Automotive fasteners are special type of mechanical components that are used for connecting or joining two or more joints & parts in the vehicle. Moreover, the fasteners are made up of aluminum, nickel, stainless steel, and others. In addition, the prime function of automotive fasteners is to grip the vehicle parts together to avoid their separation and preventing the leakage from the joints. There are various fasteners, specifically designed for different components with various shapes, sizes, designs, and qualities. Moreover, the automotive fasteners market is further driven by the growing demand for the technical development and design improvement for the automotive fasteners. The increased demand for vehicle stability & reduced vehicle weight is further expected to create opportunities related to automotive fasteners vendors across the globe.
As per analysis, “Global Automotive Fastener Market, 2021-2027” the key companies operating in the global automotive fastener market include Matsumoto Heavy Industry Co., Ltd., NIFCO INC., Sannohashi Corporation, HellermannTyton GmbH, Long I Industrial Co., Ltd., Avery Dennison Corporation, MEIRA Corporation, Topura Co., Ltd., PIOLAX, INC., Araymond France SAS, Saga Tekkohsho Co., Ltd., Sika AG, Illinois Tool Works Inc., Aoyama Seisakusho Co., Ltd., Sannohashi Corporation, Nissin Kogyo Co., Ltd. and among others. The extensive competition in the automotive industry led companies to primarily focus on upgrading the existing systems & processes. The key players have adopted different strategies to diversify their presence globally and increasing the market shares.
Based on product type, automotive fastener market can be segregated as jaw crusher, cone crusher, hammer crusher and impact crusher. In addition, based on application, market can be segregated as commercial vehicle and passenger car. Passenger vehicle segment is anticipated to witness higher growth rate caused by amplified spending capacity of end users and growth in urbanization during the forecast period.
Rise in demand for lightweight fasteners, followed by new developments & trends in automotive fasteners, significant growth in the automotive industry, amplified spending capacity by end users & rise in urbanization and increase in cost advantage of using plastic automotive fasteners are some major factors, which are responsible for growth of the automotive fastener market. Apart from this, emergence of alternatives for automotive fasteners may impact the market. Moreover, growth in the number of semi-autonomous cars, significant developments in power-train innovations, growth in the electric vehicle industry and increase in use of electronics in vehicle are leading opportunities for market.
Based on regional analysis, the Asia-Pacific is a leading region in global automotive fastener market owing to increase in sale of vehicles and rise in demand for fuel-efficient vehicles across the region. The North-America and Europe regions are estimated to exhibit substantial growth rate due to increase in product demand from numerous automotive manufacturers and stringent rules & regulations regarding vehicle emission enacted over the forecast period. It is expected that future of the global automotive fastener market will be bright as a result of extensive composition & sales of transportations coupled with mechanical advancements & enhancement in quality & sturdiness of fasteners during the forecast period.
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Global Automotive Fastener Market Growth Rate, 2021-2027
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