cost advantages of using plastic automotive fasteners is driving the Automotive Fasteners Market

Latest News:- Automotive Fasteners Market: OEM is expected to lead the End-user segment during 2024-2028

Technavio analyzes that the Automotive Fasteners Market is expected to grow at a CAGR of 7.85% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8749.5 million.There are various factors that contribute to the growth of the market. Plastic automotive fasteners offer significant cost advantages over their traditional counterparts. Their lightweight property reduces vehicle weight, leading to fuel savings and lower emissions. Additionally, plastic fasteners' high strength-to-weight ratio and resistance to corrosion result in reduced maintenance costs and longer product life. Furthermore, the automated manufacturing process for plastic fasteners leads to economies of scale and lower production costs.

In the global automotive fasteners market, Original Equipment Manufacturers (OEMs) dominate with the largest market share in 2023. OEMs utilize a diverse range of fasteners, including nuts, bolts, screws, retainers, and spring clips, for various applications within the automotive industry. These fasteners undergo rigorous testing to ensure optimal performance post-market launch. Nuts, specifically interior threaded ones, secure the attachment of bolts and screws to surfaces. Bolts, characterized by their threaded pins and rods, are commonly used for constructing wheels and wheel assemblies. The professional and formal use of automotive fasteners by OEMs underscores their commitment to delivering high-quality, reliable vehicles to consumers. 

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Automotive Fasteners Market Segmentation

• End-user
  • OEM
  • Aftermarket
• Vehicle Type
  • Passenger cars
  • Commercial vehicles
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• 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.
• Sundram Fasteners Ltd.
• Trifast plc

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Research Analysis Overview

The global automotive fasteners market encompasses various types of components, including bolts, nuts, screws, retainers, spring clips, and washers, used in the manufacturing of automobiles. The market's volume is significant, with material types ranging from metal to plastic. Characteristics vary based on vehicle type, such as commercial vehicles and electric vehicles. Key players include Bulten AB, Sundram Fasteners, Stanley Black & Decker, The Philips Screw, Westfield Fasteners, and Illinois Tool Works. Data triangulation is used to ensure market accuracy. Automotive sector fasteners are made of materials like brass and aluminum. Automotive fasteners and automotive sector are synonymous with bolts, nuts, screws, retainers, spring clips, and washers.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers in the automotive components and equipment sector include the rising demand for electronic control units (ECUs) and other electrical components due to the escalating sales of ECVs, EVs, and PCs. Technavio's market analysis identifies this trend as a significant factor contributing to the expansion of the global automotive parts and equipment market. Core competencies of leading players in this industry include advanced materials, manufacturing processes, and technological innovations, which enable them to cater to the evolving demands of the automotive industry. Through data triangulation, Technavio ensures the accuracy and reliability of its market size estimations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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