Acumen Research and Consulting has published a new report titled "Automotive Steel Market Analysis - Global Industry, Size, Share, Growth, Trends, and Forecast, 2018-2026". 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.
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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.
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Such stable development is possible to have anoptimistic impact on the need for automotive steel during the coming years.According to the OICA statistics of 2017, the production volume of automobiles reached closely 20.6 million units in the year 2017, which also backed to the industry growth. As per the statistics published by Canada Vehicles Manufacturers’ Association in 2016 state, which is the regional automotive industry backed approximately USD 20 billion to the nationwide GDP.
The global automotive steel market is segmented intovehicle type, application and region.On the basis of vehicle type, the global automotive steel market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. On the basis of application, the global automotive steel market is segmented intobody 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.
In terms of the revenue, Asia Pacific captures the largest regional market in 2018 and is said to increase more during the forthcoming years. Extensive research and development activities to cater to increasing need are anticipated to back to the market development.
Europe represented 22.8% of the worldwide market volume share in 2018. Recuperation from the financial crisis in Europe has led to a 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.
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.
Central and South America represented a revenue offer of 3.9% in the worldwide market in 2018. Quickly extending car division in creating nations, for example, Brazil and Argentina, is a noteworthy driving component for the provincial market. According to OICA measurements, Argentina represented a business volume of about 900 thousand unit of vehicles in 2017. In this way, consistent deals volume of vehicles in the district is probably going to emphatically impact the market over the conjecture the forecast time frame.
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. And also, growing R&D investments paired with technical advancements to commercialize highly efficient products are expected to offer huge growth opportunities for industry participants. Some of the main businesses present in the automotive steel market are China 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. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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