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(I-AutoNewsWire.com, September 23, 2020 ) The Automotive Fastener Market is projected to reach $25.30 Billion by 2025, at a CAGR of 2.39% during the forecast period.
The market is anticipated to grow owing to various reasons such as the growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics such as ignition, carputers, telematics, and in-car entertainment systems in vehicles.
1. Government Mandates Related to Safety Features & Increasing Use of Electronics in Vehicle
2. Significant Developments in Powertrain Innovations
3. Growth in the Number of Semi-Autonomous Cars
4. Growth in the Electric Vehicle Industry
The ecosystem of the automotive fastener market consists of established fasteners manufacturers such as Bulten AB (Sweden), KAMAX (Germany), Sundram Fasteners (India), Stanley Black & Decker (US), Shanghai Prime Machinery Company (China), SFS Group (Switzerland) and Lisi Group (France). It also comprises a few other players such as Meidoh Co. (Japan), Nipman Fasteners (India), Piolax (US), Westfield Fasteners (UK), Fontana Gruppo (Italy), Bollhoff (Germany), Nedshroef (Netherlands), Nifco Group (Japan), Boltun Corporation (Taiwan), Chanshu City Standard Parts (China), Wurth Group (Germany), and Simmonds Marshall (India).
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The study considers countries such as China, Japan, India, and South Korea in the Asia Pacific region. The increasing production of vehicles in China, Japan, and India and the growing demand for electric vehicles, especially in China and Japan, are expected to drive the automotive fastener market in the region. The government regulations for lightweight vehicles have led to advancements in technology for manufacturing lightweight and durable products in the region. Also, manufacturers are shifting from standard parts to customized parts, which will drive the demand for customized fasteners in the Asia Pacific region.
The market for plastic fastener is estimated to have the highest growth due to the increasing need to reduce vehicle weight. The increasing demand for automobile weight reduction and fuel efficiency will reduce the use of metals such as stainless steel and iron and will increase the use of lightweight materials like plastic, which are the growth drivers for the plastic fastener segment in future.
Removable automotive fasteners enable the parts to be disconnected readily without any damage. These fasteners contribute the maximum share in the total number of fasteners used in an automobile. Removable automotive fasteners such as nuts, bolts, and studs can be installed and removed easily with the help of hand tools or power tools. These types of fasteners have a long life and can be used multiple times. The penetration of removable fastener in automobiles is high due to its properties.
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1. Manufacturers of automotive fasteners
2. Automotive OEMs
3. Electric vehicle manufacturers
4. Industry associations and experts
5. Traders, distributors, and suppliers of automotive fasteners
Mr. Aashish Mehra