The Automotive Fastener Market is anticipated to grow owing to various reasons such as the growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics in vehicles. Moreover, manufacturers are also shifting from standard fasteners to customized fasteners, and this new development will also drive this market.
The Global Automotive Fastener Market is projected to grow from an estimated USD 21.45 Billion in 2018 to USD 25.30 Billion by 2025, at a CAGR of 2.39% from 2018 to 2025.
The major players in Automotive Fastener Market are Bulten AB (Sweden), KAMAX (Germany), Sundram Fasteners (India), Stanley Black & Decker (US), Shanghai Prime Machinery Company (China), SFS Group (Switzerland) and Lisi Group (France). These companies collectively account for a major share of this market.
1 Government Mandates Related to Safety Features & Increasing Use of Electronics in Vehicle
2 Significant Developments in Powertrain Innovations
3 Growth in the Number of Semi-Autonomous Cars
4 Growth in the Electric Vehicle Industry
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The interior trim segment is estimated to be the fastest-growing segment of the fastener market, by application, in terms of value.
Automobile manufacturers are now focusing on using lightweight fasteners in the major application areas to reduce the weight of the vehicle. The automakers’ focus is high on the interior trims where the application of plastic and aluminum fasteners is increasing to achieve weight reduction, which will drive the requirement of fasteners.
The passenger car segment is estimated to be the largest segment in this market, by vehicle type. Increasing demand for lightweight fasteners, government mandates for fuel economy and emission reduction, and an increase in per capita income are the factors fueling the demand for passenger cars in developing countries such as China and India.
The production of passenger cars has shown steep growth in developing countries. Developed countries in Europe and North America have a high demand for SUVs and premium cars, which will further boost the demand for the passenger car segment.
Also, the demand for premium vehicles in India and China has also witnessed an upward market trend in the last few years. These factors have boosted the global demand for the fastener market for passenger car segment.
The Asia Pacific is estimated to be the largest market for automotive fasteners during the forecast period owing to its large production and sales of vehicles. The government regulations for lightweight vehicles have led to advancements in technology for manufacturing lightweight and durable products in the region.
Also, manufacturers are shifting from standard parts to customized parts, which will drive the demand for customized fasteners in the Asia Pacific region.
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- Manufacturers of automotive fasteners
- Automotive OEMs
- Electric vehicle manufacturers
- Industry associations and experts
- Traders, distributors, and suppliers of automotive fasteners
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