Global Automotive Fastener/Connector Market is valued at approximately USD 34.2 billion in 2023 and is projected to grow with a healthy growth rate of more than 4.4% over the forecast period 2024-2032. The automotive fastener/connector industry is an integral part of the automotive sector, focusing on the development, production, and application of components that are essential in assembling vehicles, particularly in supporting the sustainability goals of reducing environmental impact and improving energy efficiency. The market covers a broad spectrum of fasteners used in various types of vehicles and mobility solutions, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and alternative fuel vehicles, as well as the fasteners and connectors critical for the emerging sectors of autonomous vehicles and shared mobility solutions.
The growth of the automotive fastener/connector market is primarily driven by the rise in lightweight vehicle manufacturing and the increase in global vehicle production. The trend towards lighter vehicles, which are designed to improve fuel efficiency and reduce emissions, has spurred demand for specialized fasteners capable of securely joining advanced materials such as aluminum, magnesium, and high-strength steel. Concurrently, as vehicle production escalates globally, there is a parallel surge in demand for a variety of fasteners necessary for the assembly of these vehicles.
However, the market faces challenges due to the increasing availability of alternatives to traditional fasteners and the rising costs of raw materials such as steel and aluminum. The adoption of advanced joining techniques like laser welding and ultrasonic welding, which do not rely on conventional fasteners, poses a potential threat to the demand for traditional fasteners. Additionally, the rise in material costs makes the production of fasteners more expensive, which could lead to higher prices and potentially dampen demand.
Nonetheless, innovation in manufacturing technology offers significant opportunities for market expansion. The ongoing development of lightweight materials, advanced coatings that improve corrosion resistance, and the adoption of state-of-the-art manufacturing technologies such as 3D printing and CNC machining are all contributing to the evolution of the automotive fastener/connector market. These advancements not only enhance the durability and efficiency of fasteners but also support the overall push towards more sustainable and energy-efficient vehicles.
Regionally, North America is a significant market for automotive fasteners/connectors, bolstered by cutting-edge manufacturing technologies and the growing adoption of electric vehicles (EVs). The region's robust automotive industry, characterized by leading manufacturing plants and a strong network of automotive parts suppliers, continues to drive demand for specialized fasteners. Similarly, Canada and China are emerging as key markets, with their strong automotive manufacturing sectors and government support for the automotive industry's growth.
The key regions considered for the global automotive fasteners/connectors Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the automotive fasteners/connectors Market in terms of revenue. The market growth in the region is being attributed to factors including strong automotive manufacturing base and high vehicle production volumes. The increasing emphasis on vehicle safety and advanced technologies, including electric and autonomous vehicles, propels demand for sophisticated fasteners and connectors. Moreover, stringent regulatory standards and growing consumer preference for high-quality, durable automotive components contribute to market growth. Additionally, the expansion of the automotive aftermarket sector and ongoing investments in innovation and technology within the automotive industry further boost market dynamics in North America. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rapid industrialization and urbanization, which boost vehicle production and sales. Additionally, increasing consumer demand for advanced, reliable, and fuel-efficient vehicles fuels the need for high-quality fasteners and connectors. Government initiatives to improve infrastructure and promote automotive manufacturing, along with rising investments in electric vehicles (EVs) and automotive technology, further stimulate market growth. The burgeoning automotive aftermarket and the growing trend towards vehicle customization also contribute to the market's expansion in this region.
Major market players included in this report are:
Sterling Tools Limited
SFS Group AG
Illinois Tool Works Inc.
Nipman Fasteners
Sundaram Fasteners
Boltun Corporation
Maclean Fogg
Berkshire Hathaway Inc.
Lisi Group
TR Fastenings
Bollhoff Group
Wurth Group
Stanley Black & Decker
The Philips Screw Company
Westfield Fasteners Limited
The detailed segments and sub-segment of the market are explained below:
By Product Type
Threaded
Non-Threaded
By Characteristics
Removable Fasteners
Permanent Fasteners
Semi-Permanent Fasteners
By Material
Stainless Steel
Brass
Nickle
Aluminum
Plastic
Iron
Bronze
By Vehicle Type
Passenger Car
Commercial Vehicle
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
