Automotive Fastener/Connector Market to Reach $52.1 Billion, Globally, by 2033 at 4.4% CAGR: Allied Market Research

According to the report, the automotive fastener/connector market was valued at $34.2 billion in 2023, and is estimated to reach $52.1 billion by 2033, growing at a CAGR of 4.4% from 2024 to 2033. According to the report, the automotive fastener/connector market was valued at$34.2 billionin 2023, and is estimated to reach$52.1 billionby 2033, growing at a CAGR of 4.4% from 2024 to 2033. Prime determinants of growth The rise in lightweight vehicle manufacturing and growing...
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According to the report, the automotive fastener/connector market was valued at $34.2 billion in 2023, and is estimated to reach $52.1 billion by 2033, growing at a CAGR of 4.4% from 2024 to 2033.

Prime determinants of growth

The rise in lightweight vehicle manufacturing and growing vehicle production are the two main primary factors driving the growth of global automotive fastener/connector market. Furthermore, increasing alternatives for fasteners and rising material costs are two important factors hampering the growth of the global automotive fastener/connector market. Moreover, innovations in manufacturing technologies is providing an opportunity for the growth of the global automotive fastener/connector market.

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Segment Highlights

By product type, the threaded segment dominated the global automotive fastener/connector market in 2023. This is due to an increase in automotive sales, and technological advancements in the fastener/connector industry to make them lightweight, safe, and durable. Furthermore, the rise in the manufacturing of electric vehicles is also creating high demand for threaded segments in the automotive fastener/connector industry. Meanwhile, the non-threaded segment is expected to grow at a significant rate in the global automotive fastener/connector market. This is due to the non-threaded fasteners such as clips, rivets, and snap-fit designs being lighter in weight and aligning with the industry's focus on fuel efficiency and electric vehicle design. The non-threaded segment also helps in reducing manufacturing time and cost.

By characteristics, the removable fastener segment dominated the global automotive fastener/connector market in 2023. This is because removable fasteners such as nuts,  bolts, and screws offer flexibility and versatility and allow for disassembly and reassembly during maintenance, repair, and replacement of parts during automotive manufacturing. Meanwhile, the semi-permanent fastener segment is expected to grow at a significant rate in the global automotive fastener/connector market at an increasing growth rate. This is due to the increased focus on lightweight vehicles and vehicle electrification. These fasteners offer the benefits of removability and flexibility while maintaining strength and durability, making them ideal for automotive applications, particularly due to the rise of electric vehicles (EVs) and the demand for lighter, and more productive vehicles.

By material, the stainless steel segment dominated the global automotive fastener/connector market in 2023. This is because stainless steel is commonly used in applications where corrosion resistance is critical. Meanwhile, the aluminum segment is expected to grow at an increasing rate in the global automotive fastener/connector market. This is because aluminum fasteners/connectors offer the right balance between strength and reduced weight, making the fasteners increasingly relevant in the automotive manufacturing industry.

By vehicle type, the passenger car segment dominated the global automotive fastener/connector market in 2023. This is due to the large production of passenger car in the automotive industry and the increasing applications of fasteners such as body assembly, engine components, chassis, interiors, and others in automotive manufacturing. Meanwhile,  the commercial vehicle segment is expected to grow at an increasing rate in the global automotive fastener/connector market. This is due to the growing demand for heavy-duty vehicles such as trucks, buses, and other heavy vehicles in areas such as logistics, construction, and transportation.

Regional Outlook

The Asia-Pacific region dominated the global automotive fastener/connector market in 2023. This is due to the region's large automotive manufacturing industry, especially in countries such as China, Japan, and South Korea. Meanwhile, the same region is growing at a significant rate due to factors such as rising middle class, urbanization, and infrastructure development.

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Players: -

The report provides a detailed analysis of these key players in the global automotive fastener/connector market. These players have adopted different strategies such as new product launches, and contracts to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Developments:

Automotive Fastener/Connector Market to Reach $52.1 Billion, Globally, by 2033 at 4.4% CAGR: Allied Market Research

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