The global automotive steel market is segmented into vehicle type, application and region. Vehicle type segmentation of the global automotive steel market can further be classified into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Based on the application segmentation of the global automotive steel market can be categorized according to body structure, power train, suspension, and others. On the basis of region the global automotive steel market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
The need for automotive steel during the coming years is expected to grow owing to the growing production of automobiles and need for Electric Vehicles (EVs), predominantly in North American and European nations. One of the fastest-developing regional markets for automotive steel during the forthcoming years is expected to be Asia- Pacific market.
It is expected that the global automotive steel market is anticipated to reach a market size of almost USD 78.3 billion by the year 2026, growing at a CAGR 4.5% throughout.
Here are some more points to help explain about the global automotive steel market further:
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