Automotive Fasteners Market Size Will Exceed US$38.95 Billion By
Tokyo, April 06, 2022 (GLOBE NEWSWIRE) — The world Automotive Fasteners Market Size was reached at US$27.2 billion in 2021. A fastener is a mechanical device that connects or holds more than two things together in a non-permanent joint. Automotive fasteners are used to hold parts together, increase vehicle performance and prevent leaks. Stainless steel and plastic are commonly used and although plastic fasteners are not as strong as steel fasteners, they have good vibration resistance. Tiny engine parts, door panels, airbag housing and many other automotive parts use steel fasteners. Retainers, nuts, screws and washers are examples of automotive fasteners.
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The automotive fasteners market will grow owing to the expansion of the automotive sector and the critical importance of fasteners in various automobiles. Mechanical developments and improved quality of fasteners are also driving market demand. The ease with which fasteners can be replaced on automobiles makes it considerably easier for end users to obtain fasteners for their vehicles. Additionally, the growing desire for lighter vehicles with greater stability will increase the preference for automotive fasteners over welding, allowing the market to grow.
|Market size in 2021||$27.2 billion|
|CAGR||4.1% from 2022 to 2030|
|Fastest growing region||North America|
|Biggest earner||Asia Pacific|
|Companies covered||Bulten AB, Sundram Fasteners, Stanley Black & Decker, KAMAX, Shanghai Prime Machinery Company, SFS Group, The Philips Screw Company, KOVA Fasteners Private Limited, Lisi Group, Westfield Fasteners Limited|
- On the basis of material, the stainless steel segment is the fastest growing segment in the global automotive fasteners market. Due to their high tensile and rust resistance, stainless steel fasteners hold a large market share in the automotive industry.
- Based on product, the threaded segment is the fastest growing segment in the global automotive fasteners market. Threaded fasteners are used in a variety of applications including the assembly and disassembly of many automotive sections and components.
- Based on application, the wire harness segment is the fastest growing segment in the global automotive fasteners market. This is attributed to an increase in the use of fastener wire harnesses which, in turn, is contributing to the overall expansion of the global automotive fastener market.
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North America is the fastest growing region in the automotive fasteners market. The government regulatory framework for lightweight automobiles has resulted in technological improvements in the development of lightweight and durable items in the region.
The Asia-Pacific region is the largest segment of the automotive fasteners market in terms of region. This is attributed to increasing vehicle sales and consumer tastes, from standard auto parts to custom parts, and the rising per capita income of consumers in the region.
Growing penetration of battery-powered trains
Fasteners are essential components for battery-powered trains. Battery-powered trains are being used on a large scale due to rising energy expenditure. Automotive fasteners help improve train efficiency. The efficiency of battery-powered trains is also increasing due to the implementation of automotive attachments. Thus, the growing penetration of battery powered trains is driving the growth of the global automotive fasteners market during the projected period.
High capital investments
Automobiles have complex mechanical and electrical systems. They have hundreds of moving parts, making development and maintenance difficult and expensive. For increased performance and seasonal operation, automotive fasteners ensure that the motor vehicle is in a condition without any imbalance in distinct related parts. Manufacturing automotive fasteners is expensive and time-consuming, as well as risky, as many problems can arise if the component is not built correctly. Vehicle fasteners require significantly higher research and development expenditures than other automotive components. Thus, this factor limits the growth of the market.
Increase in sales of electric vehicles
The electric vehicle industry is growing rapidly around the world. Electric vehicles, like any other transformational disruptive technology, are unleashing a wave of new economic developments, challenges and opportunities. Increasing vehicle ranges, increased availability of charging infrastructure and proactive involvement of automotive OEMs are driving global electric car sales. Additionally, as governments become more concerned with environmental issues, the demand for zero-emission vehicles has increased, encouraging the expansion of the electric vehicle industry. Electric vehicles are being actively promoted in industrialized countries to minimize pollution, which has led to an increase in electric vehicle sales. Thus, surging electric vehicle sales create lucrative opportunities for the growth of the automotive fasteners market over the forecast period.
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The ability to fasten and then refasten automotive fasteners is an advantage. This can sometimes be a drawback, especially with automotive mechanical fasteners. Engines, for example, are densely packed with bolts that take a long time to remove and re-tighten. Other automotive fasteners such as ski boot buckles can speed up attachment and reattachment. Thus, the difficulty of refastening creates a major challenge for the growth of the automotive fasteners market.
- Front/rear axle
- Interior trim
- wire harness
- Removable fasteners
- Permanent fasteners
- Semi-permanent fasteners
- Stainless steel
- The iron
By type of electric vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in hybrid electric vehicle (PHEV)
By type of vehicle
- Passenger car
- Light commercial vehicle
- heavy duty vehicle
- Automotive OEM
- Secondary market
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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