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Automotive Fastener/Connector Market worth $52.1 Billion, Globally, by 2033 | Allied Market Research
Automotive Fastener/Connector Market
Prime determinants of growth
The rise in lightweight vehicle manufacturing and growing vehicle production are the two main primary factors driving the growth of global automotive fastener/connector market. Furthermore, increasing alternatives for fasteners and rising material costs are two important factors hampering the growth of the global automotive fastener/connector market. Moreover, innovations in manufacturing technologies is providing an opportunity for the growth of the global automotive fastener/connector market.
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🔧 Key Players Shaping the Global Automotive Fastener/Connector Market
✤ Maclean Fogg
✤ TR Fastenings
✤ Kamax Holding GmBH & Co.
✤ Bollhoff Group
✤ Sundaram Fasteners
✤ Meidoh Co. Ltd.
✤ Wurth Group
✤ Boltun Corporation
✤ Nipman Fasteners
✤ SFS Group AG
✤ Berkshire Hathaway Inc.,
✤ Illinois Tool Works Inc.
✤ Sterling Tools Limited
✤ Westfield Fasteners Limited
✤ Shanghai Prime Machinery Company Limited
✤ Kova Fasteners, Private Limited
✤ The Philips Screw Company
✤ Stanley Black & Decker
✤ Lisi Group.
The automotive fastener/connector industry involves the automotive industry sector focused on the development, production, and sale of vehicles and related technologies that reduce environmental impact. The market also includes different types of vehicles and mobility solutions that help in giving importance to sustainability, reduced carbon emissions, and efficiency of energy. There are various components associated with automotive fastener market such as battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles, hydrogen fuel cell vehicles, alternative fuel vehicles, autonomous vehicles, and shared mobility solutions.
🔩 Segment Highlights: Automotive Fastener/Connector Market Overview
◼️ Product Type Insights
Threaded Segment Leads the Market (2023):
In 2023, the threaded fastener segment dominated the global market, driven by the rise in automotive production and ongoing innovations aimed at making fasteners lightweight, durable, and safer. With electric vehicle (EV) manufacturing ramping up, demand for threaded fasteners-essential for secure, vibration-resistant assembly-continues to surge.
◼️ Non-Threaded Segment on the Rise:
The non-threaded fastener segment, including clips, rivets, and snap-fits, is projected to grow significantly. These solutions align with industry goals of reducing vehicle weight and improving fuel efficiency-especially critical in EVs. Additionally, their ease of use and cost-effectiveness are contributing to reduced assembly time and labor expenses.
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Characteristic-Based Trends
◼️Removable Fasteners Take the Lead:
The removable segment, comprising nuts, bolts, and screws, held the largest market share in 2023. These fasteners offer flexibility for disassembly and reassembly, making them vital during automotive servicing, maintenance, and part replacement.
◼️Semi-Permanent Fasteners Gaining Traction:
The semi-permanent fasteners are expected to witness notable growth, particularly due to their balance of strength and reusability. As automakers focus on vehicle light-weighting and electrification, these fasteners are becoming increasingly important for efficient and long-lasting vehicle assembly.
Material Preferences
◼️ Stainless Steel Reigns Supreme (2023):
Known for its corrosion resistance and structural integrity, stainless steel dominated the market. Its robust performance in high-stress and exposed environments makes it a preferred material, especially in engine and underbody applications.
◼️ Aluminum Fasteners Set to Expand Rapidly:
Aluminum is emerging as a preferred alternative due to its lightweight and strength-to-weight ratio. Its growing adoption aligns with automakers' push toward improving fuel economy and EV range by reducing vehicle mass.
Vehicle Type Dynamics
◼️ Passenger Cars Dominate Market Share:
The passenger car segment accounted for the majority of demand in 2023, supported by large-scale production and wide-ranging fastener applications across body, chassis, and interior components.
◼️ Commercial Vehicles Show Strong Growth Potential:
The commercial vehicle segment is forecasted to grow robustly, fueled by increased investments in infrastructure, logistics, and public transportation. Demand for fasteners in heavy-duty, high-durability applications such as trucks and buses is rising steadily.
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Recent Developments:
☛ In February 2022, Maclean Fogg launched thread strong wheel fastener/connector. Thread strong wheel fastener/connector are available directly to consumers through www.threadstrong.use commerce website and other selected outlets.
☛ In July 2023, TR fastenings launched unique screw solution. Through the new solution the company wants to change the way the fastener/connector are used in the PC screen brackets, thus delivering increasing product life and improved quality. The fastener/connector joins an entire range of M3-M8 sizes in three different head styles to support various applications
☛ In February 2024 Bollhoff Group has launched quicllock rapid release fasteners. The fastener/connector provide better efficiency and security.
☛ In January 2023, Sundram fasteners bagged a $250 million amount order in the electric vehicle space. The company is planning to invest Rs 200 crore to support the new orders under the six-year-long purchase package involving the supply of shaft sub-assemblies and drive gear sub-assemblies. The company will ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City in Tirupati district, Andhra Pradesh. The parts will be serviced from the Company's warehouse in North America.
☛ In August 2023, Sundaram Fasteners launched fastener/connector for ISRO. The fasteners were made of alloy steel, heat-resistant stainless steel, super alloy with coatings such as silver plating, aluminum ion vapor deposition and passivation. The fastener were used in the manufacturing of Chandrayaan 3.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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