The automotive fasteners market is anticipated to obtain growth at an average CAGR of 6% and is forecasted to reach a valuation of USD 48 Bn by 2032, while it holds a revenue of USD 26 Bn in 2022.
In recent times, companies around the world have invested capital in technology research and development units to help them enhance the productivity of multiple machines.
Automotive fasteners and industry-specific designs and shapes attract end users to adopt these fasteners. Industries rising along with its application in housing, door panels, and other vehicle parts are fueling the sales of automotive fasteners.
Dynamic consumer preferences for smart vehicles, rising disposable income, and increasing adoption of cutting-edge technology in automobiles are some of the factors driving the global automotive fasteners market.
The preference for using lightweight vehicles across the world is expected to enhance the demand for using lighter automotive components in vehicles. In order to increase the performance of vehicles as well as fuel efficiency, lightweight parts are important
Key Takeaways from Market Study
- Europe holds the biggest market space for the automotive fasteners market and is anticipated to hold its ground during the forecast period, with 26% of the share attributed to the sales of commercial vehicles such as passenger cars and electric buses.
- North America has the second largest space in the global automotive fasteners market, while its growth is owing to advancements in electric vehicle and their higher adoption with a 16% global share.
- The automobile companies such as General Motors and Ford are making the USA a significant country in the region of North America.
“The future for the market looks promising for lightweight vehicle adoption that uses lighter automotive components in vehicles including automotive fasteners. These fasteners increase the performance of vehicles such as lightweight parts, and fuel efficiency. The rise of electronic vehicles has also pushed the demand for automotive fasteners that require fitting ensuring the use of sustainable and environmentally friendly electric vehicles. The technical developments to enhance the quality and durability of the automotive components and products.“ Says a Future Market Insights analyst while discussing the future of the market.
Competitive Landscape:
The key players that help to develop the market all around the globe during the forecast period fragment the automotive fasteners market. These players are showing their efforts and focus on increasing the automotive fasteners’ market share. The key players are using various tricks and marketing terms to acquire the lion’s share in the automotive fasteners market size.
