The automotive fastener market is set to reach USD 21.5 billion by 2028, as reported in a research study by Global Market Insights Inc. The development of modern & versatile concepts in terms of fastener production will boost the industry statistics. Major automotive fastener market participants include Kamax Group, Fontana, Agrati, Sundram Fastener Limited, Shanghai Prime Machinery Company Limited, SFS Group AG, Illinois Tool Works Inc., Bulten AB, KOVA Fastener, Meidoh Co., Ltd., Sterling Tools Limited, Changshu City Standard Parts Factory, and Westfield Fastener Limited.
How Covid-19 affected the market growth
The COVID-19 pandemic has affected the automotive fastener market growth in the short term. The virus has stalled automotive production in different regions across the world. Restrictions on industrial production and shipping are affecting the supply chain. Such disruptions have led to delays in the arrival of raw materials, disrupted financial outflows, and growing absenteeism among workers. However, the market is gaining momentum as lockdown & transportation restrictions are lifted and the situation is slowly returning to normalcy.
The aftermarket segment is expected to cross USD 11.5 billion by 2028. The aftermarket segment mainly includes manufacturers that supply fastener to automobiles after they have been manufactured by the OEMs. The end-users procure fastener as replacements or accessories for their vehicles.
Manufacturers are focusing on manufacturing universal fastener that are designed for versatility and usability as their main imperatives. The new and enhanced types of plastics or metal alloys used in fastener are stronger and lighter than before. The use of recyclable and reusable automotive fastener also causes less harm to the environment. The introduction of electric & hybrid models has changed engineered approaches and led to the development of different types of fastener that are more durable & permanent solutions.
The passenger car (PC) segment will hold over 70% of the automotive fastener market revenue share by 2028. Passenger cars are the most common means of transportation used across the globe. A rise in per capita income has favored the passenger car segment growth. Companies are rearranging their operations, recovering from the pandemic impact, and producing more cars, thus incrementing the usage of automotive fastener.
Asia Pacific market will capture significant market share by 2028. The regional growth is mainly attributed to rapid modernization and the shifting preference of manufacturers from standard parts to customized parts. Furthermore, the rising demand for vehicles with enhanced safety and fuel efficiency will also favor the market expansion.
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Source: Automotive fastener Market revenue to hit $21.5 Bn by 2028, Says Global Market Insights Inc. (prnewswire.com)