Global Hydrogen Electric Vehicle Sales Decline in 2023

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Adi Ahdiat 23/02/2024 18:14 WIB

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According to SNE Research data, global sales volume of hydrogen fuel cell electric vehicles (FCEVs) decreased by 30% year-on-year (YoY) in 2023.

Global Hydrogen/FCEV Electric Vehicle Sales Volume (2017-2023)

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Global Hydrogen Electric Vehicle Sales Decline in 2023

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Global Hydrogen/FCEV Electric Vehicle Sales Volume (2017-2023)

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Hydrogen fuel cell electric vehicles (FCEVs) are cars that use hydrogen as their energy source.

The fuel cell technology in FCEVs converts the chemical energy from hydrogen into electrical energy, which then powers the engine.

Unlike battery electric vehicles that require charging, the energy source of FCEVs is stored in hydrogen tanks that can be filled like gasoline.

However, unlike gasoline combustion which produces carbon emissions, the use of hydrogen energy in FCEVs only produces water vapor as exhaust.

This makes FCEVs an environmentally friendly transportation alternative.

According to SNE Research, a South Korean renewable energy research institute, the popularity of hydrogen fuel cell vehicles strengthened during the 2017-2022 period, as evidenced by the increase in sales volume.

However, in 2023, global FCEV sales totaled only 14,450 units, a decrease of approximately 30% compared to 2022 (year-on-year).

"The main reason for this decline is the slump in FCEV sales in South Korea, which was the number one FCEV market share in 2022," said the SNE Research team in its press release (February 15, 2024).

"Due to the increasing cost of hydrogen refueling, incidents of damage, and the lack of hydrogen refueling infrastructure, FCEVs have lost their appeal in the environmentally friendly vehicle market," they said.

However, SNE Research projects that FCEV sales could strengthen again in 2024, along with the development of hydrogen refueling infrastructure in China, and the launch of new FCEV models from several major manufacturers such as Toyota, Honda, and Hyundai.

Editor : Adi Ahdiat

"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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Global Hydrogen Electric Vehicle Sales Decline in 2023

Global Hydrogen Electric Vehicle Sales Decline in 2023

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Global Hydrogen Electric Vehicle Sales Decline in 2023

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