Press release
Automotive Fasteners Market: Projected Growth, Key Drivers and Trends for 2025-2029
Automotive Fasteners Market Size
What Is The Projected Market Size Of The Global Automotive Fasteners Market And Its Growth Rate?
The automotive fasteners market is anticipated to grow steadily, driven by the rising demand for commercial vehicles and significant economic growth in emerging markets.
•2024 Market Size: $28.23 billion
•2025 Market Size: $28.98 billion (2.6% CAGR)
•2029 Market Size: $32.36 billion (2.8% CAGR)
This growth can be attributed to the increased production of automobiles and the emerging demand for electric vehicles supported by favorable government regulations.
What Is Driving The Growth In The Automotive Fasteners Market?
The growth in the automotive fasteners market is largely propelled by the increasing demand for electric vehicles. Electric vehicles, whether partially or fully powered by electricity, require high-quality structural fastenings for their infrastructure equipment and battery casings. As of April 2024, the International Energy Agency (IEA) reported a rise in global registrations of new electric cars by nearly 14 million in 2023, an increase of 3.5 million units or 35% year-on-year growth as compared to 2022. Therefore, the growth trajectory of electric vehicles is expected to influence the upward trend of the automotive fasteners market.
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Who Are the Key Players Driving Automotive Fasteners Market Growth?
Major players in the automotive fasteners market include:
•Illinois Tool Works Inc
•KAMAX Holding GmbH & Co. KG
•Lisi S.A.
•Stanley Black & Decker
•Bulten AB
•Nifco Inc
•PennEngineering
•Sundram Fasteners Limited
•The SFS Group AG
•Agrati
•KOVA Fasteners Pvt. Ltd.
What Are The Key Trends In The Automotive Fasteners Market?
Key market trends include:
•Launching of lightweight, self-clinching carbon fiber fasteners
•Development of new technological solutions
•Introduction of innovative products
•Undergoing partnerships and collaborations
What Are The Segments Of The Global Automotive Fasteners Market?
The Automotive Fasteners Market segments include:
1) By Product: Threaded, Non-Threaded
2) By Material Type: Iron, Steel, Aluminium, Brass, Plastic, Other Material Types
3) By Propulsion: IC (Internal Combustion) Engine Vehicles, Electric Vehicles, Hybrid And Alternative Fuel Vehicles
4) By Application: Engine, Chassis, Transmission, Steering, Front or Rear Axle, Interior Trim, Other Applications
Which Region Leads The Automotive Fasteners Market?
The Asia-Pacific region had the largest market share in the automotive fasteners market in 2024 and is projected to be the fastest-growing region. Other regions covered in this report are Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Automotive Fasteners Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Fasteners Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Fasteners Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Fasteners Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Fasteners Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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