Automotive Plain Carbon ERW Tubes Market Share

Automotive Plain Carbon ERW Tubes Market Share Analysis

The surge in urbanization, rising per capita income, and heightened demand for vehicles in tier 2 and tier 3 cities serve as pivotal catalysts propelling the automotive market in emerging economies. This upswing is further bolstered by an elevated standard of living and the increased availability of credit systems, nurturing a burgeoning growth trajectory in the automotive industry. Notably, India's vehicle production witnessed a substantial 24.37% increase between 2015 and 2018, as illustrated below.

In emerging economies, the automotive sector rides on key drivers like reduced purchase taxes on new cars, burgeoning population figures, and the infusion of cutting-edge technologies into vehicles. The application of plain carbon ERW tubes in vehicle frames, suspensions, exhaust, and various systems is noteworthy. These tubes significantly minimize machining costs and time, offering uniform thickness, a sleek surface finish, appealing aesthetics, and enhanced mechanical properties like superior impact toughness. As a result, the burgeoning automotive sector in emerging nations foresees a landscape ripe with promising growth prospects for global players in the automotive plain carbon ERW tubes market during the forecast period.