Automotive Fastener Market Size

Automotive Fastener Market Size

Automotive Fastener Market size exceeded USD 14.81 billion in 2021 and is set to grow at over 5.9% CAGR from 2022 to 2028.

Non-threaded automotive fastener will show positive growth through 2028. These fasteners help in distributing loads evenly onto the bearing surface and are found in different thicknesses, materials & sizes, depending upon the requirement. Non-threaded automotive fastener provides force distribution and vibration absorption. Besides this, non-threaded fastener reduces cost and save time.

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The growing demand for electric vehicles is a factor favoring the automotive fastener market growth. Fasteners are not only needed in electric vehicles but also in charging units, battery casings, and general infrastructural equipment. A rise in requirement for low emission commuting together with the government supporting zero emissions, long-range vehicles via tax rebates, and subsidies have propelled players to provide electric vehicles globally. Automotive fasteners play a major role in terms of new & specific applications, surrounding electrification and unique technical requirements.

The growing automobile industry and the essential significance of fastener in different vehicles are key aspects of the market. In addition to this, mechanical advancements, sturdiness of fastener, and enhancement in quality are boosting market elements. The ease of replacing fastener from vehicles enables the end-users to acquire fastener for their vehicles. Moreover, the heightening demand for lightweight vehicles and the demand’s stability will shift inclination toward automotive fastener compared to welding.