The changing dynamics in Automotive Fastener Market with covid-19 impact assessment
June 09, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Automotive Fastener Market.
It was estimated prior to this unanticipated outbreak that the Automotive Fastener Market will grow at 3.2% CAGR. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
For a more detailed breakdown of the COVID-19 impact on the Automotive Fastener Market, request a free sample of the report here: https://www.stratviewresearch.com/Request-Sample/439/Automotive-Fastener-Market.html
Automotive Fastener Market Segment Analysis:
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 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.
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.
In terms of regions, 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.
Europe and North America, other major markets, are also likely to generate a healthy demand for fasteners in the coming five years. Germany, France, and the UK are the major markets in Europe, whereas the USA and Mexico are the major markets in North America. Stringent regulations regarding the fuel efficiency enhancements and the carbon emission reductions are also impacting the market dynamics of fasteners as there has been a greater demand for plastic fasteners in order to help automakers to further reduce the overall gross vehicle weight of the vehicle.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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