The automotive fasteners market is set to grow by U.S. $6.02 billion, progressing at a CAGR of over 6% during 2021-2025. This is according to a new report from Technavio, a global market research company.
Technavio’s Automotive Fasteners Market by Application and Geography provides an up-to-date analysis regarding the current market conditions for automotive fasteners, including the latest trends and drivers. For example, a trend toward lighter-weight fasteners solutions as automobiles become more connected through miniature sensors and cameras, as well as more electrified, is prompting more research and interest in the sector.
Additionally, factors such as improving economic conditions, political stability, rapid urbanization, and infrastructure and industrial growth, are also affecting the development and increase in the automotive fastener market.
Consumer expectation is always playing a role, as is greater competition between automotive brands. This is prompting OEMs to add advanced, cost-effective features to maintain the market share.
The growth of the segment is expected to make ongoing gains and continue beyond the forecasted period.
To learn more, download the report here.