Hyundai Motor Dominates Korea's Large Bus Market with Hydrogen-Electric Vehicles
Key Ideas
- Hyundai Motor's hydrogen-electric buses hold a 19.8% market share in Korea's large bus market, outperforming passenger car sales.
- Hydrogen electric buses are favored for commercial vehicles due to their superior load capacity and mileage compared to electric vehicles.
- The global hydrogen-electric commercial vehicle market is projected to increase from 11.8 trillion won in 2023 to 53 trillion won in 2030, presenting significant growth opportunities.
- Hyundai Motor is actively expanding its hydrogen-electric bus market presence, focusing on collaborations with major industry players and export efforts for hydrogen electric trucks.
In South Korea, Hyundai Motor has made significant strides in the large bus market with its hydrogen-electric vehicles, accounting for 19.8% of sales from January to May this year. This market dominance is attributed to the advantages of hydrogen fuel for commercial vehicles, offering better load capacity and mileage than electric vehicles. The industry anticipates further growth in the hydrogen-electric commercial vehicle sector, with projections indicating a fivefold market increase by 2030. Hyundai Motor is strategically positioning itself by supplying hydrogen-electric buses for airport operations and partnering with key players like Wonder Mobility for vehicle conversion. Additionally, their hydrogen electric truck, Exient FCEV, has seen exports to 13 countries, accumulating a total mileage equivalent to 425 laps around the Earth. This push signals a positive outlook for Hyundai Motor's expansion in the hydrogen electric vehicle market.
Topics
Cities
Transportation Industry
Commercial Vehicles
Hyundai Motor
Market Share
Future Growth
Large Bus Market
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