The Global Automotive Fastener Market is estimated to be valued at US$ 33.9 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Automotive fasteners are the nuts, bolts and other fixing devices used to join or assemble auto parts and sections. They play a vital role in holding vehicles together and enabling easy assembly and dismantling. The advantages of automotive fasteners include improved assembly speeds, reduced labor costs, enhanced part integration, and overall weight reduction of the vehicle. The growing production of electric vehicles worldwide has increased the demand for automotive fasteners as EVs require more fasteners compared to ICE vehicles owing to additional components like electric motors, batteries and wiring harnesses.
Key Takeaways
Key players operating in the Global Automotive Fastener Market Share are Atotech Deutschland GmbH, Birmingham Fastener, Inc., Bulten AB, Jiangsu Xing Chang Jiang International Co., Ltd., KAMAX, KOVA Fasteners Private Limited, Lisi Group, PennEngineering, Permanent Technologies, Inc., Phillips screw company, SFS Group, Shamrock International Fasteners, Shanghai Prime Machinery Company, Shanghai Tianbao Fastener Manufacturing Co., Ltd., Stanley Black & Decker, Sundram Fasteners Limited, Westfield Fasteners Limited.
The rising production of passenger and commercial vehicles across the world especially in emerging economies has propelled the demand for automotive fasteners. China, US, Germany, Japan and India are the top automobile producing countries globally. Moreover, the increasing electrification of vehicles has further augmented the consumption of fasteners.
Geographically, the automotive fastener market is expanding rapidly in Asia Pacific due to massive vehicle manufacturing in China and India. Leading automakers are shifting their production bases to Asia which is strengthening the regional market. North America and Europe continue to be other major automotive fastener markets globally.
Market key trends
One of the key trends gaining prominence in the global automotive fastener market is the increasing use of lightweight fasteners to reduce vehicle weight and enhance fuel efficiency. Manufacturers are developing innovative fastening solutions utilizing new materials like aluminum, magnesium and high-strength steel alloys that provide weight savings compared to conventional fasteners. Adoption of 3D printing technology by some players has also allowed production of complex, customized lightweight fasteners.
Porter’s Analysis
Threat of new entrants: New players need high capital investments to enter the automotive fastener market due to extensive tooling, manufacturing setup, and brand recognition required. Bargaining power of buyers: Automotive OEMs hold high bargaining power over fastener suppliers due to their large purchase volumes. Bargaining power of suppliers: The automotive fastener industry has a large number of suppliers with specialized capabilities, giving them moderate bargaining power. Threat of new substitutes: There are limited substitutes for fasteners in the automotive industry due to their precise engineering requirements. Competitive rivalry: The automotive fastener market has numerous global and regional players competing on quality, pricing and innovation.
Geographical Regions
North America holds the largest share of the global automotive fastener market in terms of value due to the strong presence of automotive OEMs and component suppliers in the US and Canada. The countries are home to some of the biggest automakers and have well-established automotive supply chains.
Asia Pacific is poised to grow at the fastest rate during the forecast period. Countries such as China, India, Japan, and South Korea are major automobile manufacturing hubs and have witnessed rapid growth in vehicle production in recent years to meet rising domestic demand as well as for exports. This coupled with increasing penetration of automotive components sourcing from regional players is fueling the demand for automotive fasteners in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
