Automotive Fastener Market Analysis

Automotive Fastener Market Analysis

The automotive fastener market size from non-permanent fastener segment is slated to witness 6% gains till 2028. Non-permanent automotive fastener, such as screws and bolts, find application in vehicles as they allow the parts to be disassembled and re-assembled as & when required. These fasteners are mainly used for connecting two components which can be removed, and the separated pieces come out without suffering any damage.
 

The automotive OEM segment is poised to reach USD 9.5 billion by 2028, holding 45% of the market share. Consumers seeking to replace their damaged vehicle components purchase fastener from automotive OEMs to ensure that the replaced fastener are fully compatible with the vehicle and are manufactured with the same quality standards.
 

Light commercial vehicles segment is predicted to generate a revenue of about USD 4 billion by 2028. Developments in the automotive industry and incrementing industrial activities will accelerate the demand for light commercial vehicles. A rise in e-commerce activities and third-party logistics will augment the market for light commercial vehicles as they are highly suitable for last-mile deliveries.
 

The Asia Pacific automotive fastener market demand is likely to account for 3 million tons by 2028. The region will dominate the global automotive market owing to the surging production of vehicles and increasing aftermarket sales of the fastener Japan, China, and India have a stronghold in the industry led by the existence of automobile giants such as Mahindra & Mahindra, Toyota, Suzuki, Isuzu, Dongfeng, TATA Motors, and SAIC Motor. Furthermore, advancing government guidelines in terms of vehicle weight reduction have led to technological developments in the manufacture of durable and lightweight components in the region.