The global automotive fasteners market size reached US$ 28 billion in 2022 and is projected to grow US$ 42.45 billion by 2032 and is poised to grow at a CAGR of 4.30% from 2023 to 2032.
A fastener is a mechanical device that connects or holds more than two things together in a non-permanent joint. The automotive fasteners are used to hold parts together, increase vehicle performance, and prevent leaks. Stainless steel and plastic are commonly used and while plastic fasteners are not as strong as steel fasteners, they have good vibration resistance. The tiny engine parts, door panels, airbag housing, and many other parts of the automobile use steel fasteners. The retainers, nuts, screws, and washers are examples of automotive fasteners.
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The automotive fasteners market will develop due to the expanding automobile sector and the critical importance of fasteners in various automobiles. The mechanical developments and improvements in the quality of fasteners are also factors driving market demand. The ease with fasteners may be replaced on automobiles makes it considerably easier for end users to obtain fasteners for their vehicles. Furthermore, the rising desire for lighter vehicles with greater stability will increase the preference for automotive fasteners over welding, allowing the market to expand.
Report Highlights
Regional Snapshot
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 region’s development of lightweight and durable items.
Asia-Pacific region is the largest segment for automotive fasteners market in terms of region. This is attributed increased vehicle sales and consumer tastes from standard to customizable automobile parts and rising per capita income of consumers in the region.
| Report Coverage | Details |
| 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 |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Application, Characteristics, Material, Electric Vehicle, Vehicle, Distribution, Region |
Drivers
Rising penetration of battery powered trains
The fasteners are essential components for battery powered trains. The battery powered trains are being utilized on large scale due to the rising energy expense. The automotive fasteners help to enhance the efficiency of trains. The battery powered trains effectiveness is also increasing due to the implementation of automotive fasteners. Thus, the rising penetration of battery powered trains is boosting the growth of the global automotive fasteners market over the projected period.
Restraints
High capital investments
The automobiles have intricated mechanical and electrical systems. They have hundreds of moving parts, making development and maintenance difficult and expensive. For increased seasonal performance and operation, automotive fasteners ensure that the auto vehicle is in one state without any disbalances in distinct linked parts. The manufacturing of automobile fasteners is expensive and time-consuming, as well as risky, as many things might go wrong if the component is not built correctly. The vehicle fasteners have a substantially higher research and development expense than other automotive components. Thus, this factor is restricting the market growth.
Opportunities
Surge in sales of electric vehicles
The electric vehicle sector is quickly growing around the world. Electric vehicles, like any other transformational disruptive technology, trigger a flurry of new economic development, difficulties, and opportunities. Increased vehicle range, increased charging infrastructure availability, and proactive participation by automobile original equipment manufacturers are driving global electric car sales. Furthermore, as governments become more concerned about environmental issues, demand for zero-emission vehicles has surged, encouraging the expansion of the electric vehicle industry. Electric vehicles are being actively promoted in industrialized countries to minimize pollution, which has resulted in increased sales of electric vehicles. Thus, the surge in sales of electric vehicles is creating lucrative opportunities for the growth of the automotive fasteners market during the forecast period.
Challenges
Difficulty of refastening
The capacity to fasten and then refasten automotive fasteners is a benefit. This can be sometimes be a disadvantage, especially with automotive mechanical fasteners. Engines, for example, are densely packed with bolts that take a long time to remove and retorque. Other automotive fasteners such as ski boot buckles can speed up fastening and refastening. Thus, the difficulty of refastening is creating a major challenge for the growth of the automotive fasteners market.
Read Also: Electric Vehicle Range Extender Market Size to Hit US$ 2.31 Bn by 2032
Segments Covered in the Report
By Product
By Application
By Characteristics
By Material
By Electric Vehicle Type
By Vehicle Type
By Distribution
By Geography
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