Automotive Fasteners Market

Global Automotive Fasteners Market

Automotive Fasteners Market- By Product, Application, Characteristics, Material Type, Vehicle Type, Electric Vehicle Type and Region.

Market Synopsis:

The Global Automotive Fasteners Market is valued at USD 21.40 Billion in the year 2022 and is anticipated to reach a value of USD 24.88 Billion by the year 2030. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 1.90% over the forecast period.

Fasteners are mechanical components that hold, join, or attach two or more pieces together. The automobile industry is the fastest-growing market for fasteners. Automotive Fasteners are created from a variety of materials, including iron, aluminum, brass, nickel, stainless steel, and plastic, and they are further classed based on their unique properties. Automotive Fasteners are commonly used for holding vehicle parts together to prevent separation or wobbling, conveying weights, and preventing joint leaking. Vehicle fasteners are available in a variety of shapes, coatings, and colors to fulfil the demands of the Automotive Fasteners Market, as well as attractive designs and quality.

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The Automotive Fasteners business is driven by the rising need for technological innovation and design improvement in vehicle fasteners. Additionally, the rising need for vehicle stability and weight reduction is likely to offer possibilities for Automotive Fasteners vendors worldwide. The expanding automobile sector and the critical importance of fasteners in various vehicles are important market factors. Furthermore, mechanical innovations, fastener sturdiness, and quality improvement are raising market aspects. End-users can obtain fasteners for their automobiles due to the convenience of replacing fasteners from vehicles.

Furthermore, the increasing demand for lightweight automobiles, as well as the stability of demand, will move the preference toward Automotive Fasteners over the welding. Vehicle maintenance companies and MRO service providers are major stakeholders in the Automotive Fasteners business, which is pushing increasing demand. The use of cutting-edge technology and superior materials in the manufacture of car fasteners has grown dramatically.

Market Segmentation:

The Automotive Fasteners Market is segmented on the basis of Product, Application, Characteristics, Material Type, Vehicle Type, and Electric Vehicle Type. On the basis of Product, the market is segmented into Threaded, and Non-Threaded. On the basis of Application, the market is categorized into Chassis, Engine, Transmission, Steering, Front/rear axle, Interior trim, and Others. On the basis of Characteristics, the market is segmented into Removable Fasteners, Permanent Fasteners, and Semi-Permanent Fasteners. On the basis of Material Type, the market is segmented into Stainless Steel, Iron, Bronze, Nickel, Aluminum, Brass, and Plastic. On the basis of Vehicle Type, the market is segmented into Passenger Car (PC), Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV). On the basis of Electric Vehicle Type, the market is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-in Hybrid Electric Vehicle (PHEV).

Based on Application:

On the basis of Application, the interior trim category is predicted to be the fastest-growing segment of the Automotive Fasteners industry by value. To reduce vehicle weight, automobile manufacturers are increasingly pushing the use of lightweight fasteners in key application areas. The focus of automakers is on interior trims, where the usage of plastic and aluminum fasteners is expanding to reduce weight, fueling the demand for fasteners.

Based on Vehicle Type:

On the basis of Vehicle Type, the passenger car sector is predicted to be the largest segment in the Automotive Fasteners industry. Government mandates for fuel economy and emission reduction, as well as rising per capita income, are driving demand for passenger automobiles in developing countries such as China and India. Passenger car production in emerging countries has skyrocketed. SUVs and premium automobiles are in high demand in developed countries such as Europe and North America, driving up demand for the passenger car industry. Furthermore, premium vehicle demand has surged in India and China in recent years. These factors have boosted global demand for fasteners in the passenger car industry.

Asia Pacific is Expected to have the Biggest Market Share in 2021

Asia-Pacific currently dominates the Automotive Fasteners Market and is likely to do so throughout the forecast period as well. The increase can be ascribed to a huge number of car sales and vehicle production in the region as a result of their big population and rise in per capita earnings. The region's growth engines include China, Japan, South Korea, and India. Increasing automobile production, particularly in China and India, as a result of rising population and disposable income, as well as a gradual shift of automobile manufacturing plants from developed economies to China and India, are the major factors driving healthy demand for fasteners in the region. Manufacturers are turning away from standard parts and toward customized ones, which is projected to drive the growth of the Automotive Fasteners Market.