The automotive fasteners market is anticipated to be valued at USD 22.8 billion by end of 2022 and is expected to reach an estimated $28.1 billion by 2027. Let’s take a look at some of the emerging trends contributing to the growth of automotive fasteners.
Driving Factors in the Growth of Automotive Fasteners
Electric Vehicles (EV): According to a study by Bloomberg New Energy Finance (BNEF) report, electric vehicles will make up 10% of global passenger vehicle sales by 2025, increasing to 28% in 2030 and pushing to 56% in 2040. Electric vehicles (EV) need fasteners not only for the automobile themselves, but also for battery casings, charging stations and general EV infrastructure, all helping to drive growth of industrial fasteners.
Technology: It’s no secret that technology is a major contributor to the global automotive fastener industry. The consumer demands for more technological integration in vehicles, like trim packages, sensors and more, require a variety of cutting-edge fastener options.
Lightweighting: A 10% reduction in vehicle weight can lead to an 8% improvement in fuel economy. Rigorous regulations like the CAFÉ Standards and EU’s Carbon Emission Reduction Targets have furthered the development of lightweight automotive products to enhance fuel-efficient vehicles. Automakers are focused on making vehicles lightweight, which is boosting the demand and expanding the market to include lightweight components.
