Global Automotive AHSS Sale, By Product Type (Dual Phase, Martensitic Steel, Boron Steel and Others), by Vehicle Type (Passenger Car and Commercial Vehicle), By Application (Body & Closures, Suspensions, Bumper and Others) and Region – Forecast 2016-2023.
Market Research Future (MRFR) has launched a new release on the global Automotive AHSS Sale. The report presents a thorough overview of the global [FURL=https://www.marketresearchfuture.com/reports/automotive-ahss-market-4648]Automotive AHSS Sale[/FURL] on the back of a detailed analysis of the market’s historical growth trajectory and leading segments. The market’s historical growth trajectory is assessed in detail in the report in order to understand the major factors underlying the market’s growth in the study period.
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Automotive high strength steel (AHSS) aids in building car models that are light weight but sturdy, fuel-efficient, and safe. Automobile manufacturers are extensively using AHSS in designing their models due to these benefits. Market Research Future (MRFR) reveals that high utility of AHSS in the production of strong automobiles is the prime factor that is likely to drive the global market for automotive AHSS. MRFR asserts that the global Automotive AHSS Sale is likely to a CAGR of about 9.8% over the evaluation period of 2017 and 2023 and be valued at approximately USD 23.45 billion by 2023.
Hyundai, an automotive giant in South Korean, launched its latest model GRAND i10 NIOS. It has sturdy body made of 65% Advanced High Strength Steel (AHSS).
Automotive high strength steel’s (AHSS) ability to produce light weight vehicles is likely to boost its market growth. When AHSS is used for the production of vehicle, the total greenhouse gas that is emitted over the lifecycle of the vehicle is reduced significantly. Governments, across the world, are encouraging the use of light weight vehicle as it significantly cutting down the carbon footprint. These factors are likely to gain traction for the Automotive AHSS Sale in the foreseeable future.
The rise in environmental concerns is boosting the sales of high strength steel (AHSS) to the automobile industry. As the world population base expands, the sales of automobile are observed to increase. Thus, the production for automobiles is surging, and the use of AHSS is observed to be extensive. In addition, the durability of AHSS is effectively cutting down the manufacturing and maintenance cost of automobiles made of AHSS. These are other factors due to which the market can gain momentum over the forecast period.
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The global Automotive AHSS Sale has been segmented by vehicle type, application, and product type. By product type, the market has been segmented into Martensitic Steel, Martensitic Steel, Comprises Dual Phase, and others. By application, the market has been segmented into body & closures, bumper, suspensions, and others. By vehicle type, the market has been segmented into commercial vehicle and passenger car.
Regionally, the global Automotive AHSS Sale has been studied across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Asia Pacific is the largest producer of high grade steel. The steel market in India, China, and Japan is observed to exhibit healthy growth. The residence of renowned steel producers in the Asia Pacific region, and the growing competition among them is expected to benefit the market growth. The increase in the demand for passenger vehicle due to the large population is triggering the production of automobiles. Alongside, there are several original equipment manufacturers (OEMs) are present in the region. In addition, the rising need for better comfort among people is triggering the sales of luxurious cars. These factors are likely to drive the growth of the APAC Automotive AHSS Sale. The automotive industry in the APAC is noted to attract high foreign direct investment (FDI). This is expected to gain traction for the regional Automotive AHSS Sale. Other factors that are expected to boost the regional market are availability of low cost labor and increase in focus on sustainability and development in fuel efficacy.
ArcelorMittal S.A. (Luxembourg), AK Steel Holding Corporation (U.S.), China Baowu Steel Group Corp., Ltd. (China), SSAB AB (Sweden), POSCO (South Korea), Tata Steel Limited (India), Kobe Steel Ltd. (Japan), United Steel Corporation (India), and ThyssenKrupp AG(Germany) are major automotive AHSS suppliers that are listed by MRFR.
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