2024-2033 Automotive Fasteners Market Forecast: Predicted Growth Rate and Market Size
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How Rapidly is the Automotive Fasteners Market Forecasted to Grow Between 2024 and 2033?
In recent years, there has been consistent expansion in the size of the automotive fasteners market. It is projected that it will swell from $27.74 billion in 2023 to $28.65 billion in 2024, showing a compound annual growth rate (CAGR) of 3.3%. The surge witnessed in the historic timeline could be linked to a boosted production in the automobile sector, a heightened demand for commercial vehicles, and a robust economic escalation in emerging markets.
In the coming years, the automotive fasteners market is predicted to exhibit consistent growth. Its size is projected to expand to $31.81 billion by 2028, with a compound annual growth rate (CAGR) of 2.7%. Factors such as rising demand for electric vehicles and favorable government regulations could contribute significantly to the growth during the forecast period. Also, market trends like the introduction of self-clinching fasteners, the development of innovative technology solutions, the launch of lightweight carbon fiber fasteners and new innovative products, as well as engagement in partnerships and collaborations, are expected during the forecast period.
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What Factors Are Behind the Rapid Growth of the automotive fasteners Market?
The surge in demand for electric vehicles is predicted to fuel the expansion of the automotive fasteners market. Electric vehicles, which are vehicles powered fully or partially by electricity, are tacitly creating a need for premium fastenings for their battery casings and general infrastructural components. A Bloomberg New Energy Finance (BNEF) study posits that by 2025, electric vehicles will constitute 10% of worldwide passenger vehicle sales, surging to 28% by 2030 and a whopping 56% by 2040. As such, the proliferation of electric vehicles will directly contribute to the growth of the automotive fasteners market.
What Are the Principal Segments of the Automotive Fasteners Market?
1) By Product: Threaded, Non-Threaded
2) By Material Type: Iron, Steel, Aluminum, Brass, Plastic, Other Material Types
3) By Propulsion: IC (Internal Combustion) Engine Vehicles, Electric Vehicles, Hybrid And Alternative Fuel Vehicles
4) By Application: Engine, Chassis, Transmission, Steering, Front Or Rear Axle, Interior Trim, Other Applications
What Emerging Patterns Are Redefining the Automotive Fasteners Market?
Businesses in the marketplace are concentrating their efforts on introducing novel, innovative goods to enhance their product range and maintain their competitive edge. For instance, Henkel, a chemical and consumer goods enterprise based in Germany, unveiled its newest addition, Loctite DRI 2250-W, in July 2022. This medium to high-strength pre-applied thread locker is tailored for high-speed, eco-friendly automotive applications. It stands out for its rapid throughput, resistance to high temperatures, and the eco-friendliness of a water-based substance. Additionally, in February 2020, Bulten, an automotive stampings firm from Sweden, rolled out BUFOe, an innovative series of energy-efficient fasteners that lower CO2 emissions during production by over 30%. The BUFOe line employs a mix of materials and a unique production technique that eliminates the need for heat treatment, thereby producing a fastener with considerably less environmental impact.
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Which Geographical Regions Are Shaping the Automotive Fasteners Market Growth?
Asia-Pacific was the largest region in the automotive fasteners market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive fasteners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Automotive Fasteners Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the automotive fasteners market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Automotive Fasteners Market Include
1. Automotive Fasteners Market Executive Summary
2. Automotive Fasteners Market Segments
3. Automotive Fasteners Market Size And Template Market Growth Rate
4. Key Automotive Fasteners Market Trends
5. Major Automotive Fasteners Market Drivers
……
25. Key Mergers And Acquisitions In The Automotive Fasteners Market
26. Top Automotive Fasteners Companies
27. Automotive Fasteners Market Opportunities And Strategies
28. Automotive Fasteners Market, Conclusions And Recommendations
29. Appendix
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