The global automotive steel market size is anticipated to around USD 78.3 billion by 2026, this market is anticipated to grow 4.5% CAGR during the forecast time period.
Growing production of automobiles and need for Electric Vehicles (EVs), predominantly in North American and European nations, is expected to drive the market development over the forecast period. Asia Pacific is estimated to arise as one of the fastest-developing regional markets for automotive steel during the forthcoming years.
Growing vehicle production paired with high need for technically advanced passenger vehicle is projected to encourage the market development in this region during the coming years. North America automotive industry has observed a steady development, in terms of unit sales, from 2010 to 2017. According to the statistics of International Organization of Motor Vehicle Manufacturers (OICA) published in 2017, the whole motor vehicle sales in North America augmented from 19.7 million units in the year 2010 to approximately 25.7 million units in the year 2017.
China, Japan, and India are the significant markets in Asia Pacific. The Southeast Asian nations are relied upon to observe a critical improvement in the coming years inferable from rising selection of Electric Vehicles (EVs), explicitly in China. This factor is likewise expected to have a decidedly effect on the car steel advertise in the district. Quick extension of the car and transportation industry in developing economies, for example, India, is required to increase the interest for vehicle parts over the estimate time frame. This, thus, will help support the market development in Asia Pacific. In 2016, the automobile production in India was almost 4,488,965 units, which saw an expansion of about 5.8% and achieved roughly 4,782,896 units in 2017.
Market By Vehicle Type
Market By Application
Market By Geography
North America is required to observe a CAGR of 2.7% from 2018 to 2026. U.S. is the biggest maker, and in addition purchaser, of engine vehicles in this area. The nation recorded overall vehicle sales of 11.7 million units in the year 2010 to 17.5 million units in the year 2017 as per to the OICA measurements of 2017. Car industry in U.S. has been seeing improvements, as far as vehicle type. Approach of top notch, smaller SUVs has emphatically impacted the vehicle deals in the nation. Europe represented 22.8% of the worldwide market volume share in 2018. Recuperation from the financial crisis in Europe has led to an increase in new passenger car registrations, especially in France, Germany, Italy, and Spain. Besides, buyers in Europe are receiving green and eco-accommodating alternatives that is probably going to expand the generation of EVs, thus impelling the market development.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. The major players associated with theautomotive steel areChina Steel Corp., Nucor Corp., ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corp., Tata Steel Ltd., JFE Steel Corp., United States Steel Corp., JSW Group, HYUNDAI STEEL Co. Ltd. (HSC), and POSCO.