Automotive fastener market trends

Global demand for automotive fasteners is showing an upward trend.

The global automotive fasteners market was valued at US$22.99 billion in 2023.  The market is projected to grow from US$24.08 billion in 2024 to US$37.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.55% during the forecast period. Asia Pacific dominated the global market in 2023 with a 46.89% share.

 

Growth factors in the automotive fastener market

The growing demand for light vehicles is driving market growth.

Lightweight vehicles contribute to significantly improved fuel efficiency, while fasteners play a crucial role in electric vehicle batteries.

 

For example, in October 2020, the UK government's Department for Business, Energy and Industrial Strategy (BEIS) awarded funding to British car manufacturer Lotus Group to support the development of lightweight electric vehicle architecture.

 

COVID-19 helped the market expand.

The continuous growth in vehicle production after the COVID-19 pandemic has led to increased demand for automotive fasteners.

 

Emerging economies such as India and China have been investing heavily in advanced manufacturing infrastructure. The increasing proliferation of vehicle maintenance and MRO (Maintenance, Repair, and Overhaul) companies will have a significant impact on the global demand for automotive fasteners.

 

Source: https://www.fortunebusinessinsights.com/zh/automotive-fasteners-market-107700