Korea ranked first in the hydrogen-electric passenger car market last year, recording a market share of about 73%. Hyundai Motor’s hydrogen electric vehicle’Nexo’ sold three times more than Japan’s Toyota’s’Mirai’.
According to market research firm H2 Research on the 8th, sales of hydrogen electric vehicles in Korea last year increased 38% from the previous year to 5,786 units. This accounts for 72.9% of the total sales of 9,24 units.
Following this, the US (957 units, 12.1%), Japan (750 units, 9.5%), and Europe (452 units, 5.7%) all decreased year-on-year. The share of Japan and Europe decreased by 0.2% and 0.3%, respectively, while the United States decreased by 14.2%. It is analyzed that this is due to the aftermath of a contraction in consumption following the spread of Corona 19 last year.
However, Korea’s market share has increased significantly thanks to the government’s aggressive policies to foster the hydrogen industry, such as the hydrogen economy. The government set the goal of supplying the world’s first hydrogen electric vehicle to exceed 10,000 units (15,185 units) this year.
Looking at each vendor, Hyundai Nexo, which sold a total of 6,781 units last year, reached No. 1 with a market share of 75.1%. Toyota’s Mirai sales volume, which has been recognized as a rival of Nexo, reached only 1,960 units, recording 21.7% of the market share. The difference in market share between the two companies is about four times.
Honda, Japan, which ranked third, sold 263 hydrogen electric vehicles last year, recording a market share of 2.9% as it focused on plug-in hybrid (PHEV). It is analyzed that this company is gradually leaving the competition for hydrogen electric vehicles.
In the commercial vehicle sector such as hydrogen electric buses and hydrogen electric trucks, it was found that China currently leads the market. According to H2 Research, global sales of hydrogen-electric vehicles last year totaled 1,371 units, down 52.3% from the previous year.
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This is because China, which occupies most of the market, was affected by the coronavirus and the local government’s supply project was delayed. An official from H2 Research explained, “The current hydrogen electric commercial vehicle market is formed mainly in China according to China’s commercial vehicle priority policy,” and “Others, including Korea, the US, Europe, and Japan are in the demonstration stage.”
An official from H2 Research predicted, “This year, the hydrogen electric vehicle market will surpass 20,000 units for the first time thanks to the growth of the global automobile market, strengthening policies to support the hydrogen industry, and strengthening the supply of hydrogen electric vehicles in Korea”