Automotive Fasteners Market Share Expected to Reach 35,636.5 million USD, at a Driving CAGR of 5.95% by 2027
Research Reports
Jul 05, 2022
Automotive Fasteners Market Overview
The Automotive Fasteners Market is expected to cross USD 35,636.5 million by 2027 at a CAGR of 5.95% during the forecast period ending in 2027. The global automotive fasteners market consists of various global and regional service providers that are continuously evolving to enhance their market position. Demand for stainless steel for automotive manufacturing and the increasing sales of electric vehicles are the key factors aiding the market growth. However, high capital requirements are expected to limit the growth of the market during the forecast period. The automotive fastener manufacturers compete based on technology, efficiency, and reliability of products to sustain their global market presence. It is crucial for automotive fastener manufacturers to provide products or solutions according to the needs of the industry and customers’ needs and advanced technology to maintain their market position and gain a competitive advantage. Vendors in the automotive fasteners market are focusing on improving their technologies, upgrading products, and expanding into emerging economies.
Automotive Fasteners market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Globally Major key Players accelerates the Automotive Fasteners Market are, The Philips Screw Company (U.S.), Permanent Technologies Inc. (U.S.), Atotech (Germany), KAMAX (Germany), Lisi Group (France), SFS Group (Switzerland), Fontana Gruppo (Italy), Shanghai Tianbao Fastener International (U.S.), Nifco Inc. (Japan), KOVA Fasteners Pvt. Ltd. (India), Bulten AB (Sweden), Westfield Fasteners Limited (U.K.) are among others.
Growth Drivers:
- Increasing demand for automotive components and an increase in sales of automobiles throughout the globe
- Increasing development in the design of automotive fasteners along with technical improvement
- Increasing use of replaceable fasteners in vehicles.
Most important Segments of Automotive Fasteners market covered in this report are,
The demand for stainless steel for automotive manufacturing and increasing sales of electric vehicles will spur market growth. The global market for automotive fasteners has been segmented based on type, application, sales channel, propulsion, and end use.
Based on the type, the global automotive fasteners market is divided into threaded and non-threaded fasteners. The threaded segment accounted for a larger market share of 79.4% in 2019, with a market value of USD 22,826.6 million. It is expected to register a CAGR of 5.75% during the forecast period.
Based on the application, the global automotive fasteners market is segmented into steel, aluminum, brass, nickel, plastic, and copper. The steel segment accounted for the largest market share of 55.19% in 2019, with a market value of USD 15,861.5 million. It is expected to register the highest CAGR of 6.77% during the forecast period.
Based on sales channel, the global automotive fasteners market is segmented into OEM and after market. The OEM segment accounted for a larger market share of 75.6% in 2019, with a market value of USD 21,714.9 million; it is expected to register a CAGR of 5.29% during the forecast period.
Based on propulsion, the global automotive fasteners market is divided into ICE and electric.The ICE segment accounted for a larger market share of 95.9% in 2019, with a market value of USD 27,567.9 million; it is expected to register a CAGR of 5.00% during the forecast period.
Based on end use, the global automotive fasteners market is segmented into removable, semi-permanent, and permanent. The removable segment accounted for the largest market share of 57.60% in 2019, with a market value of USD 16,554.3 million. It is expected to register a CAGR of 5.73% during the forecast period.
Automotive Fasteners Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Automotive Fasteners Market.
- Automotive Fasteners Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Automotive Fasteners Market market-leading players.
- Conclusive study about the growth plot of Automotive Fasteners Market for forthcoming years.
- In-depth understanding of Automotive Fasteners Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Automotive Fasteners Market.
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The Automotive Fasteners market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
The global Automotive Fasteners market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
Automotive Fasteners Market Regional Analysis
Based on region, the global automotive fasteners market report has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
As per the data from the China Association of Automobile Manufacturers, China is one of the largest producers and users of electric vehicles (EVs) in the world, with new-energy vehicle sales accounting for 770,000 units in 2017. Moreover, the government and related organizations have been investing in promoting the adoption of EVs. For instance, in June 2018, the National Development and Reform Commission and China Construction Bank have started a CNY 300 billion (USD 47 billion) fund to support the development of EV technologies. Thus, the rise in the use of electric vehicles is expected to increase the demand for automotive fasteners in the country during the forecast period. Japan is focusing on introducing several policies and regulations to improve vehicle safety and reduce the number of accidents. For instance, the Japan transport ministry is planning to introduce safety standards for self-driven vehicles, including an alarm system, which sounds 15 seconds after a driver takes his hands off the steering wheel while traveling on a highway, setting speed limits and the functionality in order to enable a driver to switch from automated to manual driving when there is a risk of an accident.
In recent years, the US has been at the forefront in terms of technological innovations for components used in automobiles. According to the Automotive Aftermarket Suppliers Association (AASA), in 2016, automotive electronic controls, modules, and sensors accounted for 77% of the regional demand for aftermarket electronic components. Moreover, the automotive component manufacturing companies in the US are developing advanced application-specific and cost-effective components that reduce the cost of distribution and import. According to the Automotive Industries Association of Canada (AIA Canada), the aftermarket reached a record of USD 16.5 billion in 2015 and has over 4,600 auto parts & accessories retailers and over 23,000 auto repair and maintenance business locations catering to the need of the domestic and international consumers. The presence of auto parts & accessories retailers and auto repair and maintenance businesses in Canada is expected to create opportunities for the automotive fasteners market during the forecast period.
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