Market Research Future (MRFR) has launched a new release on the global COVID-19 impact on Automotive AHSS Market. The report presents a thorough overview of the global COVID-19 impact on Automotive AHSS Market 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.
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 COVID-19 impact on Automotive AHSS Market 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 COVID-19 impact on Automotive AHSS Market 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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