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Automotive Fastener Market Size

Report ID: GMI1989
Published Date: Jul 2024
Report Format: PDF

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Automotive Fastener Market Size

Automotive Fastener Market size was valued at USD 17.3 billion in 2023 and is anticipated to register a CAGR of 5.5% between 2024 and 2032. As vehicle designs become more complex and manufacturers strive for lighter, more fuel-efficient vehicles, the demand for specialized and high-performance fasteners has increased. Therefore, these components play a crucial role in ensuring the structural integrity, safety, and overall performance of vehicles, making them important in modern automotive manufacturing.

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Additionally, the rise of electric vehicles (EVs) and autonomous driving technologies has further fueled the demand for innovative fastening solutions. EVs require unique fastening systems for battery packs and electrical components, while advanced driver assistance systems (ADAS) necessitate precise and reliable fasteners for sensor mounting and other critical applications.

Automotive Fastener Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Fastener Market Size in 2023:	USD 17.3 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	5.5%
2024 – 2032 Value Projection:	USD 27.6 Billion
Historical Data for:	2021 - 2023
No. of Pages:	210
Tables, Charts & Figures:	49
Segments covered:	Capacity, Material, Characteristics, Application, Distribution Channel, Region
Growth Drivers:	Increasing complexity of vehicles Rise of electric vehicles Increasing customizing trends Growing emphasis on sustainability
Pitfalls & Challenges:	High cost Rapid spread of counterfeit fasteners

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Furthermore, the growing emphasis on sustainability in the automotive sector has led to the development of eco-friendly fasteners made from recyclable materials, contributing to market expansion. As global vehicle production continues to rise, particularly in emerging markets, the automotive fasteners market is poised for continued growth in the coming years.

One of the challenges in the market is the pressure to reduce costs while maintaining or improving quality. Automotive manufacturers are constantly seeking ways to minimize expenses, and fasteners, despite their critical role, are often viewed as commodities. This cost pressure forces fastener manufacturers to innovate continuously and optimize their production processes, which can be challenging.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive fastener reached USD 17.3 billion in 2023 and is set to register a CAGR of 5.5% between 2024 and 2032, due to rise of electric vehicles (EVs) and autonomous driving.

Steel fasteners segment was valued over USD 16 billion in 2023 and is expected to reach USD 25.6 billion by 2032, as steel offers an excellent combination of strength, durability, and cost-effectiveness.

Asia Pacific market generated a substantial revenue of USD 8.7 billion in 2023 and is expected to reach USD 14.2 billion by 2032, as the region has become a global hub for automotive manufacturing, with countries like China, Japan, India, and South Korea leading in vehicle production.

Bossard Group, Bulten AB, Fontana Gruppo S.p.A., Illinois Tool Works Inc. (ITW), KAMAX Holding GmbH & Co. KG, LISI Automotive, Nifco Inc., Norma Group SE, Stanley Black & Decker, Inc., and Sundram Fasteners Limited among others.