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:

• In terms of unit sales, the North America automotive industry has witnessed a steady development between the years 2010 to 2017.
• The market development in this region during the coming years is expected to grow with the growing vehicle production paired with high need for technically advanced passenger vehicle.
• With a CAGR of 2.7% from 2018 to 2026, north America is expected to keep growing with U.S. as the biggest maker, and in addition purchaser, of engine vehicles in this area.
• The largest regional market was of Asia Pacific in terms of revenue in the year 2018. It is expected to keep increasing in the forecast period owing to the extensive research and development activities.
• In 2018, the worldwide market volume share of 22.8% was secured by Europe with the increase in new passenger car registrations in countries like France, Italy, Germany and Spain.
  3.9% of the worldwide market’s revenue was offered by Central and South America in 2018.
• The major players operating in the market include 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.

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