Automotive Fasteners Market Size (2024 - 2029)

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).

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.