NEW YORK , Feb. 11, 2023 /PRNewswire/ -- The global automotive fasteners market size is estimated to increase by USD 8,379.8 million between 2022 and 2027. The market's growth momentum will progress at a CAGR of 8% - Request a sample report
Global automotive fasteners market – Vendor analysis
A.AGRATI Spa - The company offers fastening and component solutions such as nuts and internally threaded fasteners for different applications in the automotive and commercial vehicle markets.
Acument Global Technologies Inc. - The company offers a range of fasteners such as externally threaded fasteners externally threaded fastening systems and internally threaded fastening systems.
Bulten AB - The company offers a wide variety of fasteners, such as customer-specific standard products.
EJOT HOLDING GmbH & Co. KG - The company offers a broad range of fasteners, including large-diameter bolts for aircraft, aerospace, and construction applications
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The global automotive fasteners market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive fasteners in the market are A.AGRATI Spa, Acument Global Technologies Inc., Bulten AB, EJOT HOLDING GmbH and Co. KG, Illinois Tool Works Inc., KAMAX Holding GmbH and Co KG, Koninklijke Nedschroef Holding BV, Nifco Inc., Norm Holding, Penn Engineering, Phillips Screw Co., Precision Castparts Corp., Raygroup SASU, Rocknel Fastener Inc., SBE VARVIT Spa, Simmonds Marshall Ltd., Stanley Black and Decker Inc., Sterling Tools Ltd, Sundaram Fasteners Ltd, and Trifast plc and others.
Prominent vendors are engaged in the development and manufacturing of fasteners and adhesive products for automotive applications. They are focusing on improving the reliability and lifespan of automotive fasteners due to stringent regulatory requirements. Therefore, it becomes imperative for vendors to distinguish their offerings through clear and unique value propositions to survive and succeed in such a competitive environment during the forecast period.
Global automotive fasteners market - Customer Landscape To help companies evaluate and develop growth strategies, the report outlines –
Global automotive fasteners market - Segmentation assessment
Segment overview Technavio has segmented the market based on end-user (OEM and aftermarket) and vehicle type (passenger cars and commercial vehicles).
The market share growth of the OEM segment will be higher than the other segments during the forecast period. Fasteners are used for various applications in the automotive industry by OEMs. Automotive fasteners are used to join dissimilar materials without using adhesives. The demand for automotive fasteners will increase during the forecast period, with the increasing production activities in the automotive sector. These factors will drive the growth of the segment during the forecast period.
Geography overview Based on geography, the global automotive fasteners market is segmented into APAC, Europe , North America , South America , and Middle East and Africa . The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive fasteners market.
APAC is estimated to account for 59% of the growth of the global market during the forecast period. The market in the region is expected to grow at a faster rate than in Europe and North America . A majority of the revenue in APAC is expected to originate from China , Japan , and India due to the increasing automobile production. This is because major automobile manufacturers such as GM, Ford, Volkswagen, and Daimler have shifted their production bases to the developing countries in APAC. These factors will drive the regional market's growth during the forecast period.
Global automotive fasteners market – Market dynamics
Leading drivers - Cost advantages of using plastic automotive fasteners are driving the market's growth. Plastic is being replaced with metal in many automotive applications owing to its cost advantages, including material and labor costs. In addition, plastic has a faster turnaround and throughput time than metal, which increases the production volume while lowering the cost per part manufactured. Thus, the cost advantages and the non-corrosive nature and versatility of plastic fasteners will drive the market during the forecast period.
Key trends - The growing popularity of lightweight fastener solutions is a key trend in the market. Manufacturers are introducing lightweight innovations to improve the strength and performance of fasteners owing to advances in the automotive industry. Lightweight materials are used in vehicle applications such as the body, chassis, and interior, as well as powertrain components. Manufacturers use various technologies such as clinching, flow drilling screws, and thread-forming screws to join these components. The weight of the vehicle can be reduced because of these automotive fastening technologies. Although these technologies are generally used in luxury vehicles, they are expected to be expanded to mid-segment vehicles during the forecast period, which will accelerate market growth.
Major challenges - Fasteners-related recalls due to improper manufacturing procedures challenge the automotive fasteners market during the forecast period. The cost of a product recall is shared across the value chain in the automotive industry. In the case of automotive fasteners, the use of poor materials and poor fastener design and assembly are the two main reasons for failure. These issues can be reduced or eliminated by following proper manufacturing and quality control procedures during and after the fabrication of fasteners. Hence, product recalls due to fastener-related issues will impede the market's growth during the forecast period.
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What are the key data covered in this automotive fasteners market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the automotive fasteners market between 2023 and 2027
Precise estimation of the size of the automotive fasteners market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the automotive fasteners market across APAC, Europe , North America , South America , and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of automotive fasteners market vendors
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The automotive timing belt market size is expected to increase to USD 37.62 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.4%. This report extensively covers market segmentation by end-user (OEMs and automotive aftermarket), vehicle type (passenger vehicles and commercial vehicles), and geography (APAC, Europe , North America , South America , and Middle East and Africa ).
Accelerate at a CAGR of 8%
APAC, Europe, North America, South America, and Middle East and Africa
US, China, Japan, India, and Germany
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
A.AGRATI Spa, Acument Global Technologies Inc., Bulten AB, EJOT HOLDING GmbH and Co. KG, Illinois Tool Works Inc., KAMAX Holding GmbH and Co KG, Koninklijke Nedschroef Holding BV, Nifco Inc., Norm Holding, Penn Engineering, Phillips Screw Co., Precision Castparts Corp., Raygroup SASU, Rocknel Fastener Inc., SBE VARVIT Spa, Simmonds Marshall Ltd., Stanley Black and Decker Inc., Sterling Tools Ltd, Sundaram Fasteners Ltd, and Trifast plc
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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3.4 Market outlook: Forecast for 2022-2027
4.1 Global automotive fasteners market 2017 - 2021
4.3 Vehicle type Segment Analysis 2017 - 2021
6.3 OEM - Market size and forecast 2022-2027
6.4 Aftermarket - Market size and forecast 2022-2027
7 Market Segmentation by Vehicle Type
7.3 Passenger cars - Market size and forecast 2022-2027
7.4 Commercial vehicles - Market size and forecast 2022-2027
7.5 Market opportunity by Vehicle Type
9.3 APAC - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 North America - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 China - Market size and forecast 2022-2027
9.9 US - Market size and forecast 2022-2027
9.10 Japan - Market size and forecast 2022-2027
9.11 India - Market size and forecast 2022-2027
9.12 Germany - Market size and forecast 2022-2027
10.3 Impact of drivers and challenges
12.6 EJOT HOLDING GmbH and Co. KG
12.8 KAMAX Holding GmbH and Co KG
13.3 Currency conversion rates for US$
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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