The automotive fastener market is set to reach U.S. $21.5 billion by 2028, as reported in a research study by Global Market Insights Inc. The development of more versatile, universal fasteners is expected to boost the production statistics.
Automotive fasteners are playing a major role in terms of new and specific applications, including the electrification of vehicles and other unique technical requirements (such as lightweight features). Additionally, mechanical advancements, the reliability of fasteners, and enhancements in quality are boosting the market elements. The ease of replacing fastener from vehicles is also a consideration for manufacturers.
The growing demand for electric vehicles (EVs) is a factor favoring the automotive fastener market growth. Fasteners are not only needed in EVs but also in charging units, battery casings, and general infrastructural equipment. Requirements for lower emissions, along with the government support for carbon reduction via tax rebates and subsidies, have propelled players to provide more electric options, globally.
The light commercial vehicles segment is predicted to generate a revenue of about U.S. $4 billion by 2028. New developments, 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 passenger car (PC) segment will hold more than 70% of the automotive fastener market revenue share by 2028. Passenger cars are the most common means of transportation. A rise in per capita income has favored the passenger car segment growth. Companies are rearranging their operations, recovering from the pandemic impact, and producing more cars, thereby incrementing greater use of automotive fastener.
The aftermarket segment is expected to cross $11.5 billion by 2028. The aftermarket segment mainly includes manufacturers that supply fastener to automobiles after they have been manufactured by the OEMs. The end-users procure fastener as replacements or accessories for their vehicles.
Non-threaded automotive fastener will show the greatest positive growth. These fasteners help in distributing loads evenly onto the bearing surface and are found in different thicknesses, materials, and 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.
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 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 $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 — and with the same quality standards.
The industry is largely fragmented into several prominent and small manufacturers, including Kamax Group, Fontana, Agrati, Sundram Fastener Limited, Shanghai Prime Machinery Company, SFS Group, Illinois Tool Works, Bulten AB, KOVA Fastener, Meidoh Co., Sterling Tools, Changshu City Standard Parts Factory, and Westfield Fastener.
Companies are shifting their preferences from standard to customized components that are expected to bolster customized fastener market revenue.