June 10, 2022 05:13 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 10, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Automotive Fasteners Market finds that increasing vehicle production, the rising use of electric vehicles and the shifting focus toward lightweight vehicles are propelling the growth of the Automotive Fasteners Market in recent years. In addition, new developments in the market are anticipated to show maximum growth for the Automotive Fasteners Market in projected years.
The Global Automotive Fasteners Market revenue is expected to reach a value USD 24.2 Billion in the year 2028.
The Global Market revenue stood at a value USD 21.4 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 2.1% during the forecast period; states Vantage Market Research, in a report, titled “Automotive Fasteners Market Size, Share & Trends Analysis Report by Product (Threaded, Non-Threaded), by Application (Engine, Chassis, Transmission, Steering), by Characteristics (Removable Fasteners, Permanent Fasteners, Semi-Permanent Fasteners), by Material Type (Stainless Steel, Iron, Bronze, Nickel), by Vehicle Type (Passenger Car (PC), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), by Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increased Usage of Automotive Fastener in Automobile Industry Drives the Market
Increased usage of automotive fasteners in the automobile industry as well as the critical relevance of fasteners in the automobile sector are major driving forces in the growth of the Automotive Fasteners Market. The technical improvements in the quality and durability of fasteners are driving the growth of the Automotive Fasteners Market in coming years. The easily replaceable nature of automotive fasteners makes it convenient for end-use consumers to purchase fasteners for their vehicles, which would further boost the aftermarket demand of the Automotive Fasteners Market. In addition, various companies are focusing on launching more innovative products in the market, which is also expecting a high demand for the Automotive Fasteners Market.
Increased Sale of Automobile Vehicle Fuels the Market
Multiple factors are responsible for the growth of the Automotive Fasteners Market, including rising vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electric vehicles. The sales of automobile vehicles is increasing rapidly, which in turn, increases the demand for automotive components. In addition, multiple investors are shifting from standard fasteners to customized fasteners. This new development in the fasteners market is augmenting the high growth in the Automotive Fasteners Market in recent years. Furthermore, the rise in adoption of lightweight automotive materials to reduce vehicle weight, ease of availability for raw materials, increasing product manufacturing operations in China to cater to the global demand, are some other factors that fuel the growth of the Automotive Fasteners Market in upcoming years.
Key Insights & Findings from the Report:
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Segmentation of the Global Automotive Fasteners Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The Report on Automotive Fasteners Market Highlights:
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Asia Pacific Holds Largest Market Share
Asia Pacific is expected to dominate the growth of the Automotive Fasteners Market and is estimated to be the largest market during the forecast period. This surge is attributable to their large production and sales of vehicles. The government regulations for lightweight vehicles have led to the use of advanced technology for manufacturing lightweight and durable products in this region. This is also one of the reasons for the high demand for the Automotive Fasteners Market in this region. In addition, manufacturers are shifting from standard parts to customized parts, which will boost the demand for customized fasteners in this region.
List of Prominent Players in the Automotive Fasteners Market:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Automotive Fasteners Market Size, Share & Trends Analysis Report by Product (Threaded, Non-Threaded), by Application (Engine, Chassis, Transmission, Steering), by Characteristics (Removable Fasteners, Permanent Fasteners, Semi-Permanent Fasteners), by Material Type (Stainless Steel, Iron, Bronze, Nickel), by Vehicle Type (Passenger Car (PC), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), by Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/automotive-fasteners-market-498411
January 2021: Illinois Tool Works Inc. and Amphenol Corporation, a leading global provider of high-technology interconnect, antenna, and sensor solutions, announced that they have entered into an agreement under which ITW will acquire MTS Systems Corporation’s Test & Simulation business, following the closing of Amphenol’s acquisition of MTS.
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