The automotive fastener market is set to reach USD 21.5 billion by 2028, as reported in a research study by Global Market Insights Inc. The development of modern & versatile concepts in terms of fastener production will boost the industry statistics.
Manufacturers are focusing on manufacturing universal fastener that are designed for versatility and usability as their main imperatives. The new and enhanced types of plastics or metal alloys used in fastener are stronger and lighter than before. The use of recyclable and reusable automotive fastener also causes less harm to the environment. The introduction of electric & hybrid models has changed engineered approaches and led to the development of different types of fastener that are more durable & permanent solutions.
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The COVID-19 pandemic has affected the automotive fastener market growth in the short term. The virus has stalled automotive production in different regions across the world. Restrictions on industrial production and shipping are affecting the supply chain. Such disruptions have led to delays in the arrival of raw materials, disrupted financial outflows, and growing absenteeism among workers. However, the market is gaining momentum as lockdown & transportation restrictions are lifted and the situation is slowly returning to normalcy.
The aftermarket segment is expected to cross USD 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.
The passenger car (PC) segment will hold over 70% of the automotive fastener market revenue share by 2028. Passenger cars are the most common means of transportation used across the globe. 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, thus incrementing the usage of automotive fastener.
Asia Pacific market will capture significant market share by 2028. The regional growth is mainly attributed to rapid modernization and the shifting preference of manufacturers from standard parts to customized parts. Furthermore, the rising demand for vehicles with enhanced safety and fuel efficiency will also favor the market expansion.
Some major findings of the automotive fastener market report include:
· Technical developments coupled with improvements in the quality & durability of automotive fastener will support product demand in the industry.
· The non-permanent segment will grow steadily through 2028 due to its easy removal and reusable property.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive fastener industry 360° synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Materials trends
2.1.4 Characteristic trends
2.1.5 Distribution trends
2.1.6 Application trends
2.1.7 Regional trends
Chapter 3 Automotive Fastener Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 – 2028
3.3 Industry ecosystem analysis
3.4 Future trends
3.5 Raw material analysis
3.6 Regulatory trends
3.7 Industry impact forces
3.7.1 Growth drivers
18.104.22.168 Growing adoption of lightweight automotive materials to reduce vehicle weight
22.214.171.124 Ease of availability for raw materials
126.96.36.199 Increasing product manufacturing operations in China to cater the global demand
188.8.131.52 Increasing product demand from numerous automotive manufacturers in Europe
3.7.2 Industry pitfalls & challenges
184.108.40.206 Dip in the automotive industry in the recent period may effect product consumption
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 Competitive landscape
3.11 Price trends
3.12 PESTEL analysis
3.13 COVID-19 impact on automotive fastener demand by application