Market Size of Automotive Fasteners Industry
| 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 |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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 had hindered the growth of 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 slowdown of market.
Although soon after Q1 of 2021, market has recovered knowingly well owing to ease in supply chain capabilities with a decrease in infection rate of COVID-19 virus. In addition, production capabilities has also been improved which showcase immense growth potential in market.
The market witnessed steady recovery on backs of various factors including growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics in 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 provider are key nodes involved in automotive fasteners business elevting the demand. With increase in aftermarket maintenance and service actives for commercial and passengers vehicles, demand for automotive fasteners shall also witness surge in the coming assessment period.
Furthermore, mechanical advancements and enhancement in quality and sturdiness of fasteners is another element anticipated to boost demand in the market. In addition, the surging demand for reduced weight of vehicles and its stability to boost inclination towards automotive fasteners over welding to create growth opportunities in the market.
Asia-Pacific is estimated to be the largest market for automotive fasteners followed by Europe during the forecast period owing to their large production and sales of vehicles. The manufacturers are shifting from standard parts to customized parts, which likely to drive the demand for customized fasteners in the Asia-Pacific region.
