Press Release-Automotive Fasteners Market to Reach Valuation of USD 24.2 Billion by 2028 - A Multitude of Factors, Including Increased Vehicle Production, a Move Toward Lighter Automobiles, and More Usage of Electronics in Vehicles, is Expected to Fuel Market Expansion
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Automotive Fasteners Market to Reach Valuation of USD 24.2 Billion by 2028 - A Multitude of Factors, Including Increased Vehicle Production, a Move Toward Lighter Automobiles, and More Usage of Electronics in Vehicles, is Expected to Fuel Market Expansion
From the period of 2022 to 2028, the Global Automotive Fasteners Market is expected to reach USD 24.2 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 2.1%.
The global Automotive Fastener Market is expanding due to an increase in vehicle sales and manufacturing. Due to the rise of urbanization, consumers' spending power has increased dramatically in recent years, and they have begun to change their lifestyles. This has resulted in increased demand for passenger vehicles, which in turn leads to the expansion of the Automotive Fastener Market. Furthermore, with the growth of technology, new technological advancements in the field of automobile fasteners have occurred. The employment of cutting-edge technologies and superior materials in the production of automobile fasteners has seen tremendous expansion. Moreover, the ability to replace Automotive Fasteners Market in automobiles is an added benefit that is driving the growth of the Automotive Fastener Market. Vehicle maintenance firms and MRO service providers are significant players in the Automotive Fasteners Market industry, driving up demand. With an increase in aftermarket repair and service activities for commercial and passenger cars, demand for Automotive Fasteners Market is expected to rise over the next assessment period. Additionally, mechanical developments and improvements in the quality and sturdiness of fasteners are expected to drive market demand. Furthermore, the increasing demand for lighter automobiles and their stability would drive a preference for Automotive Fasteners Market over welding, creating market growth potential.
Key Highlights from the Report
Market Dynamics:
Battery Powered Trains are Becoming more Prevalent
Fasteners are critical components of battery-powered trains. Because of escalating energy costs, battery-powered trains are being used on a significant scale. Automotive Fasteners Market contribute to increased train efficiency. The effectiveness of battery-powered trains is also rising thanks to the use of automotive fasteners. Thus, the increasing adoption of battery-powered trains is driving the worldwide Automotive Fasteners Market's rise over the forecast period.
Stainless Steel Demand in Automotive Manufacturing
The rising service sector and changing lifestyles have put emphasis on the benefits of automotive and public transportation solutions to our growing mobility needs. Using stainless steel for auto components, automotive fasteners, and chassis construction is an example of material selection that takes into account social, economic, and environmental factors in order to provide a long-term technical solution. Because of its fire resistance, ease of manufacture, and high strength-to-weight ratio, stainless steel is the most popular choice for automotive fasteners. Since the chassis of most new automobiles are made of steel or has steel as a major component, pacing steel with steel fasteners becomes easy. It also has high recyclability. In addition, high-strength stainless steel has great energy absorption with respect to strain rate. Stainless steel is used in a variety of threaded and non-threaded fasteners to assist against corrosion and other external causes.
With strong car sales in countries such as New Zealand, Australia, India, China, Japan, South Korea, and Indonesia, Asia-Pacific is likely to provide opportunities for the fasteners industry. The Automotive Fasteners Market is expanding due to increased demand for vehicles that are safer and more fuel-efficient. Furthermore, government rules for lightweight cars have resulted in technological improvements in the region for making lightweight and durable items. Furthermore, the presence of significant car manufacturers in this region, combined with the availability of sophisticated technologies, allows Automotive Fasteners Market to grow in this region. The government rules in this region addressing car safety and emission encourage manufacturers to develop modern and cost-effective solutions, resulting in an increase in demand for automotive fasteners.
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Automotive Fasteners Market to Reach Valuation of USD 24.2 Billion by 2028 - A Multitude of Factors, Including Increased Vehicle Production, a Move Toward Lighter Automobiles, and More Usage of Electronics in Vehicles, is Expected to Fuel Market Expansion
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