Hyundai Motor posts largest share of global hydrogen car market in Q1

Hyundai Motor Co. in the first quarter controlled over half of the global market for fuel cell electric vehicles (FCEV) powered by hydrogen thanks to its crossover SUV Nexo. 

SNE Research, a market research company based in Seongnam, Gyeonggi Province, on Thursday said the carmaker announced first-quarter Nexo sales of 2,042 units, up 19.8% from the same period last year. Thus Hyundai's share of the global FCEV market grew from 47.7% last year to 54.6%.

Toyota, however, saw sales of its FCEV Mirai fall 32.6% to 902 units, thus its share of the market plunged from 37.4% to 24.1%. This also widened Hyundai's lead over Toyota in the industry to 30.5 percentage points.

"Nexo's domestic sales comprise over 90% of its total," SNE Research said. "Thanks to the confirmed subsidy policy for 16,000 passenger FCEVs in Korea this year and the effect of the second quarter as a peak season, the gap between Hyundai and Toyota's FCEV market shares is expected to widen further."

By country, South Korea saw first-quarter sales grow 32.7% to 1,914 units, while China saw a leap of 109.2% to 793 thanks to a sales rebound in commercial FCEVs after a slump in January and February.

Sales of the Nexo and Mirai simultaneously declined in the US, Europe and Japan.

SNE Research said FCEV sales last year broke 20,000 units for the first time and saw growth gradually continue in the first quarter this year.

"With major electric vehicle makers such as BMW and Honda appearing intent on investing in and developing FCEVs, a change in the perception of the hydrogen-powered vehicle market is considered inevitable," a company source said.

Write to Sungsu Bae at baebae@hankyung.com