New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Fasteners Global Market Report 2022" - https://www.reportlinker.com/p06323872/?utm_source=GNW
, Birmingham Fastener Inc., Illinois Tool Works Inc., Eaton, MeidohSTANLEY, RUIBIAO, Topura, Acument Global Technologies, Powertrax, Piolax, Samjin, Shamrock International, and Precision Castparts Corp.
The global automotive fasteners market is expected to grow from $24.99 billion in 2021 to $26.93 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The automotive fasteners market is expected to grow to $32.14 billion in 2026 at a CAGR of 4.5%.
The automotive fasteners market consists of sales of automotive fasteners by entities (organizations, sole traders, and partnerships) that are used to clamp parts of the vehicle, prevent leakages, and improve the performance of vehicles.Automotive fasteners help to hold vehicle parts together mechanically.
Automotive fasteners include nuts, washers, concrete anchors, threaded rods, bolts, rivets, screws, and retaining rings used in automotive manufacturing.
The main products of automotive fasteners are threaded and non-threaded.The threaded automotive fasteners include nuts, bolts, and screws that are used to hold automotive parts together.
The automotive fasteners are made with iron, steel, aluminum, brass, plastic, and other material types.The type of engines by propulsion include IC engine vehicles and electric vehicles.
These are used in numerous applications such as engine, chassis, transmission, steering, front/rear axle, interior trim and others.
Asia Pacific was the largest region in the automotive fasteners market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive fasteners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The automotive fasteners market research report is one of a series of new reports that provides automotive fasteners market statistics, including automotive fasteners industry global market size, regional shares, competitors with an automotive fasteners market share, detailed automotive fasteners market segments, market trends and opportunities, and any further data you may need to thrive in the automotive fasteners industry. These automotive fasteners market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing demand for electric vehicles is expected to propel the growth of the automotive fasteners market going forward.Electric vehicles refer to vehicles that have been either partially or fully powered by electricity.
EV general infrastructure equipment and battery casings require high-quality fastenings to provide security settings.For instance, according to a study by Bloomberg New Energy Finance (BNEF) report, electric vehicles will account for 10% of global passenger vehicle sales by 2025, rising to 28% in 2030 and 56% in 2040.
Therefore, the rise of electric vehicles will drive the growth of the automotive fasteners market.
New technological advancements have emerged as the key trend gaining popularity in the automotive fasteners market.Major players operating in the automotive fasteners sector are focused on advanced technical improvements and enhancements to lead the market.
For instance, in November 2019, LISI Automotive, a France-based company that manufactures fasteners, developed the LISI insulating screw that uses the unique isolating and fastening technology that is required to assemble the components of different voltages safely.It is designed to fasten circuits and starter-alternator belt systems operating at 12V and 48V, respectively.
This solution combines a thin, high-performance organic bushing with a high-strength steel bolt that isolates the clamped parts.
In July 2019, Auveco, a US-based specialty fastener and body hardware company, acquired W&E Sales Company for an undisclosed amount.The acquisition is expected to enable Auveco with new opportunities to serve its channel partners while allowing W&E to stay true to its world-class product quality and customer service.
W&E Sales Company is a US-based company that manufactures automotive specialized hand tools and fasteners for the automotive industry.
The countries covered in the automotive fasteners market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06323872/?utm_source=GNW
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