The Asia Automotive Tool Industry market has been segmented on various categories for specific understanding. The segmentation done on the basis of product category splits the market between Commercial and Passenger Vehicles. The second segmentation is based on the type of steel being utilized for the production of the automotives. The steel based segmentation splits the market between Carbon Tool Steel, Alloy Tool Steel and High Speed Tool Steel. The report also focuses on the competitive scenario by analyzing the market in various regions important to the Asia Pacific market including China, Japan, India, South Korea, Saudi Arabia and more. The competitive scenario is one of high competition with market share being split between Voestalpine, Schmolz + Bickenbach, Sandvik, Fushun Special Steel ,BaoSteel, TG, Nachi-Fujikoshi, Qilu Special Steel, Hitachi, Eramet, Universal Stainless, Hudson Tool Steel and a handful of other players.
Automotive steel encompasses all the categories of steel materials used for the production of automotive vehicles. The market for automotive steel tools although, focuses on steel being utilized for the manufacture of tools used in the automotive industry. Recent advances in technology and manufacturing have led to growing implementation of high technology tools which are easier in usage and are more user friendly making the processes the tools are used for such as jacking, tire change, re screwing, etc easier for automotive owners to perform. Increasing demand for easier and more automatable tools has created a need for advancement and better quality of steel used as raw material. This is especially true in the segment for luxury car tools which have advanced high grade steel being utilized for manufacture. The growth in the automotive segment has created a new demand for increasingly sophisticated tools which has therefore increased the demand for automotive tool steel. The market is expected to increase drastically over the coming years
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Ankur Gupta, Head Marketing & Communications