South Korea Dominated the Global Hydrogen Fuel Cell Electric Vehicle Market in 2022

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Cindy Mutia Annur 27/04/2023 18:03 WIB

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An International Energy Agency (IEA) report shows that South Korea dominated the global market share for hydrogen-fueled electric vehicles in 2022.

Electric Vehicle Market Segmentation by Hydrogen Fuel Cell/FCEV by Country (2022)

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South Korea Dominated the Global Hydrogen Fuel Cell Electric Vehicle Market in 2022

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Electric Vehicle Market Segmentation by Hydrogen Fuel Cell/FCEV by Country (2022)

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An International Energy Agency (IEA) report shows that the number of global Fuel-Cell Electric Vehicles (FCEVs) exceeded 72,000 units in 2022. This represents a 40% year-on-year (YoY) increase.

FCEVs, or emission-free vehicles, utilize hydrogen as an energy source to generate electricity through their fuel cell systems.

According to the IEA, approximately 80% of FCEVs are cars, followed by trucks (10%) and buses (almost 10%). The report also notes that the FCEV truck segment grew faster than cars and buses, increasing by 60% annually in 2022.

By country, the IEA states that South Korea dominated the global hydrogen-fueled electric vehicle market in 2022, accounting for approximately 35,000 FCEV units (41% of the global total).

"This can be partly attributed to a policy landscape that supports FCEV production and sales, which also makes Hyundai the top FCEV manufacturer," the IEA stated in its Global EV Outlook 2023 report.

The United States holds the second-largest global FCEV market share at 21%, or more than 15,000 units. In 2022, the number of FCEVs in the United States increased by more than 20% YoY, significantly less than the 60% growth in China.

China holds the third-largest global FCEV market share at 19%, followed by Japan and Germany with 11% and 3%, respectively. The remaining countries account for only 5% of the FCEV market share.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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South Korea Dominated the Global Hydrogen Fuel Cell Electric Vehicle Market in 2022

South Korea Dominated the Global Hydrogen Fuel Cell Electric Vehicle Market in 2022

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South Korea Dominated the Global Hydrogen Fuel Cell Electric Vehicle Market in 2022

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