The global automotive fasteners market size was valued at US$ 28 billion in 2022 and is expected to hit US$ 42.45 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 4.30% from 2023 to 2032.
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The Asia Paifi automotive fasteners market size reached US$ 10.64 billion in 2022 and is predicted to grow US$ 16.44 billion by 2032, expanding at a CAGR of 4.1% from 2023 to 2032.
Asia-Pacific dominated the automotive fasteners market in 2020. The need for vehicles that are safer and more fuel efficient is driving the growth of the automotive fasteners market in the region. In addition, the government regulatory framework for light weight automobiles has resulted in technological developments in the region. China accounted 55% market share of the total global production of automotive fasteners in 2020.
North America is expected to develop at the fastest rate during the forecast period. As the number of vehicles on the road grows, so does the need for replacement parts. Moreover, the presence of major automotive and automobile manufacturers in this region as well as the availability of advanced technology allows automotive fasteners to thrive in this region.
The automotive sector is the largest market for fasteners, which are mechanical parts that hold and affix more than two pieces together. The automotive fasteners are constructed with a variety of materials including brass, aluminum, stainless steel, nickel, and iron are further categorized according to their qualities. The automotive fasteners are commonly used to hold automobile parts together to prevent them from separating or preventing joint leak.
To fulfill the demand of the automotive fastening industry, the automotive fasteners are available in a variety of colors and shapes as well as appealing designs and high quality. Various firms have been active in technological research and development of automotive fasteners over the previous decade, resulting in superior quality of fasteners and the expansion of the automotive fasteners market during the forecast period.
Some of the factors driving the global automotive fasteners market are changing consumer preferences for smart vehicles, increased usage of technology in automobiles, and rising disposable income. The advanced trims, sensors, and high frequency signals require various types of fasteners to be installed, which is driving the demand for automotive fasteners over the projection period.
The electric vehicles that are both sustainable and environmentally friendly are drawing buyers all around the world. The usage of fasteners in most of the automobiles is being limited due to the increased use of pressing and welding processes in automobile manufacturing. The global automotive fasteners market is being hampered by this aspect. The automotive fasteners market players should concentrate on supplying high quality solutions in order to improve automobile performance.
|Market Size by 2032||USD 42.45 Billion|
|Growth Rate from 2022 to 2032||
CAGR of 4.30%
|Largest Market||Asia Pacifc|
|Fastest Growing Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Application, Characteristics, Material, Electric Vehicle, Vehicle, Distribution, Region|
|Companies Mentioned||Bulten AB, KAMAX, Sundram Fasteners, Stanley Black & Decker, Shanghai Prime Machinery Company, SFS Group, Lisi Group, The Philips Screw Company, KOVA Fasteners Private Limited, Westfield Fasteners Limited|
The automotive fasteners market is expected to rise as a result of factors such as increased vehicle production, more usage of electronics in vehicles, and a shift towards lighter vehicles. Furthermore, the key market players are moving away from standard fasteners and toward customized fasteners, which fuel the growth of the automotive fasteners market.
The thriving vehicle industry as well as the critical relevance of fasteners in automobiles is important factors boosting the growth of the automotive fasteners market. Another factor driving the expansion of the automotive fasteners market is technological advancements and developments in fastener durability and quality. The easily changeable nature of automotive fasteners makes it convenient for end users to acquire fasteners for their automobiles, boosting the automotive fasteners market growth. The alternatives to automotive fasteners like as clutching and assembling parts, on the other hand, may slow the growth of the automotive fasteners market.
The mechanical innovations as well as improvements in the quality of fasteners are expected to raise market demand. Furthermore, the growing demand for lighter automobiles and their stability is driving a preference for automotive fasteners over welding, resulting in the growth of the global automotive fasteners market over the forecast period.
The threaded segment dominated the automotive fasteners market with revenue share of 66% in 2022. The bolts with a head on one end and a nut on the other end are known as threaded automotive fasteners. These fasteners are frequently put into a hole and attached with the help of nuts.
The non-threaded segment is fastest growing segment of the automotive fasteners market in 2022. The non-threaded fasteners lack internal threading to hold it together with other parts. The different ways for securing mechanical components are demonstrated by these fasteners.
In 2020, the plastic segment dominated the automotive fasteners market. The plastic fasteners are utilized in applications that need consideration of thermal, optical, environmental, and electrical qualities during the manufacturing process.
The stainless-steel segment, on the other hand, is predicted to develop at the quickest rate in the future years. Depending on the use in the automotive sector, stainless-steel is the most commonly used material for automotive fasteners.
The removable fasteners segment dominated the automotive fasteners market in 2022. The removable automotive fasteners are used to link two parts, but they may be easily detached without causing damage to the fasteners or the part.
The semi-permanent fasteners segment is fastest growing segment of the automotive fasteners market in 2022. The semi-permanent automotive fasteners are meant to attach two parts; however, when the parts are disconnected, the fasteners or the part are frequently damaged.
Due to the fierce rivalry in the automobile industry, many key market players are concentrating their efforts on improving their existing systems and procedures. The mergers and acquisitions, partnerships, new product development, business expansions, collaborations, supply contracts, agreements, and contracts are some of the important marketing strategies used by the major market players to maintain their market position.
Segments Covered in the Report
By Electric Vehicle Type
By Vehicle Type
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