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Automotive Fasteners Market Size (2024 - 2029)

The automotive fasteners market is projected to experience significant growth over the forecast period, driven by factors such as increased vehicle production, a shift towards lightweight and electric vehicles, and a rising demand for customized fasteners. The market's expansion is further supported by the recovery from COVID-19 disruptions, improvements in supply chain and production capabilities, and the growing need for aftermarket maintenance services. Asia-Pacific is anticipated to lead in market size due to its substantial vehicle production and sales, with Europe following closely.

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Market Size of Automotive Fasteners Industry

Automotive Fasteners Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 60.38 Billion
Market Size (2029) USD 74.22 Billion
CAGR (2024 - 2029) 4.13 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Automotive Fasteners Market Major Players

*Disclaimer: Major Players sorted in no particular order

Automotive Fasteners Market Analysis

The Automotive Fasteners Market size is estimated at USD 60.38 billion in 2024, and is expected to reach USD 74.22 billion by 2029, growing at a CAGR of 4.13% during the forecast period (2024-2029).

Currently, the automotive fasteners market is valued at USD 60.38 billion and is expected to reach USD 74.22 billion over the next five years, registering a solid CAGR of 4.13% during the forecast period.

The COVID-19 pandemic hindered the growth of the automotive industry across the world. Asia-Pacific, being the largest exporter of automotive fasteners, was deeply affected during the crisis. The disruptions in supply chain activities, the interruption in large-scale manufacturing, and restrictions on travel resulted in the slowdown of the market.

After 2021, the market recovered knowingly well owing to ease in supply chain capabilities with a decrease in the infection rate of the COVID-19 virus. In addition, production capabilities also improved, showcasing immense growth potential in the market.

The market witnessed a steady recovery due to various factors, including growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electric vehicles. Moreover, manufacturers are also shifting from standard fasteners to customized fasteners, and this new development will also drive this market.

Vehicle maintenance companies and MRO service providers are key nodes involved in the automotive fasteners business, elevating the demand. With the increase in aftermarket maintenance and service activities for commercial and passenger vehicles, demand for automotive fasteners will also surge in the coming assessment period.

Furthermore, mechanical advancements and enhancement in the quality and sturdiness of fasteners are other elements anticipated to boost demand in the market. In addition, the surging demand for lightweight vehicles and their stability is expected to boost inclination toward automotive fasteners over welding.

Asia-Pacific is estimated to be the largest market for automotive fasteners, followed by Europe, during the forecast period, owing to the large production and sales of vehicles in the region. Manufacturers are shifting from standard parts to customized parts, which is likely to drive the demand for customized fasteners in Asia-Pacific.

Automotive Fasteners Industry Segmentation

Automotive fasteners include nuts, bolts, screws, retainers, spring clips, and washers. The main types of automotive fasteners are nuts, bolts, and washers.

The automotive fasteners market is segmented by fastener type, vehicle type, vehicle propulsion type, function, material type, and geography. By fastener type, the market is segmented as threaded and non-threaded. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By vehicle propulsion type, the market is segmented into IC engine vehicles and electric vehicles. By function, the market is segmented into detachable and non-detachable. By material type, the market is segmented into iron, steel, aluminum, brass, and plastic. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

The market sizes and forecasts for the market are provided in terms of value (USD) for all the above segments.

Fastener Type
Threaded
Non-Threaded
Vehicle Type
Commercial Vehicles
Passenger Cars
Propulsion
IC Engine Vehicles
Electric Vehicles
Function Type
Detachable
Non-detachable
Material Type
Iron
Steel
Aluminum
Brass
Plastic
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East and Africa
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Automotive Fasteners Market Size Summary

The automotive fasteners market is poised for significant growth over the forecast period, driven by a resurgence in vehicle production and a shift towards lightweight and electric vehicles. The market, which experienced a downturn due to the COVID-19 pandemic, has shown resilience with improved supply chain capabilities and production capacities. The transition from standard to customized fasteners is a notable trend, catering to the increasing demand for tailored solutions in vehicle manufacturing. This shift is expected to bolster the market further, as manufacturers and service providers focus on enhancing vehicle performance and efficiency. The demand for automotive fasteners is also being propelled by the rising need for vehicle maintenance and aftermarket services, which are crucial for ensuring the longevity and reliability of vehicles.

Asia-Pacific is anticipated to lead the automotive fasteners market, supported by robust vehicle production and sales in the region. The presence of major automotive manufacturers and the growing demand for fuel-efficient vehicles contribute to this dominance. The region's market growth is further fueled by the increasing aftermarket sales of vehicle fasteners and the strategic initiatives by countries like India to boost automotive exports. The competitive landscape is characterized by key players such as Bossard Group, Stanley Black & Decker Inc., and KAMAX Holding GmbH & Co., who are actively expanding their global presence through strategic mergers and acquisitions. These companies are focusing on innovation, particularly in developing lightweight fasteners, to meet the evolving demands of the automotive industry.

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Automotive Fasteners Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Vehicle Sales to Fuel Fastener Demand

      2. 1.1.2 Others

    2. 1.2 Market Restraints

      1. 1.2.1 Increasing Electric Vehicle Sales to Hinder the Growth

      2. 1.2.2 Others

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD Million)

    1. 2.1 Fastener Type

      1. 2.1.1 Threaded

      2. 2.1.2 Non-Threaded

    2. 2.2 Vehicle Type

      1. 2.2.1 Commercial Vehicles

      2. 2.2.2 Passenger Cars

    3. 2.3 Propulsion

      1. 2.3.1 IC Engine Vehicles

      2. 2.3.2 Electric Vehicles

    4. 2.4 Function Type

      1. 2.4.1 Detachable

      2. 2.4.2 Non-detachable

    5. 2.5 Material Type

      1. 2.5.1 Iron

      2. 2.5.2 Steel

      3. 2.5.3 Aluminum

      4. 2.5.4 Brass

      5. 2.5.5 Plastic

    6. 2.6 Geography

      1. 2.6.1 North America

        1. 2.6.1.1 United States

        2. 2.6.1.2 Canada

        3. 2.6.1.3 Rest of North America

      2. 2.6.2 Europe

        1. 2.6.2.1 Germany

        2. 2.6.2.2 United Kingdom

        3. 2.6.2.3 France

        4. 2.6.2.4 Italy

        5. 2.6.2.5 Rest of Europe

      3. 2.6.3 Asia-Pacific

        1. 2.6.3.1 India

        2. 2.6.3.2 China

        3. 2.6.3.3 Japan

        4. 2.6.3.4 South Korea

        5. 2.6.3.5 Rest of Asia-Pacific

      4. 2.6.4 Rest of the World

        1. 2.6.4.1 South America

        2. 2.6.4.2 Middle East and Africa

Automotive Fasteners Market Size FAQs

The Automotive Fasteners Market size is expected to reach USD 60.38 billion in 2024 and grow at a CAGR of 4.13% to reach USD 74.22 billion by 2029.

In 2024, the Automotive Fasteners Market size is expected to reach USD 60.38 billion.

Automotive Fasteners Market Report Snapshots

Automotive Fasteners Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)