Automotive Fastener Market to offer a healthy CAGR of 3.2% during 2019-24
February 12, 2020
Automotive Fastener Market Overview:
Fasteners are used in a wide array of applications out of which the automotive industry is undoubtedly one of the largest segments. The market for fasteners in the automotive industry seems resilient and is likely to witness a healthy CAGR of 3.2% during the forecast period. Increasing automobile production across regions, especially in Asia-Pacific and Eastern Europe and increasing demand for electric and alternative powertrain vehicles are the major driving factors of the fasteners market in the automotive industry.
Report Overview:
This report, from Stratview Research, studies the automotive fastener market over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Automotive Fastener Market Segment Insights:
Passenger Car: The growth engine
Based on the vehicle type, the market is segmented into passenger car, light commercial vehicle, and medium & heavy commercial vehicle. The passenger car segment is expected to remain the largest segment during the forecast period, propelled by a large production of passenger across the world. Increasing disposable income coupled with improving lifestyle, especially in emerging economies, such as China and India, are leading to a greater appetite of customers to buy passenger cars. In passenger car segment, hatchbacks and SUVs are creating a greater demand for fasteners.
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https://www.stratviewresearch.com/toc/439/Automotive-Fastener-Market.html
Dominance of: Removable Fastener & Interior Trim
Based on the characteristic type, the automotive fasteners market is segmented as removable fastener, permanent fastener, and semi-permanent fastener. Removable fasteners lead the fasteners market in the automotive industry and are expected to maintain its leading position in the foreseen future. Removable fasteners contribute the maximum in the total number of fasteners used in an automobile as they can be conveniently removed by hand or power tools without causing any damage to part or fastener itself.
Based on the application type, the automotive fastener market is segmented as engine, chassis, interior trim, front/rear axle, steering, transmission, and others. Interior trim is expected to be the fastest-growing segment during the forecast period. Increasing focus towards the fuel efficiency enhancement has led to a greater adoption of lightweight materials, such as plastics and aluminum. The similar trend is also being observed in the fasteners market for interior trim. All the major automakers are now focusing on plastic and aluminum fasteners, especially in interior trims, to unravel the requirement of CAFÉ Standards and EU carbon emission reduction targets.
A highly/moderately/fragment consolidated Market
Some of the major automotive fastener manufacturers are Illinois Tool Works Inc., LISI Group, Shanghai Prime Machinery Company Limited, Bulten AB, Stanley Black & Decker, Inc., The SFS Group AG, Meidoh Co. Ltd., NIPMAN Automotive Solutions, The Würth Group, Piolax Inc., Westfield Fasteners Limited, Changshu City Standard Parts Factory, Fontana Gruppo Srl, Simmonds Marshall Limited, Sterling Tools Limited, Bollhoff, Nedschroef Machine Industry, Nifco Group, and Boltun Corporation. The development of lightweight fasteners and proximity to major clients are some of the major strategies of the key players in order to remain competitive in the market
Regional Hegemony of Asia-Pacific
Asia-Pacific currently dominates the automotive fasteners market and is expected to maintain its leading position during the forecast period as well. China, Japan, South Korea, and India are the growth engines of the region. Increasing automobile production, especially in China and India, owing to rising population coupled with increasing disposable income, and a gradual shift of automobile manufacturing plants from the developed economies to China and India are the major factors generating a healthy demand for fasteners in the region.
Click here for other high value market reports from Stratview Research in the Automotive Industry: https://www.stratviewresearch.com/market-reports/Automotive-Transportation.html
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