LONDON , Oct. 12, 2022 /PRNewswire/ -- Automotive Fasteners Market is valued at USD 21.62 Billion in 2021 and expected to reach USD 26 .27 Billion by 2028 with the CAGE of 2.82% over the forecast period.
Scope of Automotive Fasteners Market:
The Automotive Fasteners Market also include the nuts, screws, bolts, spring clips, retainers as well as washers. The major types are bolts, washers, and nuts. In terms of segmentation, this is a market that has been segmented by the fastener type into non-threaded and threaded. By the vehicle types, the market has been segmented into the commercial vehicles and passenger cars.
Automotive fasteners are generally used for the fixing parts of vehicles together to avoid their separation or wobbling, transmitting loads as well as to prevent leakage of joint. Automotive fasteners come in various shapes, coatings, and colors to meet the demand of automotive fastening market along with the attractive design and quality. Over the last decade various companies are involved into the technological research and development of the automotive fasteners, which resulted in superior quality fasteners and the growth of automotive fastener market.
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Automotive Fasteners Market: Competitive Analysis
Major market players for automotive fasteners are Shanghai Tianbao Fastener Manufacturing company limited and Bulten AB. These are few companies dominating the market along with other tycoons such as Toyota, SAIC Motor, Mahindra & Mahindra, Suzuki, Dongfeng, Isuzu and TATA Motors.
Changshu City Standard Parts Factory
Automotive Fasteners Market: Key Drivers
The segment of threaded fastener is going to be responsible for the majority of the share of the market and it is going to be dominating the market in the coming years. Threaded fasteners are a distinct piece of hardware that contains the internal linings and external linings which are termed normally as threads. These find their extensive application in the disassembly and assembly of multiple component parts of any vehicle.
The Nuts are used in many different conjunctions that involve a combination of bolts and nuts. They also help in the adjoining of the inner linings by grouping them. Furthermore, the growth in demand for the lightweight vehicles is going to provide many opportunities going ahead. Further, the manufacturers are going to shift from the standard ones to the customized ones in the development for driving the market.
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In terms of the propulsion type, this is a market which has been segmented into the IC engine Vehicles and Electric Vehicles. In terms of function, this is a market which has been segmented into the detachable as well as non-detachable. In terms of material type, this is a market which has been segmented into Aluminum, Steel, Iron, Plastic and Brass. In terms of region, the market has been segmented into the regions like Europe , North America , and Rest of the world.
Automotive Fasteners Market Segmentation –
Medium & Heavy Commercial Vehicle
Automotive Fasteners Market: Regional Analysis
The largest region which is going to see growth is going to be the Asia Pacific region and it is going to account for the biggest share of the market because of the increase in the sale of vehicles all over the region. There is a rise in the demand for the fuel-efficient vehicles across the Asia Pacific region which is going to drive the market for the automotive fasteners in the region. The increase in the sale at the aftermarket of the vehicles fasteners all over the regions have been boosting the demand for the market all over the region.
The growth in the market in the region is going to be happening because of the surge in the production of the vehicles. There is a surge in the production of the vehicles in India , China and Japan which are the emerging economies of the world. Asia Pacific is also dominating because of the economies of agglomeration with every top service provider present there and there being immense space for a new entrant in the market out here.
On Special Requirement Automotive Fasteners Market Report is also available for below region:
Germany , France , U.K., Italy , Spain , Sweden , Netherland, Turkey , Switzerland , Belgium , Rest of Europe
South Korea , Japan , China , India , Australia , Philippines , Singapore , Malaysia , Thailand , Indonesia , Rest Of APAC
Mexico , Colombia , Brazil , Argentina , Peru , Rest of Latin America
Saudi Arabia , UAE, Egypt , South Africa , Rest Of MEA
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