Automotive Fastener market size will grow at a CAGR of 3.2% During 2019-24, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Automotive Fastener Market scenarios and has also estimated the Automotive Fastener market to grow at a healthy CAGR of 3.2%. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.

Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2019 – 2024, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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Fasteners are used in a wide array of applications out of which the automotive industry is undoubtedly one of the largest segments. The market for fasteners in the automotive industry seems resilient and is likely to witness a healthy CAGR of 3.2% during the forecast period. Increasing automobile production across regions, especially in Asia-Pacific and Eastern Europe and increasing demand for electric and alternative powertrain vehicles are the major driving factors of the fasteners market in the automotive industry.
Apart from the organic growth of automobile production, there are several other factors contributing to the growth of the fasteners market in the automotive industry. One of the key factors is the introduction of stringent regulations, such as CAFÉ Standards and EU’s Carbon Emission Reduction Targets, which are compelling automakers to incorporate lightweight materials in order to enhance the fuel efficiency. Fastener companies could not get escaped from this and started facing enormous pressure for reducing the weight of fasteners. They are unraveling the challenges by developing lightweight plastic and aluminum fasteners for a wide array of auto applications.

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Based on the characteristic type, the automotive fasteners market is segmented as removable fastener, permanent fastener, and semi-permanent fastener. Removable fasteners lead the fasteners market in the automotive industry and are expected to maintain its leading position in the foreseen future. Removable fasteners contribute the maximum in the total number of fasteners used in an automobile as they can be conveniently removed by hand or power tools without causing any damage to part or fastener itself.

Based on the vehicle type, the market is segmented into passenger car, light commercial vehicle, and medium & heavy commercial vehicle. The passenger car segment is expected to remain the largest segment during the forecast period, propelled by a large production of passenger across the world. Increasing disposable income coupled with improving lifestyle, especially in emerging economies, such as China and India, are leading to a greater appetite of customers to buy passenger cars. In passenger car segment, hatchbacks and SUVs are creating a greater demand for fasteners.

Based on the application type, the automotive fastener market is segmented as engine, chassis, interior trim, front/rear axle, steering, transmission, and others. Interior trim is expected to be the fastest-growing segment during the forecast period. Increasing focus towards the fuel efficiency enhancement has led to a greater adoption of lightweight materials, such as plastics and aluminum. The similar trend is also being observed in the fasteners market for interior trim. All the major automakers are now focusing on plastic and aluminum fasteners, especially in interior trims, to unravel the requirement of CAFÉ Standards and EU carbon emission reduction targets.

Check out the Table of Contents here:
https://www.stratviewresearch.com/toc/439/Automotive-Fastener-Market.html

Highlights of the Report:

As per Stratview Research, Asia-Pacific currently dominates the automotive fasteners market and is expected to maintain its leading position during the forecast period as well. China, Japan, South Korea, and India are the growth engines of the region. Increasing automobile production, especially in China and India, owing to rising population coupled with increasing disposable income, and a gradual shift of automobile manufacturing plants from the developed economies to China and India are the major factors generating a healthy demand for fasteners in the region.

Europe and North America, other major markets, are also likely to generate a healthy demand for fasteners in the coming five years. Germany, France, and the UK are the major markets in Europe, whereas the USA and Mexico are the major markets in North America. Stringent regulations regarding the fuel efficiency enhancements and the carbon emission reductions are also impacting the market dynamics of fasteners as there has been a greater demand for plastic fasteners in order to help automakers to further reduce the overall gross vehicle weight of the vehicle.

The report also throws light on the Automotive Fastener Market share percentage, captured by specific key players in the industry; along with important mergers and acquisitions which have taken place till date.

Some of the key players mentioned the Automotive Fastener Market are Illinois Tool Works Inc., LISI Group, Shanghai Prime Machinery Company Limited, Bulten AB, Stanley Black & Decker, Inc., The SFS Group AG, Meidoh Co. Ltd., NIPMAN Automotive Solutions, The Würth Group, Piolax Inc., Westfield Fasteners Limited, Changshu City Standard Parts Factory, Fontana Gruppo Srl, Simmonds Marshall Limited, Sterling Tools Limited, Bollhoff, Nedschroef Machine Industry, Nifco Group, and Boltun Corporation.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The automotive fastener market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Know more about us and our reports:
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