According to the recent study the automotive AHSS market is projected to reach an estimated $34.8 billion by 2028 from $21.4 billion in 2023, at a CAGR of 8.5% from 2023 to 2028. Growth in this market is primarily driven by increasing vehicle production, reduction in fuel consumption, lower cost of AHSS materials than other lightweight materials, and stringent government regulations regarding CO2 emissions.
Browse 93 figures / charts and 73 tables in this 255 -page report to understand trends, opportunities and forecast in automotive AHSS market by product type (Dual phase steel, Martensitic Steel, Boron steel, TRIP and Others), vehicle type (Passenger cars and Light commercial vehicle), application (Body and Closures, Suspensions, Bumper and Intrusion Beams and Others) and region (North America, Europe, Asia Pacific, and Rest of the World).
“Passenger cars market is expected to remain the largest segment during the forecast period.”
Based on vehicle type, the automotive AHSS market is segmented into Passenger cars and Light commercial vehicle. Lucintel forecasts that the passenger cars market is expected to remain the largest segment due to increasing production of small, compact, and luxury cars and increasing penetration of AHSS material per car to reduce the carbon emission and to increase fuel efficiency.
“Europe will dominate the automotive AHSS market in near future”
Europe will remain the largest region and it is also expected to witness the highest growth over the forecast period due to the increasing use of lightweight materials content per vehicle coupled with stringent government regulations to reduce the carbon emission.
Major players of automotive AHSS market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. ArcelorMittal SA, ThyssenKrupp AG, POSCO, SSAB AB, and AK Steel are among the major automotive AHSS providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]