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Global Automotive Fasteners Market 2023 Overview - Market Trends, Strategies, Future Opportunities, By The Business Research Company
Automotive Fasteners Market
Read More On The Global Automotive Fasteners Market To Understand Its Effects On The Market: https://www.thebusinessresearchcompany.com/report/automotive-fasteners-global-market-report
Global Automotive Fasteners Market Size And Forecast
As per TBRC's forecast on the automotive fasteners global market, the automotive fasteners market is expected to grow from $26.9 billion in 2022 to $33.2 billion in 2027 at a compound annual growth rate (CAGR) of more than 4%. The market is then expected to grow at a CAGR of above 3% from 2027 and reach $38.9 billion by 2032. This steady growth during the forecast period can be attributed to increased automobile production, increasing demand for electric vehicles, and strong economic growth in emerging markets.
The increase in demand for electric vehicles is expected to propel the growth of the automotive fasteners market during the forecast period. The automotive fasteners are used to manage engine control systems, air conditioners, power windows, braking, headlights, and steering. For instance, in October 2022, according to World Economic Forum, a Switzerland based international non-governmental and lobbying organization, around 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022. BEV sales grew by 75% on the year and PHEVs by 37%.
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The global automotive fasteners market is fragmented, with a large number of players. The top ten competitors in the market made up to 12.78% of the total market. Illinois Tool Works Inc. was the largest competitor with nearly 2.24% share of the market, followed by KAMAX Holding GmbH & Co. KG, Lisi S.A., Stanley Black & Decker, Bulten AB, Nifco Inc, PennEngineering, Sundram Fasteners Limited, The SFS Group AG, and Agrati.
Player-adopted strategies in the automotive fasteners market includes strengthening their geographical presence through building new facilities, strengthening its fastening solutions business through strategic acquisitions, and strengthening its business operations through strategic investments. In December 2022, Bossard Group, a Switzerland-based fastener manufacturing company, acquired PENN Engineered Fasteners Corporation (PEF) for an undisclosed. Through this acquisition, Bossard Group aimed to expand its geographical presence in North America by supplying fastening solutions to industry segments such as automotive, energy, agriculture and appliances. PENN Engineered Fasteners Corporation is a Canada-based automotive fasteners manufacturing and distribution company.
The Automotive Fasteners Market Global Report 2023 by The Business Research Company provides insights on the automotive fasteners global market size, automotive fasteners global market segments, automotive fasteners global market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
Learn More By Reading Our Full Report On The Automotive Fasteners Market Global Report:
https://www.thebusinessresearchcompany.com/report/automotive-fasteners-global-market-report
The global automotive fasteners market segmentation is as follows -
1) By Product: Threaded, Non-Threaded
2) By Material Type: Iron, Steel, Aluminum, Brass, Plastic, Other Material Types
3) By Propulsion: IC (Internal Combustion) Engine Vehicles, Electric Vehicles
4) By Application: Engine, Chassis, Transmission, Steering, Front/Rear Axle, Interior Trim, Other Applications
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