prospects.
China’s Proactive Method
In distinction, the Chinese language authorities’s lively efforts to increase hydrogen car diffusion and infrastructure improvement by means of its Mid- to Lengthy-term Improvement Plan for the Hydrogen Power Trade (2021-2035) spotlight a nationwide dedication to accelerating the commercialization of hydrogen power.
Conclusion
The worldwide hydrogen car market’s decline in 2023 displays a posh interaction of market dynamics, regional performances, and business challenges. Whereas sure areas like China present promising progress, the general business faces vital hurdles that have to be addressed to make sure the long-term viability and attractiveness of hydrogen autos as a sustainable transportation possibility.