Home > Automotive > Automotive Parts > Electrical and Lighting > Automotive Fastener Market

Automotive Fastener Market Trends

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

Download Free Sample

Automotive Fastener Market Trends

One prominent trend is the inclination towards usage of lightweight and high-strength materials. As automakers strive to improve fuel efficiency and reduce emissions, there's a growing demand for fasteners made from advanced materials such as titanium alloys, aluminum, and high-strength steels. These materials offer superior strength-to-weight ratios, allowing for weight reduction.

Additionally, the integration of smart technologies into fastening systems. Industry 4.0 concepts are being applied to fastener manufacturing and usage, leading to the development of intelligent fasteners with embedded sensors. These smart fasteners can monitor their own tension, temperature, and overall performance, providing real-time data for predictive maintenance and enhancing overall vehicle safety, thereby propelling the market.

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.