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Home Home - Analysis
Hydrogen

Hydrogen Fuel Cell Vehicle Market Faces Challenges Amid Decline

Anela DoksoBy Anela Dokso11/02/20252 Mins Read
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Despite being hailed as a frontrunner in the future of eco-friendly automobiles, the global market for hydrogen fuel cell vehicles (FCEVs) has experienced two consecutive years of decline.

According to recent data from SNE Research, the total global sales of hydrogen fuel cell vehicles in the past year amounted to 12,866 units, marking a significant decrease of 21.6% compared to the previous year. This downturn follows a peak in 2022 with 20,704 units and signals a significant challenge for the hydrogen vehicle sector, which trails behind electric vehicles in terms of price competitiveness and infrastructure development.

Analyzing specific manufacturers, both Hyundai and Toyota, leaders in hydrogen vehicle technology, reported declines in sales and market share. Hyundai retained its position as the top seller through its models Nexo and Elec City, selling 3,836 units but witnessing a reduction of 23.5% year-on-year. The decrease was primarily attributed to a slump in domestic sales of the Nexo model. Similarly, Toyota sold 1,917 units of its Mirai and Crown models, a steep 50.1% decrease compared to the previous year. Meanwhile, China-based bus manufacturer Yutong recorded sales of 1,137 units, a slight decrease of 4.7%, yet managed a small increase in market share.

From a geographical perspective, China emerged as the leading market with sales of 7,113 units, accounting for 55.3% of the global market share, up from 46.1% in 2023. The growth in China is driven by the government’s aggressive policy support, subsidies, and infrastructure expansion, particularly for commercial hydrogen vehicles. Other markets exhibited less promising trends, with South Korea selling 3,688 units, down by 20.4%, followed by Europe with 736 units, Japan with 686 units, and the United States with 586 units.

Despite the downturn, Hyundai is poised to maintain its industry leadership by expanding its commercial vehicle lineup and planning the release of a Nexo successor. SNE Research attributes the weak global sales performance to insufficient domestic market uptake and highlights ongoing challenges such as the underdeveloped charging infrastructure, high production and storage costs, and issues related to economic feasibility.


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