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Automotive Fasteners Market Volume Analysis, size, share and Key Trends 2016-2026
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Over the last decade various companies are involved into the technological research and development of the automotive fasteners, which resulted into superior quality fasteners and the growth of automotive fasteners market. Overall, the automotive fasteners market is expected to show a modest CAGR over the forecast period.
Automotive fasteners market: Drivers and Restraints
The flourishing automobile industry and the vital importance of fasteners in automobiles is a key driving factors of automotive fasteners market. The technical developments and improvements in the quality and durability of fasteners is another driving factor in the automotive fasteners market. The easy replaceable nature of automotive fasteners makes it convenient for the end use consumers to purchase fasteners for their vehicles that would further boost the aftermarket of automotive fasteners.
However, the alternative to automotive fasteners such as clinching and welding can slowdown the growth of automotive fasteners market.
Automotive fasteners market: Region wise outlook
The global fasteners market is segmented into the seven regions which includes North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East and Africa. Europe is the market leader in the automotive fasteners market owing to the largest global automobile hub. APEJ is the second major contributor in the automotive fasteners market due to the growth in the vehicles market and the aftermarket sale of the fasteners.
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The automobile companies such as General Motors, and Ford is making USA a significant country in the region of North America. Japan is flourishing in the automotive fasteners market because of the automobile giants like Toyota, Suzuki. Latin America and Middle East and Africa are at a nascent stage in the automotive fasteners market and is expected to have a modest CAGR in the forecast period.
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