What is the global market size of Automotive Fasteners Market?

Global Automotive Fasteners Market size was valued at USD 21 billion in 2021 and is poised to grow from USD 21.4 billion in 2022 to USD 24.88 billion by 2030, growing at a CAGR of 1.9% in the forecast period (2023-2030).

Automotive Fasteners Market Size, Share, Growth Analysis, By Product(Threaded (Nuts Screws, Rivets, Studs), Non-threaded (Snap rings), By Application(Engine, Chassis, Transmission, Steering), By Characteristics(Removable Fasteners, Permanent Fasteners, Semi-permanent Fasteners), By Material(Stainless Steel, Bronze, Iron, Nickel), By Electric Vehicle Type(Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV)), By Vehicle Type(Passenger Car (Hatchback, Sedan, Luxury), Light Commercial Vehicle), By Distribution channel(Automotive OEM, Aftermarket), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15B2031 | Region: Global | Published Date: February, 2024
Pages: 246 | Tables: 210 | Figures: 80

Automotive Fasteners Market Insights

Automotive Fasteners Market size was valued at USD 21 billion in 2019 and is poised to grow from USD 21.4 billion in 2023 to USD 24.88 billion by 2031, growing at a CAGR of 1.9% in the forecast period (2024-2031).

The growing prevalence of vehicle sales and production might be related to the expansion of the worldwide automotive fastener market. Due to the rise of urbanisation, consumers' purchasing power has greatly increased in recent years, and they have begun to change their lifestyle. This has increased demand for passenger cars, which in turn fuels the expansion of the automotive fastener market. Furthermore, significant technological developments in the area of automobile fasteners have been made possible by the development of technology. The manufacturing of automobile fasteners has seen tremendous expansion due to cutting edge technology and the usage of superior materials.

Furthermore, another aspect supporting the expansion of the automotive fastener market is the viability of replacing automotive fasteners in automobiles. The global market for automotive fasteners is, nevertheless, experiencing some limitations and difficulties. The welding and clenching procedure is preventing market expansion. Additionally, the market will experience certain unfavourable trends as alternatives to automotive fasteners develop. Additionally, little to no product distinction has been achieved due to the increased market rivalry. These limitations are what are slowing the market's expansion.

US Car Rental Market is poised to grow at a sustainable CAGR for the next forecast year.

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The global automotive fasteners market is made up of a variety of international and local service providers who are constantly developing to strengthen their market position. The growing demand for stainless steel for the manufacture of automobiles and the rising sales of electric cars are the main drivers of market expansion. However, it is anticipated that during the projection period, high capital needs may restrain market expansion. To maintain their market position on a global scale, automobile fastener manufacturers compete on the basis of product technology, efficacy, and reliability. In order to hold their market share and acquire a competitive edge, automotive fastener producers must offer goods or services that meet the demands of the sector, those of their clients, and cutting-edge technology. Vendors are concentrating on advancing their technologies, their products, and their expansion into developing nations. 'Illinois Tool Works Inc.', 'Araymond', 'Bulten AB', 'Shanghai Prime Machinery Co. Ltd.', 'Bollhoff Group', 'Stanley Black & Decker, Inc.', 'Fontana Gruppo S.r.l.', 'Meidoh Co., Ltd.', 'KAMAX Holding GmbH & Co. KG', 'Westfield Fasteners Limited', 'STANLEY Engineered Fastening', 'Acument Global Technologies Inc.', 'LISI Group', 'Nippon Industrial Fasteners Company', 'Meira Oy', 'Sundram Fasteners Limited', 'Shanghai Nanshi Fastener Co., Ltd.', 'MW Industries, Inc.', 'Shenzhen Jingbang Hardware Electronic Co., Ltd.', 'Würth Group'

The benefits of automobiles and public transportation as answers to our increasing mobility needs have come under more attention as a result of changing lifestyles and the expansion of the service sector. When choosing a material for a technical solution, social, economic, and environmental factors are taken into account. The development of electric vehicles has seen significant investment from the automobile industry. The usage of electric vehicles to minimise fuel consumption and conserve foreign exchange reserves is being promoted by numerous governments from various nations and regulatory organisations globally. Electric mobility is the best option for short- and medium-distance individual transportation because it provides high levels of comfort, is simple to operate, and does away with the need for a conventional vehicle.

The market's dominant segment in the threaded fastener category, and this trend is expected to continue during the forecast period. Threaded fasteners are unique items of hardware that have either internal or external linings that are commonly referred to as threads. These have numerous uses in the assembling and disassembling of various sections and elements of any vehicle. Bolts, nuts, and washers are the most prevalent types of these fasteners. Nuts will experience the fastest growth among these threaded fasteners, with significant growth projected through 2026. In order to hold many pieces together, nuts are often used in conjunction with bolts and washers on vehicles. By grouping their inner linings, these fasteners stay and connect together. Moreover, during the forecasted period, the increased demand for light-weight automobiles would present profitable prospects for market participants. Additionally, as manufacturers switch from using standard fasteners to using customised fasteners, this new development will increase market demand.

The fastest rate of growth is anticipated in North America during the forecast period. The requirement for replacement parts increases as more automobiles are put on the road. Additionally, this region is able to support the growth of automotive fasteners due to the existence of significant automotive and car manufacturers as well as the accessibility of cutting-edge technologies.

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Automotive Fasteners Market Insights

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