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Almost 70% of market share … Significantly ahead of Toyota and Honda
Toyota and Honda, which were recognized as major rivals, ranked second and third, respectively, but the gap with Hyundai Motors, number one, widened.
According to SNE Research, the total number of hydrogen fuel cell vehicles registered worldwide in 2020 was about 9,000 units, 11.3% less than the previous year. However, Hyundai Motor’s sales volume increased 35.3% year-over-year to 6,500 units, and its market share increased from 45% in 2019 to 69% in 2020. It sold 7 out of 10 battery-powered vehicles hydrogen fuel around the world.
Toyota Mirai (1st generation) and Honda Clarity, which have led the world market in the past, have significantly reduced their sales due to the obsolescence of the models. By country, the Chinese market, which is the second largest in the world, contracted due to reductions in subsidies, which had a considerable impact.
By manufacturer, Toyota in second place and Honda in third place posted negative growth due to declining sales of previous models, pulling the entire market down.
In contrast, Hyundai Motor’s flagship model Nexo increased 33.6% and its total sales exceeded 6,000 units for the first time in history. Consequently, the market share soared to 69.0%.
Meanwhile, global sales of hydrogen fuel cell vehicles in the fourth quarter of 2020 decreased by 26% compared to the same period last year to just 2,800 units. Along with the Chinese market, the domestic market also stagnated due to the exhaustion of subsidies. However, when Toyota launched a new second-generation Mirai model in Japan, its sales more than doubled.
The global market in 2020 is assessed as the year that Hyundai Motor Company has solidified its position as a market leader. However, in 2021, the second-generation Toyota Mirai is expected to intensify the sales competition between Hyundai Motor Company and Toyota, as new models of the second-generation Toyota Mirai will be launched one after another in the United States and other countries. after Japan.
In addition, the market size, which was slightly reduced compared to the previous year, is also expected to rebound, surpassing 10,000 units annually, in addition to reaching an all-time high.
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