Automotive Steel Market New Opportunities For Industry Growth And ForecastPosted by Neha Bora on February 7th, 2020 San Francisco, 7 February 2020: The Report Automotive Steel Market Size, Share & Trends Analysis Report By Application (Body Structure, Power Train, Suspension), By Vehicle Type (LCVs, HCVs), By Region, And Segment Forecasts, 2019 – 2025 The global automotive steel market is expected to reach USD 130.07 billion by 2025, according to a new report by Grand View Research, Inc. is expected to witness a CAGR of 3.2% over the forecast period. Growing automotive production in Asia Pacific countries is likely to drive the market. Expansion of production facilities coupled with growing demand in the Asia Pacific are the key factors in the growth of regional automobile sector. In 2018, automotive production in countries including Thailand, Malaysia, Indonesia, and India has observed a significant growth in the production of vehicles. Growing demand for electric vehicles is another factor which is projected to create a positive impact on the demand for steel products. As per the International Energy Agency, over 1 million cars were sold in 2017 in the global market while China accounted for more than 50% sales. European countries including Norway, Iceland, and Sweden accounted for the highest market share for electric vehicles sales in 2017. Europe is among the world’s largest producers of vehicles; the automotive industry in Europe accounts for 6.8% of its GDP. Automotive sector is the largest private investor in automotive research & development (R&D) with the support of the European Commission. Reduced CO2 emission and improved fuel economy are the key factors leading to the development of lightweight chassis components in the region. China is the largest producer of vehicles worldwide. Passenger vehicles segment is anticipated to witness lucrative growth in terms of sales over the coming years. Attracted by the significant development of small and microcar segments, various global brands are involved in the expansion of their product lines in these segments. Leading steel companies are heavily focused on the development of new grades of advanced high-strength steel with high strength. This will assist in the manufacturing of lighter and thinner components with safety features. Steel companies have collaborated with research institutes and global universities in order to develop special and advanced grades of steel for automobile use. Introduction of new emission regulations is anticipated to create a short term impact on the market. For instance, recently in India BS-VI emission norms were introduced. This is likely to cause changes and disruption in the industry for short term period. However, this also brings new opportunities for automotive steel market vendors. Access Research Report of Automotive Steel Market @ https://www.grandviewresearch.com/industry-analysis/automotive-steel-market Further key findings from the report suggest:
Grand View Research has segmented the global automotive steel market report on the basis of vehicle type, application, and region: Automotive Steel Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Automotive Steel Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Automotive Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
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